International Business Questions Quiz Part- II
Welcome to the "International Business Questions Part II Quiz," a continuation of our exploration into the intricate facets of global commerce. This quiz delves into four key standards: International Business Definitions and Vocabulary, Examples of International Trade Locally, Impact of Geography on International Business, and International Business Careers.
In this edition, challenge yourself with thought-provoking questions that deepen your understanding of these standards. From grasping essential definitions to unraveling the geographical influences on international business, this quiz promises an engaging experience. Sharpen your knowledge and further unravel the complexities of the global economic landscape.
Embark on a journey of discovery Read moreas you navigate the diverse realms of international business, from local trade examples to the career landscape within this dynamic field. Prepare to broaden your understanding and excel in the intricate world of global commerce.
Questions and Answers
- 1.
Standard 3: How many continents are there?
- A.
4
- B.
5
- C.
6
- D.
7
Correct Answer
D. 7Explanation
There are seven continents in the world. This is a well-known fact and is widely accepted. The continents are Africa, Antarctica, Asia, Europe, North America, Australia, and South America. Each continent is distinct in terms of its geography, culture, and biodiversity.Rate this question:
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- 2.
Standard 1: What is an import?
- A.
A good or service sent to another country
- B.
A good or service bought from another country
- C.
A good or service that is very important
- D.
A good or service traded for gold, diamonds or oil.
Correct Answer
B. A good or service bought from another countryExplanation
An import refers to a good or service that is purchased from another country. This means that the product or service is brought into the buyer's country from a different nation. It involves the exchange of goods or services across international borders, allowing countries to access products that may not be available domestically or to take advantage of lower costs or higher quality goods from other countries.Rate this question:
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- 3.
Standard 1 and 3: What is an example of something the U.S. has to import from another country?
- A.
Apples
- B.
Oranges
- C.
Bananas
- D.
Potatoes
Correct Answer
C. BananasExplanation
Bananas are an example of something the U.S. has to import from another country. This is because bananas are not grown in large quantities in the United States due to the country's climate. Therefore, to meet the demand for bananas, the U.S. relies on imports from countries such as Ecuador, Guatemala, and Honduras, which are major banana producers.Rate this question:
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- 4.
Standard 1: What is the difference between international and domestic trade?
- A.
International trade is country-to-country while domestic trade is within a nation's borders.
- B.
International trade is country-to-country while domestic trade is within a nation's houses.
- C.
International trade is within one country's borders while domestic trade is between two countries.
- D.
They are the same; there is no difference.
Correct Answer
A. International trade is country-to-country while domestic trade is within a nation's borders.Explanation
International trade refers to the exchange of goods and services between countries, while domestic trade involves the buying and selling of goods and services within a nation's borders. The correct answer explains that international trade occurs between different countries, while domestic trade occurs within the boundaries of a single nation. This answer accurately distinguishes between the two types of trade based on the geographical scope of the transactions.Rate this question:
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- 5.
Standard 1: McDonald's worth is appreciating. Burger King's worth is depreciating. Which business is losing its worth?
- A.
McDonald's
- B.
Burger King
Correct Answer
B. Burger KingExplanation
The given statement implies that McDonald's worth is increasing, while Burger King's worth is decreasing. Therefore, Burger King is losing its worth.Rate this question:
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- 6.
Standard 1: What is an example of a bilateral agreement?
- A.
U.S. and China agree to trade.
- B.
U.S., China and Portugal agree to trade.
- C.
Cuba and Angola agree to trade with U.S. and China
Correct Answer
A. U.S. and China agree to trade.Explanation
The correct answer is "U.S. and China agree to trade" because a bilateral agreement refers to an agreement between two countries. In this example, the agreement is between the U.S. and China for trade purposes. The other options involve more than two countries, which would not be considered bilateral agreements.Rate this question:
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- 7.
Standard 3: Mali has gold. Namibia has diamonds. What continent is do these natural resources come from?
- A.
South America
- B.
United States
- C.
Asia
- D.
Africa
Correct Answer
D. AfricaExplanation
The correct answer is Africa because the question states that Mali has gold and Namibia has diamonds, both of which are natural resources. Since Mali and Namibia are countries located in Africa, it can be inferred that the natural resources mentioned in the question come from the continent of Africa.Rate this question:
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- 8.
Standard 1: What are examples of international currency?
- A.
U.S. dollars and cents
- B.
Nikes and Persian rugs
- C.
Japanese Yen and Chinese Renminbi
- D.
Tarrifs, exchange rates and subsidies
Correct Answer
C. Japanese Yen and Chinese RenminbiExplanation
The examples of international currency mentioned in the question are Japanese Yen and Chinese Renminbi. These are both widely accepted currencies in international trade and are used for conducting financial transactions between countries.Rate this question:
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- 9.
Standard 1: What is on a bank note?
- A.
The name of the bank and the president of the bank
- B.
Country, denomination and symbols/famous people
- C.
Numbers only
- D.
Famous people and numbers
Correct Answer
B. Country, denomination and symbols/famous peopleExplanation
A bank note typically includes the name of the country that issued it, the denomination or value of the note, and symbols or images of famous people or landmarks associated with that country. This information helps to identify the country and the value of the note, and the symbols or famous people may represent the cultural or historical significance of the country.Rate this question:
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- 10.
Standard 1: What is an example of a multi-national corporation?
- A.
Jimmy John's
- B.
Coca-Cola Coca Cola
- C.
Nebraska Furniture Mart
- D.
Omaha Public Schools
Correct Answer
B. Coca-Cola Coca ColaExplanation
Coca-Cola is an example of a multinational corporation because it operates in multiple countries across the globe. It has a global presence and is known for its products being sold in various countries.Rate this question:
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- 11.
Standard 3: According to Hernando DeSoto, globalization is threatened by:
- A.
People who believe it is an imposition on them
- B.
Its own impracticality
- C.
People who feel left out of it
- D.
Tribal customs
Correct Answer
C. People who feel left out of itExplanation
People who feel left out of globalization pose a threat to its success. When individuals or communities feel excluded from the benefits and opportunities that come with globalization, they may become resistant to its implementation. This resistance can manifest in various forms, such as protests, social unrest, or the rise of populist movements. The perception of being left behind can lead to a sense of resentment and a desire to reject or undermine globalization altogether. Thus, the feelings of exclusion can hinder the progress and acceptance of globalization.Rate this question:
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- 12.
Standard 4: In a capitalist system, people deal in
- A.
Apples
- B.
Cattle
- C.
Symbols
- D.
Paws applause
Correct Answer
C. SymbolsExplanation
In a capitalist system, people deal in symbols. This means that instead of directly trading physical goods like apples or cattle, individuals engage in transactions using symbols such as money, stocks, or other forms of financial instruments. These symbols represent the value of goods and services and allow for more efficient and flexible exchange in the market.Rate this question:
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- 13.
Standard 3: What allows something to be globalized is
- A.
Free trade agreements
- B.
The law
- C.
Tariffs and quotas
- D.
An airplane or a boat
Correct Answer
B. The lawExplanation
The law allows something to be globalized because it provides the legal framework and regulations necessary for international trade and commerce to take place. It establishes rules and standards that govern cross-border transactions, protects intellectual property rights, enforces contracts, and resolves disputes. Without the law, there would be no legal structure to facilitate global trade and ensure fairness and compliance among nations.Rate this question:
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- 14.
Standard 4: When different people are responsible for different steps in production, this is called
- A.
Specialization
- B.
Globalization
- C.
Entrepreneurship
- D.
The rule of law
Correct Answer
A. SpecializationExplanation
Specialization refers to the division of labor where different individuals or groups focus on specific tasks or steps in the production process. This allows for increased efficiency and productivity as each person becomes skilled and experienced in their specialized area. By dividing tasks among individuals, companies can take advantage of their unique abilities and expertise, leading to better quality products and services.Rate this question:
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- 15.
Standard 4: Futures contracts traded on the Chicago Mercantile Exchange allow people to trade representations of value, which is important because they can
- A.
Trade far more cattle than they could practically bring to the place
- B.
Not worry about the real value of the cattle
- C.
Learn to do complicated math
- D.
Get paws applause
Correct Answer
A. Trade far more cattle than they could practically bring to the placeExplanation
Futures contracts traded on the Chicago Mercantile Exchange allow people to trade representations of value, which means they can trade far more cattle than they could practically bring to the place. This is because futures contracts allow traders to speculate on the future price of cattle, without physically owning or delivering the actual cattle. By trading representations of value, traders can engage in larger volumes of trades and take advantage of price fluctuations in the market without the logistical constraints of physically transporting and storing the cattle.Rate this question:
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- 16.
Standard 3: Captialism, globalization and free markets are all about ____________ property rights.
- A.
Trading
- B.
Giving away
- C.
Stealing
- D.
Bartering
Correct Answer
A. TradingExplanation
Capitalism, globalization, and free markets are economic systems that prioritize the exchange of goods and services through voluntary transactions. In these systems, individuals and businesses engage in trading, which involves the buying and selling of property rights. Trading allows for the transfer of ownership and the allocation of resources based on supply and demand. It is a fundamental aspect of capitalism, globalization, and free markets as it promotes economic growth, competition, and efficiency.Rate this question:
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- 17.
Standard 2: If one U.S. dollar is equal to seven Botswanan Pulas, then if you have one hundred U.S. dollars, how many Pulas will you have?
- A.
70 Pulas
- B.
700 Pulas
- C.
7,000 Pulas
- D.
70,000 Pulas
Correct Answer
B. 700 PulasExplanation
If one U.S. dollar is equal to seven Botswanan Pulas, then if you have one hundred U.S. dollars, you would multiply 100 by 7 to find the equivalent amount in Pulas. Therefore, you would have 700 Pulas.Rate this question:
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- 18.
Standard 2: If one U.S. dollar is equal to fifty-one Indian Rupees, then if you have ten U.S. dollars, how many Rupees will you have?
- A.
5.10 Rupees
- B.
.51 Rupees
- C.
51.00 Rupees
- D.
510.00 Rupees
Correct Answer
D. 510.00 RupeesExplanation
If one U.S. dollar is equal to fifty-one Indian Rupees, then if you have ten U.S. dollars, you would have 510.00 Rupees. This is calculated by multiplying the number of U.S. dollars (10) by the exchange rate of 51 Rupees per U.S. dollar. Therefore, 10 U.S. dollars multiplied by 51 Rupees per U.S. dollar equals 510.00 Rupees.Rate this question:
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- 19.
Standard 2: If one U.S. dollar is equal to thirteen Mexican Pesos, then if you have twenty US. dollars, how many Pesos will you have?
- A.
130 Pesos
- B.
260 Pesos
- C.
160 Pesos
- D.
230 Pesos
Correct Answer
B. 260 PesosExplanation
If one U.S. dollar is equal to thirteen Mexican Pesos, then if you have twenty US dollars, you can calculate the number of Pesos by multiplying the number of dollars by the exchange rate. In this case, 20 US dollars multiplied by 13 Mexican Pesos per US dollar equals 260 Pesos. Therefore, if you have twenty US dollars, you will have 260 Pesos.Rate this question:
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- 20.
Standard 3: In what continent is Australia?
- A.
Australia
- B.
Asia
- C.
Sydney
- D.
Canberra
Correct Answer
A. AustraliaExplanation
Australia is the correct answer because Australia is a continent in itself. It is the smallest continent and is located in the southern hemisphere. It is also a country that is located in the Oceania region.Rate this question:
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- 21.
Standard 3: In what continent is Peru?
- A.
South America
- B.
South Africa
- C.
South Pole
- D.
Sweden
Correct Answer
A. South AmericaExplanation
Peru is located in South America. South America is a continent that is situated in the western hemisphere, mostly in the southern hemisphere. It is bordered by the Pacific Ocean to the west and the Atlantic Ocean to the east. Peru is one of the countries within South America, known for its rich history, diverse culture, and famous landmarks such as Machu Picchu.Rate this question:
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- 22.
Standard 3: In what continent is Mexico?
- A.
North America
- B.
South America
- C.
United States
- D.
South Africa
Correct Answer
A. North AmericaExplanation
Mexico is located in North America.Rate this question:
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- 23.
Standard 1: A nation’s money—can be in coins or banknotes.
- A.
Currency
- B.
Tariff
- C.
Quota
- D.
Current
Correct Answer
A. CurrencyExplanation
This question is asking for the term that refers to a nation's money, which can be in the form of coins or banknotes. The correct answer is "currency," as it is the term used to describe the money that is used in a particular country.Rate this question:
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- 24.
If Russia decides not to trade with Indonesia because of a political disagreement, another way to say this is that Russia has placed an _____________ upon Indonesia.
- A.
Embargo
- B.
Ethics
- C.
Entrepreneur
- D.
Error
Correct Answer
A. EmbargoExplanation
If Russia decides not to trade with Indonesia because of a political disagreement, another way to say this is that Russia has placed an embargo upon Indonesia. This means that Russia has imposed a ban or restriction on trade with Indonesia as a form of punishment or protest.Rate this question:
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- 25.
Standard 3: What kind of companies are McDonald's, Adidas, and Coca-Cola?
- A.
Multi-national companies
- B.
Food companies
- C.
Shoe companies
- D.
Ethical companies
Correct Answer
A. Multi-national companiesExplanation
McDonald's, Adidas, and Coca-Cola are classified as multi-national companies because they operate and have a presence in multiple countries around the world. These companies have a global reach and conduct business on an international scale, with operations, production, and distribution networks spanning across various countries.Rate this question:
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- 26.
What is a synonym for international?
- A.
Domestic
- B.
Global
- C.
National
- D.
Local
Correct Answer
B. GlobalExplanation
A synonym for international is global because both terms refer to something that involves or relates to the whole world or multiple countries.Rate this question:
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- 27.
Standard 3: Joslyn Art Museum has a Chinese 8 screen panel. What dynasty is it from?
- A.
Tang
- B.
Han
- C.
Ming
- D.
Qing
Correct Answer
D. QingExplanation
The correct answer is Qing. The Qing dynasty, also known as the Manchu dynasty, ruled China from 1644 to 1912. During this time, Chinese art and culture flourished, and the Joslyn Art Museum's Chinese 8 screen panel is likely from this period. The Qing dynasty is known for its exquisite craftsmanship and attention to detail in art, making it a significant period in Chinese art history.Rate this question:
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- 28.
Standard 2: Brazil only allows 20,000 imports from China per month. What is this called when one contry puts a control on the amount of a product that can be imported into a country?
- A.
Tariff
- B.
Embargo
- C.
Quota
- D.
Franchise
Correct Answer
C. QuotaExplanation
A quota is a restriction imposed by a country on the quantity of a specific product that can be imported. In this case, Brazil has set a limit of 20,000 imports from China per month, which is an example of a quota. A tariff refers to a tax imposed on imported goods, an embargo is a complete ban on trade with a specific country, and a franchise is a business arrangement where one party grants another party the right to operate a business using its brand and systems.Rate this question:
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- 29.
After you buy a new car and drive off the lot, the car loses value. What is this called?
- A.
Appreciation
- B.
Depreciation
- C.
A lemon
- D.
The law
Correct Answer
B. DepreciationExplanation
Depreciation refers to the decrease in value that occurs to a car after it is purchased and driven off the lot. This is a common phenomenon due to factors such as wear and tear, aging, and market demand. As time goes by, the car's value continues to decline, making it worth less than its original purchase price.Rate this question:
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- 30.
Standard 1: A company that builds beds in Dallas, Texas sells their beds to a company in Minneapolis, Minnesota. This is called what?
- A.
Domestic Trade
- B.
International Trade
- C.
Local Trade
- D.
Supply and Demand
Correct Answer
A. Domestic TradeExplanation
The correct answer is Domestic Trade. Domestic trade refers to the buying and selling of goods and services within the borders of a country. In this scenario, the company in Dallas, Texas is selling their beds to a company in Minneapolis, Minnesota, both of which are within the United States. Therefore, it is considered domestic trade.Rate this question:
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- 31.
Standard 3: Why are so many people moving from the rural areas to the urban areas?
- A.
For better business opporutnities and better paying jobs
- B.
For love
- C.
To get out of the cattle business
- D.
Their houses are flooded
Correct Answer
A. For better business opporutnities and better paying jobsExplanation
Many people are moving from rural areas to urban areas because they are seeking better business opportunities and higher-paying jobs. Urban areas tend to offer a wider range of employment options and the potential for higher salaries, which attracts individuals who are looking to improve their financial situation. Additionally, urban areas often have a more developed infrastructure and access to resources, making them more conducive to starting and growing businesses. This migration is driven by the desire for economic advancement and a better quality of life.Rate this question:
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- 32.
Standard 2: Which list of items are U.S. exports?
- A.
Cars
- B.
Guavas
- C.
Bananas
- D.
Silk
Correct Answer
A. CarsExplanation
The correct answer is cars because cars are a commonly exported product from the United States. While guavas, bananas, and silk are also products that can be exported, they are not as commonly associated with U.S. exports as cars are.Rate this question:
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- 33.
Which of these is not an example of an asset?
- A.
House
- B.
Car
- C.
McDonald's french fries
- D.
Boat
Correct Answer
C. McDonald's french friesExplanation
McDonald's french fries are not an example of an asset because assets are typically tangible items that have value and can be owned or controlled. While a house, car, and boat are all physical assets, McDonald's french fries are a consumable product that is meant to be eaten and does not hold long-term value. Therefore, they do not fit the definition of an asset.Rate this question:
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- 34.
Standard 1: Which of the following is not a human resource?
- A.
Librarian
- B.
Friend
- C.
Diamonds
- D.
Teacher
Correct Answer
C. DiamondsExplanation
Diamonds are not a human resource because they are not living beings and cannot be considered as part of the human workforce. Human resources typically refer to individuals who contribute to the functioning of an organization, such as librarians, friends, and teachers.Rate this question:
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- 35.
Standard 1: What is the definition of free trade?
- A.
Trade of goods that costs nothing to the consumer.
- B.
Goods and services bought without money.
- C.
International trade left to its natural course without tariffs, quotas or other restrictions.
- D.
The freedom to trade items without any rules from religion.
Correct Answer
C. International trade left to its natural course without tariffs, quotas or other restrictions.Explanation
The correct answer is "International trade left to its natural course without tariffs, quotas or other restrictions." This definition accurately describes free trade as the absence of barriers such as tariffs, quotas, or restrictions in international trade. It emphasizes the idea of allowing trade to flow freely without artificial barriers or interventions, promoting economic growth and efficiency.Rate this question:
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- 36.
Standard 2: What is used to buy, sell, and trade goods in large numbers?
- A.
Lots of money
- B.
Symbols
- C.
Chicago Mercantile Exchange
- D.
Stock Market
Correct Answer
B. SymbolsExplanation
Symbols are used to buy, sell, and trade goods in large numbers. In the context of this question, symbols refer to the representation of goods or commodities that are used in financial markets. These symbols can be in the form of abbreviations or codes that represent specific goods or commodities, allowing traders to easily identify and trade them. The use of symbols simplifies the trading process and facilitates efficient buying, selling, and trading of goods in large numbers.Rate this question:
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Current Version
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Dec 12, 2023Quiz Edited by
ProProfs Editorial Team -
Dec 06, 2011Quiz Created by
Magano
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