International Business Quiz! Trivia Facts

The correct answer is World trade organization. The WTO is an international organization that deals with the global rules of trade between nations. It aims to ensure that trade flows as smoothly, predictably, and freely as possible. The organization provides a forum for negotiating trade agreements, handles trade disputes, and monitors national trade policies. It promotes fair and transparent trade practices, encourages economic growth, and supports the development of less developed countries.

The main reason for international business is profit. Businesses engage in international trade to expand their customer base, access new markets, and increase their revenue and profitability. By operating in different countries, businesses can take advantage of lower production costs, tap into new consumer markets, and benefit from economies of scale. Profit is the driving force behind international business as it enables companies to grow, invest in research and development, and create employment opportunities.

The given answer, "Because it's just cool," is not a reason for international business. International business is driven by factors such as the potential for higher profitability in other countries, the presence of abundant opportunities, and small sales at home. However, the appeal or coolness factor of conducting business internationally is not a valid reason for engaging in it.

The European Union (EU) is the correct answer as it consists of 15 member countries. The EU is a political and economic union of European countries aimed at promoting peace, stability, and cooperation among its members. It was established in 1993 and has since grown to include 27 member countries. The EU operates through a system of supranational institutions and has its own currency, the Euro.

The World Bank is an international financial institution that provides low-cost loans and long-term funding to less developed countries. Its main goal is to reduce poverty and promote economic development by providing financial assistance, technical expertise, and policy advice. The World Bank aims to support infrastructure projects, education, healthcare, and other development initiatives in order to improve the living conditions and economic prospects of these countries.

The World Trade Organization (WTO) has played a significant role in reducing tariffs on international trade. Tariffs are taxes or fees imposed on imported goods, which can increase the cost of these goods for consumers. By negotiating and enforcing trade agreements, the WTO has encouraged member countries to lower their tariffs, leading to increased trade and economic growth. These tariff reductions have resulted in lower prices for imported goods, benefiting consumers and promoting global economic integration.

NAFTA, which stands for the North American Free Trade Agreement, is a trade agreement between the United States, Canada, and Mexico. It was created to eliminate trade barriers and promote economic cooperation among the three countries. By removing tariffs and other trade restrictions, NAFTA has facilitated the movement of goods and services between the member countries, leading to the establishment of the world's largest free trading bloc.

The Euro brought these countries together as a single market. The Euro is the common currency used by several countries in the European Union, allowing for easier trade and economic integration among member states. By adopting the Euro, these countries eliminated currency exchange barriers, simplified transactions, and promoted a more unified economic system. This has facilitated cross-border trade, investment, and economic cooperation, ultimately creating a single market for goods, services, and capital within the Eurozone.

The correct answer is Internet and Television. Both Internet and Television have played a significant role in helping firms advertise their products worldwide and create a global consumer culture. The Internet allows companies to reach a global audience through online advertising, social media platforms, and e-commerce websites. Television, on the other hand, has been a traditional medium for advertising, with commercials reaching millions of viewers around the world. Together, Internet and Television have revolutionized the way companies promote their products and connect with consumers on a global scale.

A trading bloc removes tariffs and barriers in order to promote free trade and enhance economic cooperation among member countries. By eliminating tariffs, which are taxes on imported goods, the trading bloc aims to reduce the cost of trade and increase market access for member countries. Additionally, removing barriers such as quotas, licensing requirements, and technical standards facilitates the flow of goods, services, and investments within the bloc, promoting economic integration and growth. The order of the terms in the answer does not affect the meaning or outcome, as both tariffs and barriers are removed in order to achieve the desired objectives.

The correct answer is IMF. The International Monetary Fund (IMF) is an organization that aims to promote global economic stability and growth. One of its main purposes is to assist countries in developing their basic industries and infrastructure, such as roads and power plants. The IMF provides financial assistance, advice, and technical expertise to member countries to support their economic development and improve living standards.

The correct answer is "Telecommunications and airlines, airlines and telecommunication". This answer suggests that both the industries of telecommunications and airlines are currently open for competition. It implies that there are opportunities for new companies or existing companies to enter these industries and compete with the existing players. The order of the two industries is reversed in the second part of the answer, but it still conveys the same meaning.