Introduction To Business: The Ultimate Practice Exam #2

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  • 1/149 Questions

    At present, China has a comparative advantage over the United States in the production of clothing

    • True
    • False
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International Business Quizzes & Trivia
About This Quiz

This practice exam tests knowledge on international business partnerships, branding strategies, and global market advantages.

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  • 2. 

    Many large, successful companies have made mistakes that have cost them millions of dollars when marketing their products in foreign countries

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Many large, successful companies have indeed made costly mistakes while marketing their products in foreign countries. This can be attributed to various factors such as cultural differences, language barriers, lack of market research, and failure to adapt to local preferences and regulations. These mistakes can lead to significant financial losses and damage to the company's reputation. Therefore, it is true that many large companies have faced such consequences while expanding their business internationally.

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  • 3. 

    Currency exchange rate fluctuations add an additional degree of risk to profits earned overseas, as compared to profits earned in the company's own home country.  

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Currency exchange rate fluctuations can impact the profitability of a company's overseas operations. When a company earns profits in a foreign currency, it must convert those profits back into its home currency. If the exchange rate is unfavorable, the company will receive fewer units of its home currency, reducing its profits. This adds an additional degree of risk to overseas profits compared to profits earned in the company's home country, where there is no currency conversion involved. Therefore, the statement is true.

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  • 4. 

    At present, China has a comparative advantage over the United States in the production of aircraft.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    China does not currently have a comparative advantage over the United States in the production of aircraft. A comparative advantage refers to a country's ability to produce a good or service at a lower opportunity cost than another country. The United States has a long history and established expertise in aircraft manufacturing, with companies like Boeing leading the industry. China, on the other hand, has been rapidly expanding its aircraft production capabilities but still lags behind the United States in terms of technology, experience, and market share. Therefore, the statement is false.

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  • 5. 

    Hewlett-Packard Corporation is headquartered in the United States, and has foreign subsidiaries in many foreign countries

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement "Hewlett-Packard Corporation is headquartered in the United States, and has foreign subsidiaries in many foreign countries" is true. This means that Hewlett-Packard Corporation is based in the United States but also has subsidiaries in multiple foreign countries.

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  • 6. 

    In general, a weakening dollar will have a negative effect on the welfare of a U.S.-based importer such as Cost Plus Imports or Pier 1 Imports

    • True

    • False

    Correct Answer
    A. True
    Explanation
    A weakening dollar means that the value of the US currency is decreasing compared to other currencies. This makes imports more expensive for US-based companies, such as Cost Plus Imports or Pier 1 Imports, as they have to pay more in foreign currency to purchase goods from other countries. This increase in costs can have a negative effect on the profitability and overall welfare of these importers. Therefore, the statement that a weakening dollar has a negative effect on the welfare of US-based importers is true.

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  • 7. 

    In general, a weakening dollar will have a negative effect on the welfare of a U.S. student traveling in Europe

    • True

    • False

    Correct Answer
    A. True
    Explanation
    A weakening dollar means that the value of the dollar decreases compared to other currencies, such as the euro. This means that when a U.S. student travels to Europe, they will need to exchange their dollars for euros, and they will get fewer euros in return. As a result, their purchasing power in Europe will be reduced, and they may find that goods and services are more expensive compared to what they are used to in the U.S. This can have a negative effect on their overall welfare while traveling in Europe.

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  • 8. 

    In general, foreign subsidiaries must operate in compliance with all applicable laws of the countries in which they operate

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Foreign subsidiaries are companies that are owned or controlled by a parent company located in a different country. These subsidiaries are subject to the laws and regulations of the countries in which they operate. This means that they must adhere to all applicable laws, including labor laws, tax laws, environmental regulations, and any other laws that govern business operations. Failure to comply with these laws can result in legal consequences, fines, or other penalties. Therefore, it is important for foreign subsidiaries to operate in compliance with the laws of the countries in which they operate.

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  • 9. 

    In Mr. Lilly's expressed opinion, people in the U.S. are much less ethical today than they were in say, 1950 or 1960.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The correct answer is False because the statement is based on Mr. Lilly's expressed opinion, which is subjective and not necessarily supported by factual evidence. Ethical standards can vary over time and differ among individuals, so it is not accurate to make a generalized statement about the ethical behavior of people in the U.S. compared to a specific time period like the 1950s or 1960s.

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  • 10. 

    Over the past 20 to 30 years, the number of U.S. companies that have a written ethics code has  

    • Increased

    • Decreased

    • Stayed about the same

    Correct Answer
    A. Increased
    Explanation
    The correct answer is "increased." This means that over the past 20 to 30 years, more U.S. companies have implemented a written ethics code. This suggests a growing recognition of the importance of ethical behavior in business and a desire to establish clear guidelines for employees to follow. It also indicates a shift towards greater transparency and accountability in corporate practices.

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  • 11. 

    Technically, to look at the balance of trade between the U.S. and Japan (in a given year,) I should look at the trade in  

    • Goods only

    • Services only

    • Both goods and services

    Correct Answer
    A. Both goods and services
    Explanation
    To accurately assess the balance of trade between the U.S. and Japan in a given year, it is necessary to consider both goods and services. This is because trade involves not only the exchange of physical goods but also the provision of services. By considering both aspects, we can have a comprehensive understanding of the total value of trade between the two countries and evaluate the overall balance.

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  • 12. 

    Like imports, tourism in the United States hurts the United States' balance of payments vis-a-vis other nations. So the more tourists that come here, the worse our balance of payments deficit becomes.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement suggests that tourism in the United States negatively impacts the country's balance of payments, implying that the more tourists that visit, the larger the balance of payments deficit. However, this is not true. Tourism actually helps improve the balance of payments as it brings in foreign currency from tourists spending money in the country. Therefore, the correct answer is False.

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  • 13. 

    Every time an American travels in Japan, other things being equal, it worsens our trade balance with Japan.  

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Traveling by an American in Japan does not directly affect the trade balance between the two countries. The trade balance is determined by the value of imports and exports between the two countries, not by the travel activities of individuals. Therefore, the statement is false.

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  • 14. 

    Mr. Lilly believes that showing sympathy or compassion for others is not compatible with business and exposes the businessperson who shows such feelings to a high likelihood of failure in business.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The given statement suggests that Mr. Lilly believes that showing sympathy or compassion for others is not compatible with business and exposes the businessperson to a high likelihood of failure. However, the correct answer is False. This implies that Mr. Lilly's belief is not accurate, and showing sympathy or compassion for others is indeed compatible with business success.

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  • 15. 

    A ____________________ is a partnership in which companies from two different countries join to undertake a major project.

    • Multinational cooperative

    • Joint venture

    • Franchisee transfer

    • Recruit affiliation

    Correct Answer
    A. Joint venture
    Explanation
    A joint venture is a partnership in which companies from two different countries join to undertake a major project. This type of collaboration allows the companies to combine their resources, expertise, and market knowledge to achieve a common goal. It provides an opportunity for both companies to share risks, costs, and profits, while also benefiting from each other's strengths and capabilities. Joint ventures are commonly used in international business to access new markets, leverage local knowledge, and expand operations globally.

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  • 16. 

    According to Mr. Lilly, ethical lapses can not only harm the business's reputation, but the reputation of the individual employees as well, and negatively impact their future careers.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Ethical lapses can indeed harm both the business's reputation and the reputation of individual employees. When a business is involved in unethical practices, it can lead to a loss of trust from customers, investors, and the public, which can ultimately damage the business's reputation. Additionally, individual employees who are associated with unethical behavior may face consequences such as being fired or facing legal action, which can negatively impact their future career prospects. Therefore, it is true that ethical lapses can harm both the business's reputation and the reputation of individual employees.

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  • 17. 

    Which of the following represents the value of one nation's currency relative to the currencies of another country?

    • Euro rate

    • Currency rate

    • Exchange rate

    • Standard of living

    Correct Answer
    A. Exchange rate
    Explanation
    The exchange rate represents the value of one nation's currency relative to the currencies of another country. It determines how much of one currency can be exchanged for another. The exchange rate is influenced by various factors such as supply and demand, interest rates, inflation, and economic stability. It is an essential indicator for international trade, investment, and tourism, as it affects the cost of goods and services in different countries.

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  • 18. 

    The international court of the World Trade Organization has jurisdiction only over the countries that have signed the GATT, and only with respect to the provisions of the GATT

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement is true because the international court of the World Trade Organization (WTO) can only exercise its jurisdiction over countries that have signed the General Agreement on Tariffs and Trade (GATT). Additionally, the court's jurisdiction is limited to the provisions of the GATT. This means that countries that have not signed the GATT are not subject to the jurisdiction of the WTO court, and the court's authority is restricted to matters related to the GATT provisions.

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  • 19. 

    The three countries participating in NAFTA are:

    • Canada, Panama, and the United States

    • Mexico, Panama, and the United States

    • Canada, Nicaragua, and Mexico

    • Canada, Mexico, and the United States

    Correct Answer
    A. Canada, Mexico, and the United States
    Explanation
    The correct answer is Canada, Mexico, and the United States. NAFTA, which stands for the North American Free Trade Agreement, is a trade agreement between these three countries. It was established in 1994 to eliminate trade barriers and promote economic cooperation among the participating nations.

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  • 20. 

    A company can engage in foreign direct investment without operating a foreign subsidiary

    • True

    • False

    Correct Answer
    A. True
    Explanation
    A company can engage in foreign direct investment without operating a foreign subsidiary because foreign direct investment refers to the investment made by a company in a foreign country to establish a long-term business interest. This can be done through various means such as acquiring shares in a foreign company, establishing joint ventures, or setting up production facilities directly. Operating a foreign subsidiary is just one of the ways to engage in foreign direct investment, but it is not the only option available. Therefore, it is possible for a company to engage in foreign direct investment without operating a foreign subsidiary.

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  • 21. 

    General Dynamics was caught doing illegal accounting and overcharging the U.S. government on some of its U.S. Navy contracts in about 1985.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    In 1985, General Dynamics was found guilty of engaging in illegal accounting practices and overcharging the U.S. government on certain contracts with the U.S. Navy. This suggests that the statement "General Dynamics was caught doing illegal accounting and overcharging the U.S. government on some of its U.S. Navy contracts in about 1985" is true.

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  • 22. 

    ____________ occurs when a country lowers the value of its currency relative to the currency of other nations

    • Devaluation

    • Extrapolation

    • Depreciation

    • Downward justification

    Correct Answer
    A. Devaluation
    Explanation
    Devaluation refers to the deliberate action taken by a country to reduce the value of its currency in relation to other currencies. This is typically done by a country's central bank or government in order to boost exports and make domestic goods more competitive in international markets. Devaluation helps to make a country's exports cheaper and imports more expensive, which can stimulate economic growth and reduce trade deficits.

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  • 23. 

    If yesterday a dollar bought .63 Euro, and today a dollar buys .62 Euro, then it would be correct to say that the dollar has gone up overnight

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is false because if the value of the dollar decreases from .63 Euro to .62 Euro, it means that the dollar has actually gone down in value overnight, not up.

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  • 24. 

    According to Mr. Lilly, ethical lapses by managers within the once highly-reputable accounting firm Arthur Andersen in connection with the Enron scandal so damaged that firm's reputation that it was forced to go out of business.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The explanation for the correct answer "True" is that Mr. Lilly states that the ethical lapses by managers at Arthur Andersen in connection with the Enron scandal damaged the firm's reputation to such an extent that it had to shut down. This suggests that the once highly-reputable accounting firm was unable to recover from the damage caused by the ethical lapses and ultimately went out of business.

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  • 25. 

    Which of the following terms describes the set of values, beliefs, rules, language, and institutions held by a specific group of people?

    • Culture

    • Ethnocentricity

    • Institutional society

    • Social myopia

    Correct Answer
    A. Culture
    Explanation
    Culture is the correct answer because it encompasses all the elements mentioned in the question - values, beliefs, rules, language, and institutions - that are shared by a particular group of people. Culture shapes the way people think, behave, and interact within their society. It includes customs, traditions, arts, and other aspects that are passed down from generation to generation. Culture is a fundamental aspect of human society and plays a crucial role in shaping individual and collective identities.

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  • 26. 

    According to Mr. Lilly, unethical behavior rarely produces a victim, and rarely damages your business's relationships with its stakeholders.  

    • True

    • False

    Correct Answer
    A. False
    Explanation
    According to Mr. Lilly, unethical behavior rarely produces a victim and rarely damages your business's relationships with its stakeholders. However, the correct answer is False. This means that unethical behavior can indeed produce a victim and can also damage the relationships a business has with its stakeholders.

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  • 27. 

    A specialized organization that assists businesses in creating relationships with foreign customers and suppliers is known as a(n):

    • Export trading companies

    • International brokerage houses

    • Keiretsu

    • Global trade bank

    Correct Answer
    A. Export trading companies
    Explanation
    Export trading companies are specialized organizations that help businesses in establishing relationships with foreign customers and suppliers. These companies facilitate international trade by providing services such as market research, export documentation, logistics, and financing assistance. They act as intermediaries between exporters and importers, helping businesses navigate the complexities of international trade and expanding their global reach. Export trading companies play a crucial role in promoting cross-border business partnerships and facilitating the exchange of goods and services between countries.

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  • 28. 

    __________ is the exchange of merchandise or services for other merchandise or services without the exchange of money.

    • Exporting

    • Bartering

    • Importing

    • Factoring

    Correct Answer
    A. Bartering
    Explanation
    Bartering is the exchange of merchandise or services for other merchandise or services without the exchange of money. It involves trading goods or services directly between two parties, where each party gives up something they have in exchange for something they need. This method was commonly used before the invention of money and is still practiced in some societies and communities today. Bartering allows individuals or businesses to obtain the goods or services they require without the need for cash transactions.

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  • 29. 

    A country will call its balance of payments favorable if and only if

    • More money flows out of the country than into the country that year

    • More money flows into the country than out of the country that year

    • Neither of the above

    Correct Answer
    A. More money flows into the country than out of the country that year
    Explanation
    A country will call its balance of payments favorable if more money flows into the country than out of the country that year. This means that the country is experiencing a surplus in its international transactions, indicating that it is receiving more income from exports, investments, and other inflows than it is spending on imports, investments abroad, and other outflows. This favorable balance of payments can lead to an increase in foreign exchange reserves, economic growth, and improved financial stability for the country.

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  • 30. 

    Which of the following terms describes someone who reports illegal or unethical behavior?

    • Whistleblower

    • Horn blower

    • Watch tower sentinel

    • Integrity watchdog

    Correct Answer
    A. Whistleblower
    Explanation
    A whistleblower is someone who reports illegal or unethical behavior. They expose wrongdoing and bring it to the attention of the appropriate authorities or the public. This term is commonly used to describe individuals who have insider knowledge of misconduct and choose to speak out against it, often at great personal risk. The other options, "Horn blower," "Watch tower sentinel," and "Integrity watchdog," do not accurately describe someone who reports illegal or unethical behavior.

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  • 31. 

    Granting a foreign company the right to manufacture your product or to use your firm's trademark in return for a fee is called:

    • A joint venture

    • A foreign subsidiary

    • Licensing

    • Outsourcing

    Correct Answer
    A. Licensing
    Explanation
    Licensing refers to the granting of rights to a foreign company to manufacture a product or use a firm's trademark in exchange for a fee. This allows the foreign company to produce and sell the product under the original company's brand name or trademark. Licensing is a common strategy for expanding business operations internationally without the need for significant investment or direct involvement in manufacturing and distribution. It allows the original company to earn revenue from the licensing fees while leveraging the foreign company's resources and market presence.

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  • 32. 

    The World Trade Organization was established by the Uruguay Round of Amendments to the GATT

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement is true because the World Trade Organization (WTO) was indeed established by the Uruguay Round of Amendments to the General Agreement on Tariffs and Trade (GATT). The Uruguay Round, which took place from 1986 to 1994, resulted in the creation of the WTO as an international organization to regulate and facilitate global trade. The GATT, which was in existence since 1948, was transformed into the WTO through these amendments, expanding its scope and strengthening its rules and dispute settlement mechanisms.

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  • 33. 

    A ____________________ represents a long-term partnership between two or more companies established to help each firm build competitive market advantages.

    • Multinational values

    • Shared venture

    • Global franchise

    • Strategic alliance

    Correct Answer
    A. Strategic alliance
    Explanation
    A strategic alliance represents a long-term partnership between two or more companies established to help each firm build competitive market advantages. This type of alliance allows companies to collaborate and leverage each other's strengths and resources to achieve mutual benefits and enhance their competitive position in the market. It involves sharing knowledge, technology, and resources to achieve common goals and gain a competitive edge in the industry.

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  • 34. 

    A key feature of a(n) ____________________ is that it has manufacturing and marketing facilities in many different countries

    • Trade cartel

    • Import trading company

    • Export forwarding company

    • Multinational corporation

    Correct Answer
    A. Multinational corporation
    Explanation
    A multinational corporation is a key feature that has manufacturing and marketing facilities in many different countries. This means that the company operates on a global scale, with operations and presence in multiple countries. This allows them to take advantage of different markets, resources, and labor pools, as well as diversify their operations and minimize risks. Multinational corporations often have a centralized management structure but decentralized operations, allowing them to adapt to local markets and regulations while maintaining a global presence.

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  • 35. 

    The __________ represents the first attempt to establish a truly global mediation center to resolve international trade disputes

    • International Trade Court

    • World Trade Organization

    • Global Trade Commission

    • United Nations Arbitration Center

    Correct Answer
    A. World Trade Organization
    Explanation
    The World Trade Organization (WTO) is the correct answer because it is an international organization that was established to promote and regulate international trade. It provides a platform for member countries to negotiate trade agreements, resolve trade disputes, and ensure the smooth flow of global trade. The WTO's Dispute Settlement Body acts as a mediation center to resolve international trade disputes, making it the first attempt to establish a truly global mediation center for this purpose. The other options mentioned, such as the International Trade Court, Global Trade Commission, and United Nations Arbitration Center, do not have the same global reach or mandate as the WTO.

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  • 36. 

    According to the story Mr. Lilly told, if the United States ran a trade deficit with Japan forever, Americans would become far wealthier than they are today

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The explanation for the answer being False is not available.

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  • 37. 

    Today, the average tariff on industrial goods is less than  

    • 4%.

    • 14%.

    • 40%.

    • 400%.

    Correct Answer
    A. 4%.
    Explanation
    The correct answer is 4% because the question states that the average tariff on industrial goods is less than a certain percentage. Out of the given options, 4% is the only answer that is less than the stated percentage.

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  • 38. 

    If yesterday a dollar bought .63 Euro, and today a dollar buys .62 Euro, then it would be correct to say that the dollar has strengthened overnight

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The explanation for the given correct answer is that if the value of the dollar decreases compared to the Euro, it means that the dollar has weakened, not strengthened. In this case, the value of the dollar has gone from buying .63 Euro yesterday to buying .62 Euro today, which indicates a decrease in value. Therefore, it would be incorrect to say that the dollar has strengthened overnight.

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  • 39. 

    All of the following are recognized as being potential hurdles to be overcome in global trading except:

    • Different cultures

    • Different languages

    • Different money systems

    • Lack of market opportunities

    Correct Answer
    A. Lack of market opportunities
    Explanation
    The correct answer is "lack of market opportunities." This means that lack of market opportunities is not recognized as a potential hurdle to be overcome in global trading. This suggests that there are sufficient market opportunities available for global trading and that other factors such as different cultures, languages, and money systems are more commonly recognized as potential obstacles in international trade.

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  • 40. 

    The United States had a favorable balance of trade with Japan in 2007.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is false because the United States had a negative balance of trade with Japan in 2007, meaning that it imported more goods from Japan than it exported to Japan. A favorable balance of trade occurs when a country exports more goods than it imports.

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  • 41. 

    Nations are trading with one another in  

    • Slowly declining volumes

    • Approximately constant volumes

    • Ever-increasing volumes

    Correct Answer
    A. Ever-increasing volumes
    Explanation
    The correct answer is ever-increasing volumes. This means that the trade between nations is continuously growing and expanding, with the volume of goods and services being exchanged increasing over time. This suggests that there is a positive trend in international trade, indicating economic growth and globalization.

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  • 42. 

    According to your textbook's definition of "ethics," each person gets to decide for him or herself what is ethical behavior.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The explanation for the given correct answer, which is False, is that the textbook's definition of "ethics" does not state that each person gets to decide for themselves what is ethical behavior. Ethics is a branch of philosophy that deals with moral principles and determining what is right or wrong. It involves the study of objective standards of behavior that apply to all individuals, rather than being subjective and determined solely by personal opinions or preferences.

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  • 43. 

    In Mr. Lilly's expressed opinion, if fewer businesses and businesspeople in America behaved unethically in the future, that would be a very good thing.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The given statement suggests that Mr. Lilly believes that if there are fewer unethical businesses and businesspeople in America in the future, it would be a positive outcome. This implies that Mr. Lilly values ethical behavior and believes it would have a beneficial impact on society and the business environment. Therefore, the correct answer is True.

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  • 44. 

    Which of the following describes a complex form of bartering involving several countries?

    • Counter trading

    • Counter industry

    • Counter intuitive

    • Geiger counter

    Correct Answer
    A. Counter trading
    Explanation
    Countertrading is a complex form of bartering that involves multiple countries. In this trade method, goods and services are exchanged between countries without the use of currency. It typically occurs when countries face difficulties in accessing foreign currency or when there are trade imbalances. It allows countries to overcome financial constraints and promote international trade. Countertrading can involve various forms such as barter, compensation, buyback, and offset. It is a strategic approach that helps countries maintain economic relationships and overcome trade barriers.

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  • 45. 

    A(n) __________ refers to a complete ban of the imports or exports of certain products from a specific country.

    • Absolute tariff

    • Health quarantine

    • Quota

    • Embargo

    Correct Answer
    A. Embargo
    Explanation
    An embargo refers to a complete ban of the imports or exports of certain products from a specific country. This means that no goods can be traded between the country imposing the embargo and the country affected by it. Embargoes are often used as a political or economic tool to put pressure on a specific country or government, and can have significant impacts on international trade and relations.

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  • 46. 

    According to Mr. Lilly, pressure to meet sales, budget, or profit goals should be eliminated in business because its effect on unethical behavior in business is just too great.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is false because according to Mr. Lilly, pressure to meet sales, budget, or profit goals should not be eliminated in business. The reason for this is that Mr. Lilly believes that this pressure can lead to unethical behavior in business. Therefore, the effect of this pressure on unethical behavior is significant, rather than being too great to eliminate.

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  • 47. 

    According to Mr. Lilly, we have a conscience because  

    • We have been made in the image of God.

    • It is an accidental bi-product of our large brain, which evolved mostly for other purposes

    • It was bound to happen once we developed human language

    • Cooperation and self-sacrifice have been essential to human survival for long enough to have been selected for by evolutionary forces.

    Correct Answer
    A. Cooperation and self-sacrifice have been essential to human survival for long enough to have been selected for by evolutionary forces.
    Explanation
    Cooperation and self-sacrifice have been essential to human survival for long enough to have been selected for by evolutionary forces. This suggests that our conscience has developed as a result of the benefits gained from working together and sacrificing for the greater good. This explanation aligns with the theory of evolution, which suggests that traits that enhance survival and reproduction are more likely to be passed on to future generations.

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  • 48. 

    Selling the same product in essentially the same way worldwide is known as:

    • Socio-cultural based marketing

    • Universal sales standards

    • Single-phase marketing

    • Global marketing

    Correct Answer
    A. Global marketing
    Explanation
    Global marketing refers to the strategy of selling the same product in essentially the same way worldwide. This approach involves standardizing marketing efforts across different countries and regions, taking into account cultural, social, and economic factors. By adopting a global marketing approach, companies can benefit from economies of scale, consistent brand messaging, and increased market share. This strategy allows businesses to reach a larger customer base and capitalize on global trends and opportunities.

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  • 49. 

    ________ refers to the standards of moral behavior

    • Legality

    • Responsibility

    • Integrity

    • Ethics

    Correct Answer
    A. Ethics
    Explanation
    Ethics refers to the standards of moral behavior. Ethics involves principles and values that guide individuals and organizations in making decisions and determining what is right or wrong. It involves considering the impact of actions on others and society as a whole. Ethics goes beyond legality, as something can be legal but still unethical. Responsibility relates to being accountable for one's actions, while integrity refers to honesty and adherence to moral principles. However, ethics encompasses all of these concepts and provides a broader framework for determining what is morally right.

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  • Current Version
  • Dec 20, 2023
    Quiz Edited by
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  • Jun 12, 2009
    Quiz Created by
    Marcosbarrera

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First IAT on International Business :: Third Semester MBA @ MACFAST, Thiruvalla, Kerala, India - 689101 First IAT on International Business :: Third Semester MBA @ MACFAST, Thiruvalla, Kerala, India - 689101
Internal Assessment Test on International Business Internal Assessment Test on International Business
International Business Quiz Questions Part- I International Business Quiz Questions Part- I
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