Global Business / International Business Trivia Quiz
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Questions and Answers
- 1.
Free trade is NOT enacted by which of the following groups?
- A.
NAFTA
- B.
PETA
- C.
Mercosur
- D.
ASEAN
Correct Answer
B. PETAExplanation
PETA, also known as People for the Ethical Treatment of Animals, is an animal rights organization and not a trade agreement or group. Therefore, PETA does not enact free trade. NAFTA, Mercosur, and ASEAN are all regional trade agreements that promote free trade between member countries.Rate this question:
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- 2.
Which of the following does specialization NOT improve?
- A.
Worker productivity
- B.
Loss of time
- C.
Worker satisfaction
- D.
Workers’ skills
Correct Answer
C. Worker satisfactionExplanation
Specialization does not improve worker satisfaction. Specialization refers to the process of dividing work tasks into smaller, specialized tasks, which can lead to repetitive and monotonous work for employees. This can result in decreased job satisfaction as workers may feel bored and unchallenged by their limited scope of work. On the other hand, specialization can improve worker productivity by allowing individuals to focus on specific tasks and become more efficient. It can also enhance workers' skills as they become experts in their specialized area. However, it does not directly contribute to worker satisfaction.Rate this question:
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- 3.
Which of the following factors influence exchange rate?
- A.
Who is president
- B.
Population of a country
- C.
Trading partners
- D.
An active war
Correct Answer
D. An active warExplanation
An active war can influence exchange rates because it creates uncertainty and instability in the affected country's economy. During a war, there is a higher risk of damage to infrastructure, disruption of trade, and loss of investor confidence. These factors can lead to a decrease in the value of the country's currency relative to other currencies, as investors and traders may seek safer and more stable currencies. Additionally, a war can also result in increased government spending and borrowing, which can further weaken the currency.Rate this question:
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- 4.
When Mexico and the United States agreed to reduce and eliminate trade barriers, the countries demonstrated which of the following terms?
- A.
Economic integration
- B.
Political stability
- C.
Exchange rate
- D.
Direct investment
Correct Answer
A. Economic integrationExplanation
Economic integration is the correct answer because when Mexico and the United States agreed to reduce and eliminate trade barriers, they were working towards integrating their economies more closely. This involves the removal of barriers to trade, such as tariffs and quotas, and the promotion of free movement of goods, services, and capital between the two countries. Economic integration aims to increase economic cooperation and create a more seamless and integrated market between participating countries.Rate this question:
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- 5.
Indirect exporting is NOT utilized through which of the following channels?
- A.
Commissioned agents
- B.
Contributors
- C.
Distributors
- D.
Export management companies
Correct Answer
B. ContributorsExplanation
Indirect exporting is a method of exporting goods or services to foreign markets through intermediaries. These intermediaries can include commissioned agents, distributors, and export management companies. Contributors, on the other hand, are not typically involved in the indirect exporting process. They are individuals or organizations that provide support or assistance to a project or cause, but they do not play a direct role in the distribution or sales of products. Therefore, contributors are not utilized through the indirect exporting channels.Rate this question:
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- 6.
The General Agreement on Tariffs and Trade was created after the end of which American-involved war?
- A.
Civil War
- B.
Afghanistan
- C.
World War II
- D.
Vietnam
Correct Answer
C. World War IIExplanation
The General Agreement on Tariffs and Trade (GATT) was created after World War II. This international trade agreement was established in 1947 to promote free trade and reduce tariffs among participating countries. The devastation caused by World War II led to a global recognition of the need for economic cooperation and the removal of trade barriers to foster peace and prosperity. GATT laid the foundation for the establishment of the World Trade Organization (WTO) in 1995, which continues to govern international trade today.Rate this question:
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- 7.
Which one of the following countries is NOT a member of the Free Trade Agreement?
- A.
Morocco
- B.
Brazil
- C.
Israel
- D.
Jordan
Correct Answer
B. BrazilExplanation
Brazil is not a member of the Free Trade Agreement because it is not included in the list of countries mentioned in the question. The question asks for a country that is not a member, and Brazil is the only option that fits this criteria. Morocco, Israel, and Jordan are all potential members of the Free Trade Agreement, but Brazil is not.Rate this question:
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- 8.
When was the World Trade Organization established?
- A.
2005
- B.
1975
- C.
1995
- D.
1985
Correct Answer
C. 1995Explanation
The World Trade Organization was established in 1995. This organization was created to regulate international trade and resolve trade disputes between countries. It replaced the General Agreement on Tariffs and Trade (GATT) and has since become the global authority on trade-related matters.Rate this question:
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- 9.
Which of the following is NOT a level of economic integration?
- A.
Political union
- B.
Custom union
- C.
Political democracy
- D.
Free trade
Correct Answer
C. Political democracy -
- 10.
Which of the following is the formula for determining a country’s balance of trade?
- A.
Total exports * total imports
- B.
Total exports - total imports
- C.
Total exports ÷ total imports
- D.
Total exports + total imports
Correct Answer
B. Total exports - total importsExplanation
The formula for determining a country's balance of trade is total exports minus total imports. This formula calculates the difference between the value of goods and services a country exports and the value of goods and services it imports. A positive balance of trade indicates that a country is exporting more than it is importing, which can be seen as a favorable situation for the country's economy. Conversely, a negative balance of trade indicates that a country is importing more than it is exporting, which can have negative implications for the economy.Rate this question:
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- 11.
About how much of the total federal budget does foreign aid account for?
- A.
Twenety percent
- B.
Ten percent
- C.
One percent
- D.
Five percent
Correct Answer
C. One percentExplanation
Foreign aid accounts for approximately one percent of the total federal budget. This means that out of all the money allocated by the government for various purposes, only a small portion is dedicated to providing assistance to other countries. This suggests that the primary focus of the federal budget is on domestic priorities and programs, with foreign aid being a relatively minor component.Rate this question:
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- 12.
Which of the following is NOT a way money moves from one country to another?
- A.
Foreign policy development
- B.
Tourism
- C.
Imports and exports
- D.
Foreign investments
Correct Answer
A. Foreign policy developmentExplanation
Foreign policy development is not a way money moves from one country to another. Foreign policy development refers to the process of formulating and implementing a country's strategies and actions towards other countries. It involves diplomatic negotiations, treaties, and agreements, but it does not directly involve the transfer of money between countries. Money can move between countries through tourism, imports and exports, and foreign investments, as these activities involve the exchange of goods, services, and financial investments.Rate this question:
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- 13.
Which of the following accurately defines embargo?
- A.
A special tax placed on foreign goods sold in the U.S.
- B.
A method used to stop the shipment of certain products to or from particular countries
- C.
A packing and shipping regulation for hazardous products
- D.
A fixed limit on the amount of import or export of a product
Correct Answer
B. A method used to stop the shipment of certain products to or from particular countriesExplanation
An embargo refers to a method used to stop the shipment of certain products to or from particular countries. It is a restriction imposed by a government or international organization as a form of economic or political pressure. Embargoes are often used as a diplomatic tool to express disapproval or to enforce sanctions against a specific country or government.Rate this question:
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- 14.
Which of the following was NOT included in the original six members of the European Community?
- A.
Belgium
- B.
France
- C.
Ireland
- D.
Italy
Correct Answer
C. IrelandExplanation
Ireland was not included in the original six members of the European Community. The original six members were Belgium, France, Germany, Italy, Luxembourg, and the Netherlands.Rate this question:
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- 15.
Which of the following is defined as “plurality of culture along various cultural dimensions or cultural locations?”
- A.
Diversity
- B.
Cultural location
- C.
Individual characteristic
- D.
Margin
Correct Answer
A. DiversityExplanation
Diversity is defined as the plurality of culture along various cultural dimensions or cultural locations. This means that diversity refers to the existence of different cultures and cultural characteristics in a given context. It encompasses a range of cultural backgrounds, beliefs, values, and practices. In essence, diversity recognizes and celebrates the variety of cultural experiences and perspectives that exist within a society or group.Rate this question:
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- 16.
Which of the following scholars suggested individual characteristics can be divided into primary and secondary dimensions?
- A.
Amy Heuman
- B.
Brenda Allen
- C.
Patricia Hill Collins
- D.
Mark Orbe
Correct Answer
D. Mark OrbeExplanation
Mark Orbe is the scholar who suggested that individual characteristics can be divided into primary and secondary dimensions. This means that there are certain characteristics that are fundamental and core to a person's identity (primary dimensions), while other characteristics are more fluid and can change over time (secondary dimensions). Orbe's work highlights the importance of recognizing and understanding the complexity of individual identities and how they can be shaped by various dimensions.Rate this question:
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- 17.
Which of the following personal characteristics can be categorized as a secondary dimension?
- A.
Gender
- B.
Income
- C.
Race
- D.
Age
Correct Answer
B. IncomeExplanation
Income can be categorized as a secondary dimension because it is not an inherent personal characteristic like gender, race, or age. Instead, income is a measure of an individual's financial resources and can vary significantly among individuals within the same gender, race, or age group. It is a characteristic that can change over time and is influenced by various factors such as education, occupation, and socioeconomic status.Rate this question:
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- 18.
Which of the following shows only examples of primary dimensions?
- A.
Ethnicity, birth place, nationality, work experience
- B.
Gender, lifestyle, religion, age
- C.
Gender, physical ability, ethnicity, birth place
- D.
Nationality, race, ethnicity, education
Correct Answer
C. Gender, physical ability, ethnicity, birth placeExplanation
The correct answer is "Gender, physical ability, ethnicity, birth place". These examples only refer to primary dimensions because they are inherent characteristics that individuals are born with or cannot change. Ethnicity, birth place, and physical ability are all aspects of a person's identity that are determined at birth, while gender is typically assigned at birth and is considered a primary dimension.Rate this question:
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- 19.
According to Dr. Heuman, which of the following describes a person situated at the center of the social-cultural system?
- A.
Being part of a marginalized group
- B.
Being part of a hidden group
- C.
Being part of the mainstream society
- D.
Being part of a complex society
Correct Answer
C. Being part of the mainstream societyExplanation
According to Dr. Heuman, a person situated at the center of the social-cultural system would be considered as being part of the mainstream society. This means that they are part of the dominant or majority group within a society, and their values, beliefs, and behaviors align with the norms and expectations of that society. Being part of the mainstream society suggests that this person has access to resources, opportunities, and privileges that may not be available to those who are part of marginalized or hidden groups.Rate this question:
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- 20.
Which one do you like?
- A.
Option 1
- B.
Option 2
- C.
Option 3
- D.
Option 4
Correct Answer
A. Option 1 -
- 21.
Which of the following laws prohibits discrimination of employment on the basis of race, color, sex, religion or national origin?
- A.
The Americans with Disabilities Act of 1990
- B.
The Presidential Executive Order of 1967
- C.
The Civil Rights Act of 1964
- D.
The Equal Pay Act of 1963
Correct Answer
C. The Civil Rights Act of 1964Explanation
The Civil Rights Act of 1964 prohibits discrimination of employment based on race, color, sex, religion, or national origin. This landmark legislation was enacted to ensure equal opportunities and protect individuals from discrimination in various aspects of life, including employment. It is considered a crucial step towards achieving equality and promoting diversity in the workplace.Rate this question:
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- 22.
According to United States Bureau of Labor Statistics, how much does a Hispanic man earn while a white man earns one dollar?
- A.
60 Cents
- B.
66 Cents
- C.
75 Cents
- D.
81 Cents
Correct Answer
B. 66 CentsExplanation
According to the United States Bureau of Labor Statistics, a Hispanic man earns 66 cents while a white man earns one dollar. This statistic suggests that there is a significant wage gap between Hispanic and white men, with Hispanic men earning less than their white counterparts.Rate this question:
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- 23.
Which of the following terms describes “characters who are highly respected and serve as an ideal model in a culture”?
- A.
Hero
- B.
Symbol
- C.
Ritual
- D.
Norm
Correct Answer
A. HeroExplanation
A hero is a term that describes characters who are highly respected and serve as an ideal model in a culture. Heroes are often seen as courageous, noble, and virtuous individuals who inspire others through their actions and values. They embody the ideals and values of a society and are admired for their bravery and selflessness. Heroes can be found in various forms of literature, mythology, and folklore, and they play a significant role in shaping the cultural identity and values of a community.Rate this question:
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- 24.
The Statue of Liberty is an example of which of the following?
- A.
Value
- B.
Hero
- C.
Symbol
- D.
Ritual
Correct Answer
C. SymbolExplanation
The Statue of Liberty is considered a symbol because it represents the ideals of freedom, democracy, and liberty. It is not just a physical structure, but it holds significant meaning and represents the values that the United States stands for. The statue has become an iconic representation of American values and is recognized worldwide as a symbol of hope and opportunity.Rate this question:
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- 25.
Which of the following cultural elements CANNOT be trained by practicing and can only be formed through experiencing the culture?
- A.
Ritual
- B.
Value
- C.
Hero
- D.
Symbol
Correct Answer
B. ValueExplanation
Values are deeply ingrained beliefs and principles that guide behavior and decision-making. They are formed through experiencing the culture and internalizing its norms, beliefs, and traditions. Unlike rituals, heroes, and symbols, which can be learned and practiced, values are more abstract and subjective, and cannot be easily trained or acquired through practice alone. They require a deeper understanding and immersion in the cultural context to fully grasp and internalize.Rate this question:
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- 26.
Which of the following statements does NOT describe a risk?
- A.
It is unknown
- B.
It involves the possibility of loss or damage
- C.
It is considered an indicator of a threat
- D.
It is the same as uncertainty
Correct Answer
D. It is the same as uncertaintyExplanation
The given answer states that a risk is not the same as uncertainty. This means that while uncertainty refers to a lack of knowledge or information about a situation, risk specifically involves the possibility of loss or damage. In other words, uncertainty is a broader concept that encompasses various unknown factors, whereas risk focuses on the potential negative consequences associated with those unknown factors.Rate this question:
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- 27.
Which of the following types of risks occurs when there is a possibility of loss, but no chance of gain?
- A.
Speculative risk
- B.
Pure Risk
- C.
Economic Risk
- D.
Uncontrollable risk
Correct Answer
B. Pure RiskExplanation
Pure risk refers to a type of risk where there is only a possibility of loss and no chance of gain. In pure risk, there is no opportunity for profit or benefit, only potential harm or loss. This type of risk is typically associated with events or situations that are beyond an individual's control, such as natural disasters, accidents, or theft. The focus in pure risk is on minimizing or mitigating the potential negative outcomes rather than seeking any potential positive outcomes.Rate this question:
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- 28.
Investment is an example of which of the following risks?
- A.
Political risk
- B.
Uncontrollable risk
- C.
Pure risk
- D.
Speculative risk
Correct Answer
D. Speculative riskExplanation
Investment is an example of speculative risk because it involves the possibility of gaining or losing money based on uncertain outcomes. When investing, there is a chance of receiving high returns, but also a risk of losing the invested capital. Speculative risk is characterized by the potential for both gain and loss, and it is often associated with activities such as gambling or stock trading where the outcome is uncertain and speculative in nature.Rate this question:
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- 29.
What are the two types of major international business risks?
- A.
Economic risk and political risk
- B.
Media risk and economic risk
- C.
Socio-economic risk and cultural risk
- D.
Cultural risk and economic risk Cultural risk and economic risk Cultural risk and economic risk Cultural risk and economic risk Cultural risk and economic risk Cultural risk and economic risk Cultural risk and economic risk
Correct Answer
A. Economic risk and political riskExplanation
The correct answer is economic risk and political risk. Economic risk refers to the potential for financial loss or disruption due to changes in economic conditions, such as inflation, exchange rates, or market volatility. Political risk, on the other hand, refers to the potential for financial loss or disruption due to political events or actions, such as changes in government policies, political instability, or trade disputes. Both types of risks can have significant impacts on international businesses and their operations.Rate this question:
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- 30.
A real estate agent is an example of which of the following types of intermediaries?
- A.
Distributor
- B.
Retailer
- C.
Wholesaler
- D.
Broker
Correct Answer
D. BrokerExplanation
A real estate agent is an example of a broker. Brokers act as intermediaries between buyers and sellers, facilitating transactions and negotiations. In the case of a real estate agent, they assist in buying, selling, or renting properties on behalf of their clients. They provide market expertise, help with price negotiations, handle paperwork, and coordinate the entire process. Therefore, a real estate agent fits the definition of a broker as they connect buyers and sellers in the real estate market.Rate this question:
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