Quiz on international business: trivia! A successful international business recognizes the diversity of the world marketplace, the risk as well as uncertainties of operating such a market. There are different businesses that have made a name for themselves using different techniques to expend their businesses in foreign countries. Do take the quiz and get to see how much you know about these types of businesses and markets within it.
Resources are the foundation of firm’s competitive advantages
National resource endowments are the foundation for comparative advantages in international trade
Many factors contribute to explaining the emergence of comparative advantages
Scarce resources are the foundation for comparative trade advantages
Factor endowment theory
Product life cycle theory
National competitive advantage (‘diamond model’)
All are modern trade theories
Related and supporting industries
Industry strategy, structure and rivalry
Transfer of license
USA’s exports were labour-intensive and imports were capital-intensive
USA’s exports and imports both were labour-intensive
USA’s exports were capital-intensive and imports were labour-intensive
USA’s exports and imports both were capital-intensive
Countries as a whole must gain from trade.
A country can only hurt itself by using government policies to promote exports.
Consumers gain from the increased variety of products
A tariff to protect an industry in a small country hurts demanders more than it helps suppliers.
No internal trade barriers
Common external tariff
Factor and Asset mobility
A common currency
Best describes a situation where there are 2 countries, A and B, and potentially two goods which can be traded, which are X and Y. A is absolutely better at producing X and B is absolutely better at producing Y, and so if A specializes in producing X and B in Y, and they trade together then both countries will gain.
Best describes the global strategy of business who always seek to gain an absolute advantage over their rivals.
Explains why developed countries have a competitive advantage over poorer countries.
Best describes a situation where there are 2 countries, A and B, and potentially two goods which can be traded, which are X and Y. If A was absolutely better at producing both X and Y compared to B then there would be no advantage in A trading with B
Here's an interesting quiz for you.