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Exam 11: Creating Products and Pricing Strategies to Meet Customers Needs

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Question 1

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Importing is buying products from another country.

A) True
B) False

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Question 2

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In 2007 the top trading partner of the U.S.was China.

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B) False

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The gray market refers to exports targeted to senior citizens.

The balance of payments is the difference between money leaving the country and money coming into a country.

Since 1976 the U.S.has bought more goods from other nations than it has sold to other nations.This is called a:

__________ trade is the exchange of goods and services across national borders.

One advantage of franchising is that the product or service is made and sold in exactly the same way throughout the world.

Comparative advantage theory states that some countries have a monopoly on producing a specific product.

A sound philosophy to adopt in global markets is always assume that what works in the U.S.will work around the world since the U.S.leads the marketplace on so many fronts.

__________ is the use of government regulations to limit the import of goods and services.

The Uruguay Round established the World Trade Organization.

The old saying "When in Rome,do as the Romans do" applies to American businesses conducting business globally.

The WTO is an organization that mediates trade disputes between countries and also sets policies in place to encourage trade.

Global financial markets do not have a common worldwide currency.

A country has a(n)__________ advantage if it has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries.

An embargo is a moderate slowing of the import or export of a certain products with a particular country.

A common market is also called a trading bloc.

A person who buys a franchise is called a franchisor.

Explain the difference between comparative advantage and absolute advantage.

Culture refers to the set of values,beliefs,rules and institutions held to by a specific group of people.