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BBA International Business Competing in the Global Marketplace — practice questions

Explore 47 free Competing in the Global Marketplace questions in BBA International Business International Business. Open each question or exercise to read its content, reference answers and available explanation.

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Competing in the Global Marketplace questions and exercises with answers

Showing questions 1–30 of 47.

Exports are best defined as which of the following?Read the answer and worked solution →Roughly what share of world exports and imports do the developed nations account for?Read the answer and worked solution →What is the balance of trade of a country?Read the answer and worked solution →A country exports more than it imports over a year. What does it have?Read the answer and worked solution →What is the balance of payments of a country?Read the answer and worked solution →What is an exchange rate?Read the answer and worked solution →What is a devaluation?Read the answer and worked solution →What is named as an effect of international trade on the countries that take part?Read the answer and worked solution →What is free trade?Read the answer and worked solution →What is protectionism?Read the answer and worked solution →What is outsourcing?Read the answer and worked solution →What is the G20?Read the answer and worked solution →How many restrictive export and import measures have the big G20 countries added since 2008?Read the answer and worked solution →How does global trade give poor countries a chance to develop economically?Read the answer and worked solution →Natural barriers to trade can take which two forms?Read the answer and worked solution →How can language act as a natural barrier to trade?Read the answer and worked solution →What is a tariff?Read the answer and worked solution →What is the purpose of a protective tariff?Read the answer and worked solution →What is the main argument made against tariffs?Read the answer and worked solution →What is an import quota?Read the answer and worked solution →What is an embargo?Read the answer and worked solution →What are buy-national regulations?Read the answer and worked solution →What is dumping?Read the answer and worked solution →What is predatory dumping?Read the answer and worked solution →What did the Uruguay Round of trade negotiations achieve?Read the answer and worked solution →By roughly how much did the Uruguay Round reduce tariffs worldwide?Read the answer and worked solution →Which body did the World Trade Organization replace?Read the answer and worked solution →What feature of the WTO dispute settlement procedure is highlighted?Read the answer and worked solution →What does the World Bank offer to developing nations?Read the answer and worked solution →What is a bilateral trade agreement?Read the answer and worked solution →

Worked practice questions

Exports are best defined as which of the following?

  1. Goods and services that are bought from other countries
  2. Goods and services traded between two firms in one country
  3. Goods and services carried across a border without payment
  4. Goods and services made in one country and sold to others
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Correct answer: D. Goods and services made in one country and sold to others

1. Exports are goods and services made in one country and sold to other countries. 2. Imports are the mirror image, being goods and services bought from other countries. 3. Trade between two firms inside one country is domestic trade rather than an export. 4. An export is a sale, so a transfer without payment does not fit the definition. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 3 "Competing in the Global Marketplace", section 3.1 Global Trade in the United States_

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Roughly what share of world exports and imports do the developed nations account for?

  1. About 30 percent of the total
  2. About 50 percent of the total
  3. About 70 percent of the total
  4. About 90 percent of the total
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Correct answer: C. About 70 percent of the total

1. Developed nations have mature communication, financial, educational and distribution systems. 2. Those systems make them the major players in international trade. 3. They account for about 70 percent of the exports and imports of the world. 4. The three other figures either understate or overstate that concentration. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 3 "Competing in the Global Marketplace", section 3.1 Global Trade in the United States_

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What is the balance of trade of a country?

  1. The total value of every good it produces in a year
  2. The difference between its tax revenue and spending
  3. The total value of the currency reserves it holds
  4. The difference between its exports and its imports
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Correct answer: D. The difference between its exports and its imports

1. The balance of trade compares the value of exports with the value of imports. 2. The comparison is made over a specific period of time. 3. A country exporting more than it imports has a favorable balance, called a trade surplus. 4. A country importing more than it exports has an unfavorable balance, called a trade deficit. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 3 "Competing in the Global Marketplace", section 3.1 Global Trade in the United States_

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