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BBA International Business Competing in the Global Marketplace — practice questions — page 2

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 31–47 of 47.

What is a preferential tariff?Read the answer and worked solution →What is a free-trade zone?Read the answer and worked solution →Which countries make up the Mercosur trade agreement?Read the answer and worked solution →What is European integration?Read the answer and worked solution →Which country is the largest exporter in the world?Read the answer and worked solution →What is licensing in international business?Read the answer and worked solution →What is franchising described as?Read the answer and worked solution →What is a joint venture?Read the answer and worked solution →Which risks are named for a joint venture?Read the answer and worked solution →What is direct foreign investment?Read the answer and worked solution →What is countertrade?Read the answer and worked solution →What is nationalism?Read the answer and worked solution →Why does business slow down in Muslim countries during Ramadan?Read the answer and worked solution →What is infrastructure?Read the answer and worked solution →How is Gross National Income defined?Read the answer and worked solution →What defines a multinational corporation?Read the answer and worked solution →How many Sustainable Development Goals did the United Nations member nations adopt in 2015?Read the answer and worked solution →

Worked practice questions

What is a preferential tariff?

  1. A tariff that falls each year until it reaches zero
  2. A tariff that is lower for some nations than for others
  3. A tariff that applies only to goods bought by governments
  4. A tariff that is charged on exports rather than on imports
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Correct answer: B. A tariff that is lower for some nations than for others

1. A preferential tariff is a tariff that is lower for some nations than for others. 2. It gives advantages to one nation, or to several, over the rest. 3. Former British territories that remain in the Commonwealth pay lower tariffs when trading with Great Britain. 4. A tariff that declines over time is a phase-out schedule rather than a preference. 5. Tariffs are taxes on imports, so an export charge would not be a tariff. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 3 "Competing in the Global Marketplace", section 3.5 International Economic Communities_

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What is a free-trade zone?

  1. An area where every nation in the world may trade tariff free
  2. An area where a government stores imports before duty is paid
  3. An area where partners trade freely but outsiders pay tariffs
  4. An area where only agricultural produce may cross the border
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Correct answer: C. An area where partners trade freely but outsiders pay tariffs

1. In a free-trade zone the member nations allow free or almost free trade among each other. 2. Few duties or rules restrict trade among the partners. 3. Nations outside the zone must pay the tariffs set by the individual members. 4. So the zone is open on the inside and protected on the outside. 5. It is not open to the whole world, and it is not limited to one class of goods. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 3 "Competing in the Global Marketplace", section 3.5 International Economic Communities_

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Which countries make up the Mercosur trade agreement?

  1. Peru, Brazil, Argentina, Uruguay and Paraguay
  2. Chile, Bolivia, Ecuador, Colombia and Guyana
  3. Mexico, Cuba, Panama, Honduras and Nicaragua
  4. Spain, Portugal, Brazil, Angola and Mozambique
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Correct answer: A. Peru, Brazil, Argentina, Uruguay and Paraguay

1. Mercosur is a trade agreement among South American nations. 2. Its members are Peru, Brazil, Argentina, Uruguay and Paraguay. 3. Most tariffs among the trading partners have been eliminated. 4. That elimination has produced trade revenues that exceed 16 billion dollars annually. 5. The other groupings listed are not the membership of Mercosur. _Source: OpenStax Introduction to Business (CC BY 4.0), Ch 3 "Competing in the Global Marketplace", section 3.5 International Economic Communities_

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