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Exam 3: Doing Business in Global Markets

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Question 51

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Explain and provide examples of the difference between comparative and absolute advantage in global markets.

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Comparative advantage theory states that...

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Question 52

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When a firm agrees to license its product,it gains notoriety but gives up all revenues.

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Question 53

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_____________ is buying products from another country.

Climate and terrain in several South American countries are conducive to growing coffee efficiently.While other countries can grow coffee,they are not as efficient and effective at coffee growing because of short seasons and climate concerns.This fact would lead you to believe that South American countries have a (n) __________ advantage in the production of coffee.

China is currently one of the three largest exporters in the world today.

According to the material in the "Reaching Beyond Our Borders" box in Chapter 3,which of the following statements best describes McDonald's current involvement in global markets?

Carrie,a United States resident says that her home computer was made in Japan.Carrie purchased a(n) :

One objective of NAFTA is:

Jake's family business sells and installs tile in bathrooms and kitchens.He is convinced that heater coils under bathroom floor tiles is the best thing since sliced bread.In his effort to avoid domestic competition,he sets his sights on the vast Chinese market.Much to his surprise,most Chinese people do not yet have indoor plumbing and are accustomed to government-run communal baths.Jake realized that his global marketing effort is hampered by:

After finishing college,Nathan joined his uncle's company in Miami,FL,a(n) _______ of bauxite,copper,and other minerals from the Chile.Everyday,he brokers trades with mines in Chile to buy and transport these minerals into the U.S.

A favorable balance of trade occurs when the value of a nation's exports exceeds its imports.

A favorable balance of trade occurs when the value of a country's imports exceeds the value of its exports.

The two basic types of tariffs are:

Recently the United States has experienced its highest trade deficits with China.

Ethnocentricity means:

A(n) __________ refers to a complete ban on importing or exporting of products from a specific country.

According to the theory of mercantilism,a country should develop policies that encourage a favorable balance of trade. The basic idea of mercantilism is to sell more goods to other nations than you buy from them.

Denmark requires foreign companies that sell butter in Denmark to sell it in cubes,not tubs.This type of requirement is known as a:

Although it has experienced persistent social unrest,multinationals have shown interest in Russia due to:

While franchising is popular in the United States,it is not an accepted strategy for firms in the global market.