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Exam 3: Doing Business in Global Markets

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Question 81

True/False

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Effective human resource management styles are transferable from one culture to another.

A) True
B) False

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Question 82

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Offshore outsourcing is another term used to describe the act of U.S.firms selling their domestically manufactured goods to foreign customers.

A) True
B) False

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Question 83

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Ethnocentricity means:

Hennessy Hardware,a U.S.retailer,buys much of its inventory from Asian countries.Hennessy Hardware would benefit if the value of the dollar ________ relative to the currencies of the countries from which Hennessy imports.

Ozark Bikes,Inc.has information that its bicycles will sell in Vietnam.In order to sell its products in Vietnam,the Vietnamese government requires Ozark Bikes to enter into a partnership, (also known as a joint venture)with a domestic firm.Both firms will assume costs and risk in the venture.

Explain and provide at least one example of how socio-cultural differences can create trade difficulties in world markets.

The federal government created ___________ to help small and medium sized businesses get involved in exporting.

A small Italian grocery store in a large city sells five different kinds of feta cheese: Bulgarian,French,Danish,Greek,and a domestic cheese from Oregon.The domestic cheese sells for less than $2.00 per pound,while all the international cheeses are priced at over $4.00 per pound.Clearly,there is an embargo on international food products.

Using contract manufacturing as a strategy to reach global markets offers firms the advantage of:

One of the rules of a common market is that all participating nations will uphold a common tariff on goods and services that are imported from countries that are not members of the trading bloc.Goods imported from non-member countries are more expensive than goods coming from member countries.

Which of the following nations has joined the U.S. ,Japan,and the EU as a key driver of the world economy?

Global financial markets operate under a system of __________,where the supply and demand for various currencies dictate their value at any moment in time.

International trade is not limited to multinational corporations.Small businesses do about 30% of all exporting out of the U.S.

A complete ban on the import or export of a specific good is called an embargo.

Which of the following represents the value of one nation's currency relative to the currencies of another country?

Norvada is a small nation that has followed protectionist policies for many years.Which of the following would be an example of a nontariff barrier established by Norvada?

The All-Sports Gaming Company has avoided contract manufacturing abroad due to the significant start-up costs in buying land and setting up its own manufacturing plants.

Many business experts contend that __________ will likely be the growth market of the future.

Japanese automobile producers sold more of their Japanese production overseas than they sold in Japan.Their business strategy emphasizes:

Granting a foreign company the right to manufacture your product or to use your firm's trademark in return for a fee is called: