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

A) True
B) False

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Question 2

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The Uruguay Round established the World Trade Organization.

A) True
B) False

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

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

A person who buys a franchise is called a franchisor.

A common market is also called a trading bloc.

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.

Explain the difference between comparative advantage and absolute advantage.

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.

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.

The gray market refers to exports targeted to senior citizens.

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

Importing is buying products from another country.

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

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

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

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