Multiple Choice
Identify the
letter of the choice that best completes the statement or answers the question.
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1.
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One
reason that the United States imports a vast number of goods from other countries is because
of a. | shipping
costs. | c. | unlimited
resources. | b. | relations with other countries. | d. | low labor costs. | | | | |
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2.
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To
find export opportunities, many entrepreneurs use the services of a(n) a. | shipping
company. | c. | attorney. | b. | export management company. | d. | broker. | | | | |
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3.
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Two
of the main reasons for the global economy are the changes in a. | technology and
reduction in trade tariffs. | b. | importing and currency. | c. | trade barriers
and technology. | d. | cultures and trade barriers. | | |
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4.
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Small
business owners have the ability to meet and talk with foreign agents, distributors, or potential
business partners through a. | technology. | c. | foreign joint ventures. | b. | business
brokers. | d. | trade
missions. | | | | |
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5.
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Entrepreneurs who attempt to do business internationally a. | need to be more
creative. | c. | need to
understand the culture. | b. | open a franchise. | d. | use the Internet. | | | | |
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6.
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To be
successful in the global market, you must be able to offer products or services a. | at high
prices. | c. | that utilize
technology. | b. | at competitive prices. | d. | for children. | | | | |
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7.
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It is
important to study each country before attempting to do business there because of a. | cultural
differences. | c. | the
currency. | b. | taxes. | d. | the economy. | | | | |
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8.
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Taxes
imposed by a government on imported or exported goods are called a. | ventures. | c. | trade
barriers. | b. | importing. | d. | tariffs. | | | | |
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Completion
Complete each sentence or
statement.
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9.
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Developing countries provide a risky form of ____________________ for
entrepreneurs.
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10.
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To
participate in a trade mission, you will need to have a product that is on the government's
____________________ list.
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11.
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Technology has made it easier to ____________________ with people in other
countries.
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12.
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According to the U.S. Department of Commerce, the hottest products for exporting are
electronic equipment, chemical products, paper products, apparel, industrial machinery, computers,
and ____________________ products.
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13.
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A(n)
____________________ is a partnership created by two or more companies for a specific purpose over a
set period of time.
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14.
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Businesses that buy goods from other countries to sell in their own country are
____________________.
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15.
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It is
wise to hire a(n) ____________________ to translate the other person's language into English when
conducting business in a foreign country.
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16.
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The
important thing for entrepreneurs to understand about Europe is that ____________________ among some
countries are huge.
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Matching
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Match each item with the correct statement below. a. | global
economy | e. | Gross Domestic
Product (GDP) | b. | IBEX | f. | disposable income | c. | freight
forwarder | g. | trade
barriers | d. | SITC codes | h. | exporting | | | | |
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17.
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classifying goods sold in the international market
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18.
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money
to spend after necessary expenses are paid
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19.
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the
selling and shipping of products to another country
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20.
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the
interconnected economies of the nations of the world
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21.
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taxes, quotas, and other restrictions on goods entering or leaving a
country
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22.
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the
total value of all goods produced during the year
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23.
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the
electronic commerce systems that allow you to sell products and services online anywhere in the
world
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24.
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handles overseas shipments for a fee
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