BUSI 1301 EXAM 1 QUESTIONS
WITH 100% VERIFIED ANSWERS
The level of merchandise exports worldwide were ________ larger in 2017 than they
were in 1980. - Answer- nine times
International Business - Answer- business activities needed for creating, shipping, and
selling goods and services across national borders.
Domestic Business - Answer- the making, buying, and selling of goods and services
within a country.
Foreign Business - Answer- The operations of a company outside its home or domestic
market
5 major drivers of Internationalization of Business - Answer- Political
Technology
Market
Cost
Competitive
Worlds Economic Center of Gravity - Answer- the average location of the planet's
economic activity measured by GDP generated across nearly 700 identifiable locations
on the Earth's surface
Currency devaluation helps a nation avoid losing markets and regain competitiveness in
world markets. - Answer- True
The monopolistic advantage theory states that - Answer- FDI is made by firms in
oligopolistic industries possessing technical advantages over local companies.
If Ecuador has an absolute advantage in coffee and Argentina in wheat, then, according
to trade theory - Answer- Ecuador should focus production on coffee and trade for other
goods
The three nations that exported the largest amount of goods to the United States in
2017 were - Answer- China, Canada, and Mexico.
The capability of one nation to produce more of a good or service than another country
for the same or lower cost of inputs is a(n)
EX: The United States can produce more wheat for the same or lower costs than many
other countries - Answer- absolute advantage.
WITH 100% VERIFIED ANSWERS
The level of merchandise exports worldwide were ________ larger in 2017 than they
were in 1980. - Answer- nine times
International Business - Answer- business activities needed for creating, shipping, and
selling goods and services across national borders.
Domestic Business - Answer- the making, buying, and selling of goods and services
within a country.
Foreign Business - Answer- The operations of a company outside its home or domestic
market
5 major drivers of Internationalization of Business - Answer- Political
Technology
Market
Cost
Competitive
Worlds Economic Center of Gravity - Answer- the average location of the planet's
economic activity measured by GDP generated across nearly 700 identifiable locations
on the Earth's surface
Currency devaluation helps a nation avoid losing markets and regain competitiveness in
world markets. - Answer- True
The monopolistic advantage theory states that - Answer- FDI is made by firms in
oligopolistic industries possessing technical advantages over local companies.
If Ecuador has an absolute advantage in coffee and Argentina in wheat, then, according
to trade theory - Answer- Ecuador should focus production on coffee and trade for other
goods
The three nations that exported the largest amount of goods to the United States in
2017 were - Answer- China, Canada, and Mexico.
The capability of one nation to produce more of a good or service than another country
for the same or lower cost of inputs is a(n)
EX: The United States can produce more wheat for the same or lower costs than many
other countries - Answer- absolute advantage.
