BUAD 331 Final Exam Questions & Answers 100% Correct

Why might a company consider expanding its supply chain internationally? 1) To obtain access to lower-cost suppliers 2) To take advantage of a skilled labor base in another country 3) To support international expansion of sales 4) To fend off competition from an international competitor 5) All of the above - ANSWERall of the above What is the biggest cause of difficulties in working with another culture? 1) Language differences 2) Different ways of making decisions and approaching business 3) Physical distance to the market 4) Not showing up to meetings on time - ANSWERDifferent ways of making decision and approaching business Which supply chain strategy is most popular with companies today? 1) Purely global manufacturing with very few global production locations 2) Purely local manufacturing with production in every market 3) Regional strategy that groups countries into clusters 4) High-tech strategy that uses software to overcome the problems - ANSWERregional strategy that groups countries into clusters What is the most common way that countries agree to increase trade? 1) Through unilateral removal of tariffs on imports 2) Through the GATT treaty agreement 3) Through WTO negotiations 4) Through negotiating bilateral or multilateral FTAs - ANSWERThrough negotiating bilateral or multilateral FTAs When was the World Trade Organization founded? 1785 1895 1905 1995 - ANSWER1995 The legal system used in the United States is based on: Napoleonic law common law civil law code law - ANSWERcommon law Supp