International Business (BBB4M) - Unit
1 Test Review Question and answers
rated A+ 2025
Define Self-Sufficiency - correct answer ✔The ability to provide for all of your
basic needs, such
as food, clothing, shelter and water, without relying on anyone else.
Name an example of when we were Self-Sufficient - correct answer
✔Canada's Indigenous people who relied heavily on the resources they had.
Give an example of 'Early long distance trade' - correct answer ✔- China
trading silk and spices with India
- Ancient Greece took over a huge portion as the world's largest empire and
began trading many valuables.
- Camel caravans trading figs in the North African Desert
Define Guilds - correct answer ✔merchant and craftspeople associations
that controlled the
production and sale of many goods in their city-state/province/country, with
some similarities to today's labour unions.
What is protectionism? - correct answer ✔When certain countries prevent
goods from being easily imported so local goods can stay dominant in the
market.
, What was one of the earliest trade route? - correct answer ✔Spice centres
were in India and China and required following the silk and spice trade route
through Istanbul (Turkey) and other points to reach the Mediterranean and
Western Europe regions
Why was colonization so important in early trading? - correct answer
✔Colonies were exploited for cheap and abundant resources
(including forced labour), new taxes and vast riches for the home country from
the looting of the existing cultures/empires.
Who are Canada's top 3 trading partners? - correct answer ✔1. U.S
2. China
3. Mexico
What is the relationship of trade between Canada and China? - correct
answer ✔China and Canada have a major trade deficit, where Canada
imports way more than it exports to China.. They are trying to bridge the gap.
What are the 5 Advantages of International Business? - correct answer ✔1.
Meeting our needs
2. Job Creation
3. Attracting Investment
4. New Technology and Materials
5. Diverse Products and Services
What are the 5 Disadvantages of International Business? - correct answer
✔1. Support of Non-Democratic Systems
2. Cultural Identity Issues
3. Social Welfare Issues
1 Test Review Question and answers
rated A+ 2025
Define Self-Sufficiency - correct answer ✔The ability to provide for all of your
basic needs, such
as food, clothing, shelter and water, without relying on anyone else.
Name an example of when we were Self-Sufficient - correct answer
✔Canada's Indigenous people who relied heavily on the resources they had.
Give an example of 'Early long distance trade' - correct answer ✔- China
trading silk and spices with India
- Ancient Greece took over a huge portion as the world's largest empire and
began trading many valuables.
- Camel caravans trading figs in the North African Desert
Define Guilds - correct answer ✔merchant and craftspeople associations
that controlled the
production and sale of many goods in their city-state/province/country, with
some similarities to today's labour unions.
What is protectionism? - correct answer ✔When certain countries prevent
goods from being easily imported so local goods can stay dominant in the
market.
, What was one of the earliest trade route? - correct answer ✔Spice centres
were in India and China and required following the silk and spice trade route
through Istanbul (Turkey) and other points to reach the Mediterranean and
Western Europe regions
Why was colonization so important in early trading? - correct answer
✔Colonies were exploited for cheap and abundant resources
(including forced labour), new taxes and vast riches for the home country from
the looting of the existing cultures/empires.
Who are Canada's top 3 trading partners? - correct answer ✔1. U.S
2. China
3. Mexico
What is the relationship of trade between Canada and China? - correct
answer ✔China and Canada have a major trade deficit, where Canada
imports way more than it exports to China.. They are trying to bridge the gap.
What are the 5 Advantages of International Business? - correct answer ✔1.
Meeting our needs
2. Job Creation
3. Attracting Investment
4. New Technology and Materials
5. Diverse Products and Services
What are the 5 Disadvantages of International Business? - correct answer
✔1. Support of Non-Democratic Systems
2. Cultural Identity Issues
3. Social Welfare Issues
