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  128) Discuss the benefits and drawbacks of strategic trade policy. How are the drawbacks of subsidies as a method of promoting trade similar to the drawbacks of strategic trade policy?   129) Discuss the role of the Export-Import Bank of the United States in international trade.         .
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    51) According to mercantilism, accumulation of national wealth depended on ________. A) increasing a nation's trade surplus B) expanding a nation's total value of trade C) expanding a nation's total volume of trade D) increasing a nation's trade deficit 52) Colonies were important to mercantilist nations for all the following reasons EXCEPT ________. A) to serve.
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    21) The soaring cost of developing subsequent stages of technology has led multinationals to engage in cross-border alliances and acquisitions.   22) The practice of "following clients" can be expected in industries where many component parts are obtained from suppliers with whom a manufacturer has a close working relationship.   23) In industries with.
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  104) Protecting companies from international competition often results in consumers paying ________ for products because of less competition.   105) ________ is the unwanted cultural influence in a nation that can cause great distress and cause governments to block imports it believes to be harmful.   106) Financial assistance to domestic producers in the.
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    71) Factor proportions theory was developed by ________. A) Smith and Ricardo B) Ricardo and Ohlin C) Hecksher and Ohlin D) Hecksher and Smith 72) Under factor proportions theory, a nation's resources include all of the following EXCEPT ________. A) labor B) land C) information D) capital equipment   73) Factor proportions theory argues that a country should produce and export.
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1) Many early trade theories were created at a time when most factors of production either could not be moved or could not be moved easily across national borders.   2) Factors of production include things such as labor, financial capital, capital equipment, and land or natural resources.   3) Today, all factors of.
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    31) Governments impose trade barriers for all of the following reasons EXCEPT ________. A) to protect national security B) to gain influence over other nations C) to respond to other nation's fair trade practices D) to protect jobs   32) The pattern of imports and exports that occurs in the absence of trade barriers is called.
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    41) The ________ argument says that a country's emerging industries need protection from international competition during their development. A) national security B) infant industry C) strategic trade policy D) GATT treaty   42) The notion that as an industry grows and matures it gains the knowledge it needs to become more innovative, efficient, and competitive is.
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  131) What is economic transition? Describe the remaining obstacles that countries face in their economic transition.     132) Explain how a lack of managerial expertise has affected former centrally planned countries as they transition to market economies.   133) What is privatization, and what role does it play in economic transition?       .
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    21) A government may impose import quotas to force companies from other nations to compete against one another for the limited amount of imports allowed.   22) A country may impose export quotas to protect its domestic producers from international competition.   23) A voluntary export restraint (VER) refers to a quota that a.
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    111) According to the theory of absolute advantage, because there are gains to be had by both countries involved in an exchange, international trade is a(n) ________.   112) A country has a(n) ________ when it is unable to produce a good more efficiently than other nations, but it produces the good.
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  Scenario: Not-So-Free Freeland Freeland is a semi-closed economy whose government believes in protecting national identity and becoming a self-sustaining country. The government's priority is to protect local jobs and provide opportunities to Freeland's emerging industries to flourish without the threat of external competition.     91) Freeland's restriction of free trade could be attributed.
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    61) When a country is not able to produce a good more efficiently than other nations, but produces the good more efficiently than it does any other good, it is said to have a(n) ________. A) absolute advantage B) resource advantage C) first-mover advantage D) comparative advantage   62) Which of the following developed the theory.
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    51) According to the eclectic theory, each of the following advantages must be present for a company to undertake foreign direct investment EXCEPT ________. A) location B) ownership C) internationalization D) localization   52) The ________ theory states that a firm tries to establish a dominant presence in an industry by undertaking foreign direct investment. A) market.
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    81) A product's components are made in a country that can produce them at a high level of productivity and assembled in another country where productivity in assembly is high. This process resembles the theory of ________. A) comparative advantage B) advantage savings C) the international product life cycle D) factor proportions   82) Much production.
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  135) Explain how the national competitive advantage theory supports and builds upon the factor proportions theory. Include a brief description of the national competitive advantage theory and the factor proportions theory in your answer. 136) Discuss the volume of international trade, and explain the role government and chance play in the.
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    61) Businesses can obtain financing from the Export-Import Bank through all the following EXCEPT the ________. A) marketing assistance program B) city/state program C) working capital guarantee program D) credit information services program   62) A common purpose of many companies' facilities in foreign trade zones is ________. A) final product assembly B) acquisition of raw materials C) product.
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  133) Explain the factor proportions theory, and discuss why it is at odds with the new trade theory. 134) Briefly describe the international product life cycle theory, and explain how both the international product life cycle theory and the new trade theory ultimately result in lower priced goods. Include a.
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    21) The ability of a nation to produce a good more efficiently than any other nation is called a comparative advantage.   22) The theories of comparative and absolute advantage assume that countries are driven only by the maximization of production and consumption.   23) The theories of comparative and absolute advantage assume that.
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    91) Based on the above scenario, which of the following is a true statement? A) Foodland has an absolute advantage in producing food. B) Foodland has an absolute advantage in producing drinks. C) Drinkland has an absolute advantage in producing both food and drinks. D) Drinkland has an absolute advantage in producing food.   92) Which.
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  131) Discuss the limitations of the international product life cycle theory. How well does the theory explain current trade patterns? 132) Explain the theory of comparative advantage, and discuss how it differs from the factor proportions theory. Include a description of the factor proportions theory in your answer.         .
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    41) Which of the following refers to the theory that a company will begin by exporting its products and later undertake foreign direct investment as a product moves through its life cycle? A) Eclectic life cycle B) Market imperfections life cycle C) International product life cycle D) Market power life cycle   42) According to the.
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    31) Which of the following refers to the purchase, sale, or exchange of goods and services across national borders? A) Domestic trade B) Foreign direct investment C) International trade D) Mercantilism 32) ________ occurs between different states, regions, or cities within a country. A) Domestic trade B) Foreign direct investment C) International trade D) Mercantilism   33) One way to measure.
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31) All of the following factors of production are internationally mobile EXCEPT ________. A) labor B) financial capital C) capital equipment D) land   32) The purchase of physical assets or a significant amount of ownership (stock) of a company in another country to gain a measure of management control is called ________. A) foreign direct investment B).
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    41) The smallest portion of total world trade takes place between ________. A) high-income countries and low- and middle-income nations B) high-income economies C) low- and middle-income nations D) emerging markets   42) Which of the following countries is the most important trading partner of the Central and Eastern European nations that recently joined the European.
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1) The pattern of imports and exports that would result in the absence of trade barriers is called free trade.   2) Industries considered essential to national security often receive government-sponsored protection.   3) Governments may intervene in markets to protect both imports and exports in industries deemed essential to national security.   4) The main.
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    11) Trade barriers and specialized knowledge are both examples of market imperfections.   12) A market imperfection that can encourage foreign direct investment is the possibility that a company will create a future competitor by charging another company for access to its knowledge. 13) The eclectic theory states that firms undertake foreign direct.
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    51) Which of the following is an example of a common instrument used by government to promote trade? A) Tariffs B) Subsidies C) Quotas D) Local content requirements   52) All of the following are methods of restricting trade EXCEPT ________. A) tariff B) quota C) local content requirement D) subsidy   53) Which of the following is a method of restricting.
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  125) Describe each instrument governments use to promote trade. 126) Explain the concept of subsidies and how they are used, including their disadvantages. In what ways does the protection of infant industries produce similar drawbacks? 127) Describe the purpose of a foreign trade zone including including how it's used to promote.
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    101) The purchase, sale, or exchange of goods and services across national borders is called ________.   102) U.S. jobs that are export-dependent typically pay ________ than jobs that are not export-dependent.   103) Trade in ________ makes up roughly 20 percent of total world trade.   104) The trade theory that nations should accumulate financial.
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    11) Nations often restrict trade in goods and services to achieve cultural objectives, the most common being protection of national identity.   12) The main cultural motives behind government intervention in trade include protecting jobs and preserving national security. 13) Unwanted cultural influence in a nation can cause governments to block imports that.
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    11) In the context of international trade, isolationism is generally considered undesirable.   12) Today, trade between most nations is characterized by a certain degree of interdependency.   13) It is not necessary to have bilingual business cards when doing business in the Pacific Rim because most Asians speak English. 14) The highly competitive nature.
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    71) A(n) ________ tariff is levied as a specific fee for each unit of an imported product. A) specific B) compound C) ad valorem D) specialized   72) A(n) ________ tariff is levied on an imported product and calculated partly as a percentage of its stated price and partly as a specific fee for each unit. A).
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  137) Describe the three categories of tariffs, and explain how the Smoot-Hawley Act of 1930 influenced tariffs in the United States. 138) Explain what is meant by dumping and the role of the World Trade Organization when charges of dumping are made.     139) Describe the three subcategories of import tariffs, and explain.
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  130) Describe the role of special government agencies in promoting exports and imports. 131) Describe why job protection is a political motive for governments to restrict free trade. Why might a government interested in job protection insist on local content requirements for international firms doing business in that country?       .
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