International Business Chapter 1 Test
This test will confirm your knowledge of the basic Business history and definitions. Along with some statistics from our other assignments.
Questions and Answers
- 1.
What is a Transaction?
- A.
The manufacturing or sale of goods and or services to satisfy the wants and needs of consumers.
- B.
A business that makes most of its transactions within the borders of the country which it is based.
- C.
An exchange of things of value.
- D.
A transaction made between 2 canadian companies
Correct Answer
C. An exchange of things of value.Explanation
The correct answer is "An exchange of things of value." This is because a transaction refers to the act of exchanging goods, services, or money between two or more parties. It involves the transfer of something that holds value from one entity to another. This can include buying and selling goods, providing services in exchange for payment, or even bartering between individuals or businesses. The term "transaction" encompasses a wide range of economic activities where there is a transfer of value involved.Rate this question:
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- 2.
Trade with Mexico has developed since is signing in...
- A.
December 2001
- B.
January 1994
- C.
February 1996
Correct Answer
B. January 1994Explanation
The correct answer is January 1994. Trade with Mexico has developed since its signing in January 1994. This suggests that there was a significant event or agreement that took place in January 1994 which led to the development of trade between the two countries.Rate this question:
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- 3.
The middle east is traditionally centered on oil
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement is true because the Middle East has been a major producer and exporter of oil for many decades. The region is home to some of the largest oil reserves in the world, and oil has played a significant role in the economies of countries in the Middle East. The discovery of oil in the early 20th century transformed the region and led to rapid development and wealth accumulation. The Middle East continues to be a key player in the global oil market, with countries like Saudi Arabia, Iraq, and Iran being major oil producers.Rate this question:
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- 4.
African imports to canada are very high.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement "African imports to Canada are very high" is incorrect. The correct answer is False. This means that African imports to Canada are not very high.Rate this question:
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- 5.
India's workforce is generally ______ and well educated.
Correct Answer
youngExplanation
India's workforce is generally young and well educated. This is because India has a large population of young people, with a median age of around 29 years. This young workforce brings energy, enthusiasm, and adaptability to the job market. Additionally, India has made significant investments in education, resulting in a higher literacy rate and a growing number of educated individuals. This combination of youth and education contributes to a skilled and productive workforce in India.Rate this question:
- 6.
Japan became known for high quality _______ and _______.
Correct Answer
electronics
automobilesExplanation
Japan became known for high-quality electronics and automobiles because of their commitment to technological innovation and attention to detail in manufacturing. Japanese companies like Sony, Panasonic, and Toyota have consistently produced reliable and advanced products that have gained global recognition. The country's focus on research and development, efficient production processes, and dedication to customer satisfaction have contributed to its reputation for excellence in these industries.Rate this question:
- 7.
5 main ways for companies to participate in international business are: 1-Own a manufacturing plant in another country. 2-_________________. 3-_________________. 4-_________________. 5-Invest in a business in another country
Correct Answer
Own a retail or distribution outlet in another country
Export to businesses in another country
import from businesses in another countryExplanation
The missing options for the second and third ways for companies to participate in international business are "Own a retail or distribution outlet in another country" and "Export to businesses in another country." These options suggest that a company can establish a physical presence in another country by owning a retail or distribution outlet, allowing them to directly sell their products to consumers in that country. Additionally, they can participate in international business by exporting their products to businesses in another country, expanding their customer base and market reach. Importing from businesses in another country is also mentioned as a way for companies to participate in international business, which involves purchasing goods or materials from foreign suppliers.Rate this question:
- 8.
The United States' GDP is _______.
Correct Answer
$47,200 - 9.
_______ has the lowest GDP of __________. ____________ has the highest GDP of ___________.
Correct Answer
China
$7,600
Norway
$54,600Explanation
China has the lowest GDP of $7,600, while Norway has the highest GDP of $54,600.Rate this question:
- 10.
The capital of Norway is________. The capital of China is ___________.
Correct Answer
Oslo
BeijingExplanation
The capital of Norway is Oslo, while the capital of China is Beijing.Rate this question:
- 11.
Canadian Top 10 Exports markets are __________________________.
Correct Answer
South Korea, China, United Kingdom, Mexico, Japan, United States, Germany, Brazil, Netherlands, NorwayExplanation
The Canadian Top 10 Exports markets include South Korea, China, United Kingdom, Mexico, Japan, United States, Germany, Brazil, Netherlands, and Norway. These countries are significant trading partners for Canada, where Canadian exports are in high demand.Rate this question:
- 12.
The 3 main areas of interdependence are _______industries, __________ industries, and ___________industries.
Correct Answer
Primary
Secondary
TertiaryExplanation
The 3 main areas of interdependence are primary industries, secondary industries, and tertiary industries. Primary industries involve the extraction of raw materials from the earth, such as agriculture, mining, and forestry. Secondary industries involve the processing and manufacturing of these raw materials into finished products, such as factories and construction. Tertiary industries involve the provision of services to both primary and secondary industries, such as transportation, healthcare, and education. These three sectors are interconnected and rely on each other for resources, products, and services, forming a complex web of interdependence in the economy.Rate this question:
- 13.
What are 5 major Primary Industries?
- A.
Mining, Energy, Fishing hunting and trapping, Forestry and Logging, and Agriculture
- B.
Nike, Blackberry, Apple, Samsung, Reebok
- C.
Foreign trade, Domestic trade, F&D markets, and interdependence.
Correct Answer
A. Mining, Energy, Fishing hunting and trapping, Forestry and Logging, and AgricultureExplanation
The correct answer is Mining, Energy, Fishing hunting and trapping, Forestry and Logging, and Agriculture. These five industries are considered primary industries because they involve the extraction or production of raw materials directly from the earth or natural resources. Mining involves extracting minerals and ores from the ground, energy includes the production and distribution of electricity, oil, and gas, fishing hunting and trapping involves the capture of fish, game, and fur-bearing animals, forestry and logging involves the harvesting of timber from forests, and agriculture involves the cultivation of crops and the rearing of animals for food and other products.Rate this question:
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- 14.
A Branch plant is a factory owned by a company based in ______ _________.
Correct Answer
another countryExplanation
A branch plant refers to a factory that is owned by a company based in another country. This means that the company has established a manufacturing facility in a foreign country, which allows them to expand their operations and take advantage of various benefits such as lower labor costs, access to new markets, or favorable government policies. By setting up a branch plant in another country, the company can increase its global presence and enhance its competitiveness in the international market.Rate this question:
- 15.
Secondary industries make the finished goods available to the public.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Secondary industries do not make the finished goods available to the public. Secondary industries are involved in the manufacturing and processing of raw materials into intermediate or finished goods, but it is the role of the tertiary sector (such as retail and distribution) to make these goods available to the public. Therefore, the statement is false.Rate this question:
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- 16.
It costs apple $_______ to make the iPhone.
- A.
262
- B.
625
- C.
192
- D.
368
Correct Answer
C. 192Explanation
The given question asks about the cost of making an iPhone for Apple. Among the options provided, the correct answer is 192. This suggests that it costs Apple $192 to manufacture an iPhone.Rate this question:
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- 17.
The 3 best global brands are:
- A.
Coca Cola, Mcdonalds, Microsoft
- B.
Coca Cola, IBM, Microsoft
- C.
Coca Cola, IBM, Mcdonalds
Correct Answer
B. Coca Cola, IBM, MicrosoftExplanation
The correct answer is Coca Cola, IBM, Microsoft. These three brands are considered the best global brands based on their worldwide recognition, market value, and brand equity. Coca Cola is a well-known beverage company that has established itself as a leader in the soft drink industry. IBM is a renowned technology company that provides innovative solutions and services. Microsoft is a dominant player in the software industry, known for its popular operating systems and productivity tools. Together, these three brands have a strong global presence and are highly regarded in their respective industries.Rate this question:
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- 18.
Another name for tertiary industries is service sector.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Tertiary industries refer to the sector of the economy that provides services to consumers and businesses, such as healthcare, education, finance, hospitality, and transportation. These industries do not involve the production of goods but rather focus on offering intangible products or assistance. Therefore, it is correct to say that another name for tertiary industries is the service sector, as they both encompass the same set of industries that primarily offer services rather than physical products.Rate this question:
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- 19.
A ______-_______ economy is an economy based on businesses owned by foreign interests.
Correct Answer
branch plantExplanation
A branch plant economy refers to an economy where the majority of businesses are owned by foreign interests. This means that the companies operating in this economy are subsidiaries or branches of multinational corporations from other countries. These foreign-owned businesses often have a significant influence on the local economy, including decisions related to employment, production, and investment. This type of economy can have both positive and negative impacts on the host country, including job creation, technology transfer, and potential exploitation of local resources.Rate this question:
- 20.
More than ___% of everything that Candians produce is exported.
Correct Answer
45Explanation
More than 45% of everything that Canadians produce is exported. This means that a significant portion of the goods and services produced in Canada are sold to other countries. This high level of export indicates a strong international demand for Canadian products and highlights the country's role in global trade.Rate this question:
- 21.
Canadia Trade increased $257 billion from 1989-2000 because of ________.
Correct Answer
NAFTA (North American Free Trade Agreement)Explanation
The correct answer is NAFTA (North American Free Trade Agreement). NAFTA was a trade agreement between Canada, the United States, and Mexico that eliminated tariffs and other trade barriers, leading to increased trade between the three countries. This resulted in a significant increase in Canadian trade by $257 billion from 1989-2000.Rate this question:
- 22.
List 3 benefits or positive outcomes that trade brings to Canada.
- 23.
Name 2 ways that International Business HELPS Canadians. Then, name 2 ways it HURTS canadians.
- 24.
Blackberry (RIM) was created by 2 engineering students. They are: __________ and __________.
Correct Answer
Mike Lazaridis
Douglas FreginExplanation
Blackberry (RIM) was created by two engineering students named Mike Lazaridis and Douglas Fregin. These individuals were responsible for the development and establishment of the Blackberry brand.Rate this question:
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Mar 21, 2023Quiz Edited by
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Oct 02, 2011Quiz Created by
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