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Copyright?2020McGraw-HillEducation.Allrightsreserved.
NoreproductionordistributionwithoutthepriorwrittenonsentofMcGraw-HillEducation.
InternationalMarketing,18e(Cateora)
Chapter2TheDynamicEnvironmentofInternationalTrade
1)TheMarshallPlanwasdevelopedbytheUnitedStatesasamethodtoassistEuropeinrebuildingafterWorldWarII.
Answer:TRUE
Explanation:TheUnitedStateswantedtoinfusecapitalismthroughouttheworldtodampenthespreadofcommunism.TheMarshallPlanwasameanstoassistEuropeinrebuildingafterWorldWarII.
Difficulty:2Medium
Topic:WesternEurope'sMarketplaceintheWorldEconomy
LearningObjective:02-01ThebasisforthereestablishmentofworldtradefollowingWorldWarII.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
2)TheGATTbecamepartoftheWorldTradeOrganizationin1995withtheratificationoftheUruguayRoundagreements.
Answer:TRUE
Explanation:WiththeratificationoftheUruguayRoundagreements,theGATTbecamepartoftheWorldTradeOrganization(WTO)in1995,andits117originalmembersmovedintoaneweraoffreetrade.
Difficulty:1Easy
Topic:TheWorldTradingSystem,GATT,andtheWTO
LearningObjective:02-01ThebasisforthereestablishmentofworldtradefollowingWorldWarII.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
3)TheUnitedStatesfaceddecreasingcompetitioninexportmarketsbeginningin1970withtheendingoftheVietnamWar.
Answer:FALSE
Explanation:Atthecloseofthe1960s,U.S.MNCswerefacingresistancetodirectinvestmentsandincreasingcompetitioninexportmarkets.
Difficulty:1Easy
Topic:HowFormalInstitutionsAffectDomesticandInternationalCompetition
LearningObjective:02-01ThebasisforthereestablishmentofworldtradefollowingWorldWarII.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
4)Bytheyear1971,theUnitedStateswassellinglesstoothercountriesthanitboughtfromthem;thatis,theUnitedStateshadatradedeficit.
Answer:TRUE
Explanation:Before1971,theUnitedStatessoldmoretoothercountriesthanitboughtfromthem,sotheUnitedStateshadafavorablebalanceoftrade.By1971,however,theUnitedStateshadatradedeficitof$2billionthatgrewsteadilyuntilitpeakedat$160billionin1987.
Difficulty:1Easy
Topic:OverviewofTrade
LearningObjective:02-01ThebasisforthereestablishmentofworldtradefollowingWorldWarII.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
5)TheOrganizationforEconomicCooperationandDevelopment(OECD)estimatesthattheeconomiesofthedevelopedworldwillexpandatmuchfasterrateswhencomparedtothedevelopingeconomies.
Answer:FALSE
Explanation:TheOrganizationforEconomicCooperationandDevelopment(OECD)estimatesthattheeconomiesofdevelopedcountrieswillexpandanaverageof3percentannuallyforthenext25years,thesamerateasinthepast25years.Conversely,theeconomiesofdevelopingcountrieswillexpandanaverageof6percentannuallyforthenext25years,higherthanthe4percentrateinthepast25years.
Difficulty:1Easy
Topic:EconomicDevelopment
LearningObjective:02-01ThebasisforthereestablishmentofworldtradefollowingWorldWarII.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
6)Anation'sbalance-of-paymentsstatementrecordsallfinancialtransactionsbetweenitsresidentsandthoseoftherestoftheworldduringagivenperiodoftime.
Answer:TRUE
Explanation:Anation'sbalance-of-paymentsstatementrecordsallfinancialtransactionsbetweenitsresidentsandthoseoftherestoftheworldduringagivenperiodoftime—usuallyoneyear.
Difficulty:1Easy
Topic:BalanceofPayments
LearningObjective:02-02Theimportanceofbalance-of-paymentfigurestoacountry'seconomy.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
7)Inabalance-of-paymentsrecord,thecurrentaccountisarecordofdirectinvestment,portfolioinvestment,andshort-termcapitalmovementstoandfromcountries.
Answer:FALSE
Explanation:Inabalance-of-paymentsstatement,thecurrentaccountisarecordofallmerchandiseexports,imports,andserviceplusunilateraltransfersoffunds.
Difficulty:2Medium
Topic:BalanceofPayments
LearningObjective:02-02Theimportanceofbalance-of-paymentfigurestoacountry'seconomy.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
8)Whenreviewingabalance-of-paymentsstatement,youwouldcheckthereservesaccounttoviewexportsandimportsofgold.
Answer:TRUE
Explanation:Thereservesaccountisarecordofexportsandimportsofgold,increasesordecreasesinforeignexchange,andincreasesordecreasesinliabilitiestoforeigncentralbanks.
Difficulty:2Medium
Topic:BalanceofPayments
LearningObjective:02-02Theimportanceofbalance-of-paymentfigurestoacountry'seconomy.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
9)Whenforeigncurrenciescanbetradedformoredollars,U.S.productsandcompaniesaremoreexpensivefortheforeigncustomerandexportsdecrease.
Answer:FALSE
Explanation:Whenforeigncurrenciescanbetradedformoredollars,U.S.products(andcompanies)arelessexpensivefortheforeigncustomerandexportsincrease,andforeignproductsaremoreexpensivefortheU.S.customerandthedemandforimportedgoodsisdampened.
Difficulty:2Medium
Topic:BalanceofPayments
LearningObjective:02-02Theimportanceofbalance-of-paymentfigurestoacountry'seconomy.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
10)EstablishingatariffonfabricsimportedfromUruguaysothatU.S.manufacturerssellmorefabricsisanexampleofaprotectionistmeasure.
Answer:TRUE
Explanation:Protectionismoccurswhennationsutilizelegalbarriers,exchangebarriers,andpsychologicalbarrierstorestraintheentryofunwantedgoods.
Difficulty:2Medium
Topic:OverviewofImportingandExporting
LearningObjective:02-03Theeffectsofprotectionismonworldtrade.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
11)Ingeneral,economistsdonotrecognize"protectionofthehomemarket"asavalidargumentforprotectionistmeasures.
Answer:TRUE
Explanation:Ingeneral,economistsrecognizeargumentsregardingprotectionofaninfantindustry,nationaldefense,andtheindustrializationofunderdevelopedcountriesasvalid.
Difficulty:1Easy
Topic:TheChangingNatureoftheGlobalEconomy
LearningObjective:02-03Theeffectsofprotectionismonworldtrade.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
12)Quotas,boycotts,monetarybarriers,andmarketbarriersareexamplesoftariffbarriers.
Answer:FALSE
Explanation:Atariffisataximposedbyagovernmentongoodsenteringatitsborders.Itisusedtoencouragedevelopmentofdomesticindustryandprotectexistingindustry.Governmentsmayestablishsuchbarrierstotradeastariffsandavarietyofnontariffbarriersincludingquotas,boycotts,monetarybarriers,andmarketbarriers.
Difficulty:2Medium
Topic:GovernmentPoliciesAffectingTrade
LearningObjective:02-04Theseveraltypesoftradebarriers.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
13)Ingeneral,atariffwilldecreaseinflationarypressures.
Answer:FALSE
Explanation:Ingeneral,tariffsincreaseinflationarypressures,specialinterests'privileges,governmentcontrolandpoliticalconsiderationsineconomicmatters,andthenumberoftariffs(theybegetothertariffsviareciprocity).
Difficulty:1Easy
Topic:GovernmentPoliciesAffectingTrade
LearningObjective:02-04Theseveraltypesoftradebarriers.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
14)Tariffsareoftenusedasreprisalsagainstprotectionistmovesoftradingpartners.
Answer:TRUE
Explanation:Tariffscanbearbitrary,discriminatory,andrequireconstantadministrationandsupervision.Inaddition,tariffsareoftenusedasreprisalsagainstprotectionistmovesoftradingpartners.
Difficulty:1Easy
Topic:GovernmentPoliciesAffectingTrade
LearningObjective:02-04Theseveraltypesoftradebarriers.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
15)TheUnitedStateshasplacedalimitonthetonsofsugarthatcanbeimportedintothecountry.Thisisanexampleofatariff.
Answer:FALSE
Explanation:Aquotaisaspecificunitordollarlimitappliedtoaparticulartypeofgood.TheUnitedStateshasspecificguidelinesrestrictinghowmanytonsofsugarcanbeimported.
Difficulty:2Medium
Topic:GovernmentPoliciesAffectingTrade
LearningObjective:02-04Theseveraltypesoftradebarriers.
Bloom's:Apply
AACSB:KnowledgeApplication
Accessibility:KeyboardNavigation
16)Animportlicenselimitsthequantitiesthatcanbeimportedonacase-by-casebasis.
Answer:TRUE
Explanation:Thefundamentaldifferencebetweenquotasandimportlicensesasameansofcontrollingimportsisthegreaterflexibilityofimportlicensesoverquotas.Quotaspermitimportinguntilthequotaisfilledwhileimportlicenseslimitquantitiesonacase-by-casebasis.
Difficulty:1Easy
Topic:GovernmentPoliciesAffectingTrade
LearningObjective:02-04Theseveraltypesoftradebarriers.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
17)Voluntaryexportrestraintsarecommonintheagriculturalindustrywhenanagreementismadebetweentheimportingandexportingcountriesforarestrictiononthevolumeofexports.
Answer:TRUE
Explanation:Avoluntaryexportrestraint(VER)iscalledvoluntarybecausetheexportingcountrysetsthelimits;however,itisgenerallyimposedunderthethreatofstifferquotasandtariffsbeingsetbytheimportingcountryifaVERisnotestablished.Itiscommoninthetextiles,clothing,steel,agriculture,andautomobileindustries.
Difficulty:2Medium
Topic:GovernmentPoliciesAffectingTrade
LearningObjective:02-04Theseveraltypesoftradebarriers.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
18)Anembargosetsalimitonthequantityofgoodsonecountrycanselltoanother.
Answer:FALSE
Explanation:Anembargoisarefusaltoselltoaspecificcountry.
Difficulty:2Medium
Topic:GovernmentPoliciesAffectingTrade
LearningObjective:02-04Theseveraltypesoftradebarriers.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
19)Inthecontextofblockedcurrency,blockageisaccomplishedbyrefusingtoallowanimportertoexchangeitsnationalcurrencyforthecurrencyoftheseller.
Answer:TRUE
Explanation:Blockageisaccomplishedbyrefusingtoallowanimportertoexchangeitsnationalcurrencyforthecurrencyoftheseller.
Difficulty:1Easy
Topic:CurrencyManagementandBusinessStrategyintheGlobalMonetarySystem
LearningObjective:02-04Theseveraltypesoftradebarriers.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
20)Itismandatoryforimporterswhowanttobuyaforeigngoodfromaforeigncountrytoapplyforabusinesspermitinthatcountry.
Answer:FALSE
Explanation:Importerswhowanttobuyaforeigngoodmustapplyforanexchangepermit,thatis,permissiontoexchangeanamountoflocalcurrencyforforeigncurrency.
Difficulty:1Easy
Topic:BasicDecisionsforEnteringForeignMarkets
LearningObjective:02-04Theseveraltypesoftradebarriers.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
21)Anexchangepermitissuedbyagovernmentcanstipulateanunfavorablerateofexchangedependingonthedesiresofthegovernment.
Answer:TRUE
Explanation:Anexchangepermitissuedbyagovernmentcanstipulateanunfavorablerateofexchangedependingonthedesiresofthegovernment.
Difficulty:1Easy
Topic:TheMainInstrumentsandInstitutionsoftheForeignExchangeMarket
LearningObjective:02-04Theseveraltypesoftradebarriers.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
22)TheUnitedStatesandothercountriesrequiresomeproductstocontainapercentageof"localcontent"togainadmissiontotheirmarkets.
Answer:TRUE
Explanation:TheUnitedStatesandothercountriesrequiresomeproducts(automobilesinparticular)tocontainapercentageof"localcontent"togainadmissiontotheirmarkets.Thisisanexampleofhowcountriesusestandardstoprotecttheirdomesticindustry.
Difficulty:1Easy
Topic:BasicDecisionsforEnteringForeignMarkets
LearningObjective:02-04Theseveraltypesoftradebarriers.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
23)Antidumpinglawsencourageforeignproducerstoselltheirproductsatahighercostthanthecostofproductionandcreatemoreopportunitiesforfreetrade.
Answer:FALSE
Explanation:Antidumpinglawsweredesignedtopreventforeignproducersfrom"predatorypricing,"apracticewherebyaforeignproducerintentionallysellsitsproductsintheUnitedStatesforlessthanthecostofproductiontounderminethecompetitionandtakecontrolofthemarket.
Difficulty:2Medium
Topic:BasicDecisionsforEnteringForeignMarkets
LearningObjective:02-04Theseveraltypesoftradebarriers.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
24)TheOmnibusTradeandCompetitivenessActof1988focusesonassistingbusinessestobemorecompetitiveinworldmarkets,butdoesnotgetinvolvedintradepractices.
Answer:FALSE
Explanation:TheOmnibusTradeandCompetitivenessActof1988ismanyfaceted,focusingonassistingbusinessestobemorecompetitiveinworldmarketsaswellasoncorrectingperceivedinjusticeintradepractices.
Difficulty:1Easy
Topic:GovernmentPoliciesAffectingTrade
LearningObjective:02-05TheprovisionsoftheOmnibusTradeandCompetitivenessAct.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
25)UndertheOmnibusTradeandCompetitivenessAct,theU.S.presidenthastheauthoritytorestrictsalesofacountry'sproductsintheU.S.marketifthatcountryimposesunfairrestrictionsonU.S.products.
Answer:TRUE
Explanation:TheOmnibusTradeandCompetitivenessActgivestheU.S.presidentauthoritytorestrictsalesofacountry'sproductsintheU.S.marketifthatcountryimposesunfairrestrictionsonU.S.products.
Difficulty:2Medium
Topic:GovernmentPoliciesAffectingTrade
LearningObjective:02-05TheprovisionsoftheOmnibusTradeandCompetitivenessAct.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
26)OneadvantageoftheOmnibusTradeandCompetitivenessActisamoreflexibleprocesstoobtainexportlicenses.
Answer:TRUE
Explanation:Theacthasresultedinamuchmoreflexibleprocessforobtainingexportlicenses,infewerproductsontheexportcontrollistandingreateraccesstoinformation.
Difficulty:1Easy
Topic:GovernmentPoliciesAffectingTrade
LearningObjective:02-05TheprovisionsoftheOmnibusTradeandCompetitivenessAct.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
27)TheGATTpanelswereformedtoresolvebilateraltradedisputesandhavebothadvisoryandenforcementpowers.
Answer:FALSE
Explanation:GATTmembernationsseektoresolvetheirtradedisputesbilaterally;ifthatfails,specialGATTpanelsaresetuptorecommendaction.Thepanelsareonlyadvisoryandhavenoenforcementpowers.
Difficulty:1Easy
Topic:TheWorldTradingSystem,GATT,andtheWTO
LearningObjective:02-06TheimportanceofGATTandtheWorldTradeOrganization.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
28)ThedecisionstakenbytheWorldTradeOrganizationinsolvingtradedisputesamongmembersarebindingones.
Answer:TRUE
Explanation:TheWorldTradeOrganizationsetsmanyrulesgoverningtradeamongits160members,providesapanelofexpertstohearandruleontradedisputesamongmembers,and,unlikeGATT,issuesbindingdecisions.
Difficulty:1Easy
Topic:TheWorldTradingSystem,GATT,andtheWTO
LearningObjective:02-06TheimportanceofGATTandtheWorldTradeOrganization.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
29)TheInternationalMonetaryFundwascreatedbeforeWorldWarIItohelpindividualstatesregaineconomicprofitability.
Answer:FALSE
Explanation:TheInternationalMonetaryFund(IMF)wasformedtoovercomeinternationalmarketbarrierssuchasinadequatemonetaryreservesandunstablecurrencieswhichareparticularlyvexingproblemsinglobaltrade.
Difficulty:2Medium
Topic:TheRoleoftheWorldBankandtheInternationalMonetaryFundintheInternationalMonetarySystem
LearningObjective:02-07TheemergenceoftheInternationalMonetaryFundandtheWorldBankGroup.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
30)Asbothspecialdrawingrights(SDRs)andtheU.S.dollarhavelosttheirutilityasthebasicmediumoffinancialexchange,mostmonetarystatisticsrelatetogoldandsilverratherthandollars.
Answer:FALSE
Explanation:AsbothgoldandtheU.S.dollarhavelosttheirutilityasthebasicmediumoffinancialexchange,mostmonetarystatisticsrelatetoSDRsratherthandollars.TheSDRisineffect"papergold"andrepresentsanaveragebaseofvaluederivedfromthevalueofagroupofmajorcurrencies.
Difficulty:1Easy
Topic:TheRoleoftheWorldBankandtheInternationalMonetaryFundintheInternationalMonetarySystem
LearningObjective:02-07TheemergenceoftheInternationalMonetaryFundandtheWorldBankGroup.
Bloom's:Remember
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
31)AfterWorldWarII,theUnitedStatesledeffortstoprovidefinancialandindustrialdevelopmentassistancetorebuildJapanandchanneledfundstofostereconomicgrowthintheunderdevelopedworld.Theseeffortswereprimarilyaimedat
A)haltingthegrowthofNaziGermany.
B)dampeningthespreadofcommunism.
C)dampeningthespreadofcapitalism.
D)buildingastrongerdefenseforce.
E)creatingaworldwidetradebloctocountertheOPECcountries'clout.
Answer:B
Explanation:AfterWorldWarII,asameanstodampenthespreadofcommunism,theUnitedStatessetouttoinfusetheidealofcapitalismthroughoutasmuchoftheworldaspossible.
Difficulty:2Medium
Topic:EconomicDevelopment
LearningObjective:02-01ThebasisforthereestablishmentofworldtradefollowingWorldWarII.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
32)AfterWorldWarII,theUnitedStatessetouttoinfusetheidealofcapitalismthroughoutasmuchoftheworldaspossible.Asaresult,mostofthenoncommunisteconomiesintheworld
A)stagnated.
B)grewsignificantly.
C)failed.
D)quicklymatchedtheU.S.economy.
E)facedhighinflationrates.
Answer:B
Explanation:Asthesecountriesworkedtogaineconomicindependence,thefinancialassistanceprovidedbytheUnitedStatesallowedtheeconomiesofmostofthenoncommunistworldtogrowandnewmarketswerecreated.
Difficulty:2Medium
Topic:EconomicDevelopment
LearningObjective:02-01ThebasisforthereestablishmentofworldtradefollowingWorldWarII.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
33)WhatwasthemostapparentreciprocalimpactoftheforeigneconomicassistancegivenbytheUnitedStatesfollowingWorldWarII?
A)EuropeancountriesformedanalliancetocountertheOPECcountries'clout.
B)Outflowoflabortotherecipientcountriesincreaseddramatically.
C)AllrecipientcountriesappointedAmericanstomanagetheircentralbanks.
D)PurchasesofU.S.agriculturalproducts,manufacturedgoods,andservicesbytherecipientcountriesincreased.
E)Distributionofeconomicpowerandpotentialbecamemoreuneven.
Answer:D
Explanation:ForeverydollartheUnitedStatesinvestedintheeconomicdevelopmentandrebuildingofothercountriesafterWorldWarII,hundredsofdollarsmorereturnedintheformofpurchasesofU.S.agriculturalproducts,manufacturedgoods,andservices.
Difficulty:2Medium
Topic:EconomicDevelopment
LearningObjective:02-01ThebasisforthereestablishmentofworldtradefollowingWorldWarII.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
34)WhatfactorwasprimarilyresponsiblefortheexcessinproductioncapacityintheUnitedStatesafterWorldWarII?
A)TheUnitedStatesgovernmentraisedthetariffsonmostimportsby60%.
B)ManyfirmsfromothernationsshiftedtheirproductionfacilitiestotheUnitedStates.
C)Domesticdemandwasatahistoriclowandresultedinexcesscapacity.
D)ThereturningmilitaryafterWorldWarIIincreasedthelaborsupplyintheUnitedStates.
E)TheimplementationoftheMarshallPlandampenedtheoverseasdemand.
Answer:D
Explanation:TheoverseasdemandcreatedbytheMarshallPlanandotherprogramswasimportanttotheU.S.economybecausethevastmanufacturingbasebuilttosupplyWorldWarIIandtheswellinglaborsupplyofreturningmilitarycreatedaproductioncapacitywellbeyonddomesticneeds.
Difficulty:2Medium
Topic:EconomicDevelopment
LearningObjective:02-01ThebasisforthereestablishmentofworldtradefollowingWorldWarII.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
35)HowdidGATTpreventtherepeatoftheeconomicdisasterthatoccurredafterWorldWarI?
A)Itprovidedshort-termloanstostrugglingnations.
B)Itpromoteddumpingpoliciestoallowstrongertiesbetweenmembernations.
C)Itfosteredisolationismfornationsthatweremarketleaders.
D)Itprovidedforathirdparty,theUnitedNations,tonegotiatepeacetreaties.
E)Itprovidedaforumformembercountriestonegotiateareductionoftariffsandotherbarrierstotrade.
Answer:E
Explanation:DeterminednottorepeattheeconomicdisasterthatfollowedWorldWarI,worldleaderscreatedtheGeneralAgreementonTariffsandTrade(GATT),aforumformembercountriestonegotiateareductionoftariffsandotherbarrierstotrade.
Difficulty:2Medium
Topic:TheWorldTradingSystem,GATT,andtheWTO
LearningObjective:02-01ThebasisforthereestablishmentofworldtradefollowingWorldWarII.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
36)WhydidtheSmoot-HawleyActplayaroleinsendingtheworld'seconomiesintotheGreatDepression?
A)Itencouragedthemajorityofworldeconomiestolowertariffstoimportedgoods.
B)ItraisedU.S.tariffsonthousandsofimportedgoodsbymorethan60percent.
C)Itcreatedanembargoonallagriculturalproducts.
D)ItdividedtheUnitedStatesintofactionsbasedonrace.
E)Itforcedindependentcountriestobandtogethertostayeconomicallyviable.
Answer:B
Explanation:TheSmoot-HawleyActraisedaverageU.S.tariffsonmorethan20,000importedgoodstolevelsinexcessof60percentandinretaliation60countrieserectedhightariffwalls,andinternationaltradestalled.Amajorworldwiderecessioncatapultedtheworld'seconomiesintotheGreatDepression.
Difficulty:2Medium
Topic:TheWorldTradingSystem,GATT,andtheWTO
LearningObjective:02-01ThebasisforthereestablishmentofworldtradefollowingWorldWarII.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
37)WhatwastheoutcomeforGATTaftertheratificationoftheUruguayRoundagreements?
A)GATTallowedtheUnitedStatestoincreaseitsimporttax.
B)GATTbecamepartoftheWorldTradeOrganization.
C)GATTdirectlyledtotheunevendistributionofeconomicpowerandpotential.
D)TheEuropeanUniondecidedtostayawayfromthetreaty.
E)Theoriginalpurposewassidelinedinfavorofpoliticalandmilitaryinterventionbetweenmemberstates.
Answer:B
Explanation:WiththeratificationoftheUruguayRoundagreements,theGATTbecamepartoftheWorldTradeOrganization(WTO)in1995,andits117originalmembersmovedintoaneweraoffreetrade.
Difficulty:2Medium
Topic:TheWorldTradingSystem,GATT,andtheWTO
LearningObjective:02-01ThebasisforthereestablishmentofworldtradefollowingWorldWarII.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
38)Therapidgrowthofwar-torneconomiesandpreviouslyunderdevelopedcountries,coupledwithlarge-scaleeconomiccooperationandassistancethatfollowedWorldWarII,ledto
A)theriseofnewglobalmarketingopportunities.
B)thedecreaseindemandforAmericangoodsworldwide.
C)thedissolutionofGATT.
D)thespreadofcommunismbytheUnitedStates.
E)thesharpreductionintheproductioncapacityoftheUnitedStates.
Answer:A
Explanation:Therapidgrowthofwar-torneconomiesandpreviouslyunderdevelopedcountries,coupledwithlarge-scaleeconomiccooperationandassistance,ledtonewglobalmarketingopportunities.
Difficulty:2Medium
Topic:ChallengesandOpportunitiesCreatedbyGlobalization
LearningObjective:02-01ThebasisforthereestablishmentofworldtradefollowingWorldWarII.
Bloom's:Understand
AACSB:AnalyticalThinking
Accessibility:KeyboardNavigation
39)WhichwerethetwomajorchallengesfacedbyU.S.multinationalcorporationsatthecloseofthe1960s?
A)thecreationoftheSovietUnionandthehighertariffsonimports
B)growingjingoisticnationalismandanegativepopulationgrowthrateinmajorinternationalmarkets
C)resistancetodirectinvestmentandincreasingcompetitioninexportmarkets
D)increasingChinesedominationinthemanufacturingsectorandthefallingdollaringlobalmarkets
E)thedecreaseddemandforU.S.goodsintheglobalmarketandthegrowinginfluenceofconsumerrightsadvocacyinthehomemarket
Answer:C
Explanation:Atthecloseofthe1960s,U.S.multinationalcorporations(MNCs)werefacingmajorchallengesontwofronts:resista
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