LSCM 3960 Ch 2 EXAM NEWEST ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW VERSION!!

LSCM 3960 Ch 2 EXAM NEWEST ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW VERSION!! Adam Smith in his renowned treatise, THE WEALTH OF NATIONS, provided not only a rationale for a market economy based upon competition, but also advanced a rationale for trade among nations called the ______. - Answer- Theory of Absolute Advantage _____, _____, and _____ are the top three recipients of exports from the United States, in that order. - Answer- Canada Mexico China As suggested, the aging populations in more developed countries will result in _____ health care costs and/but _____ in the size of the working population or labor pool. - Answer- Increased; a reduction From a customer service perspective, one of the four important characteristics for global market and strategy is technology companies counteract short product lifecycle with continual upgrades and new products. - Answer- True From a customer service perspective, one of the four important characteristics for global market and strategy is that companies need to attempt to standardize to reduce complexity, but they have to recognize that global markets need some customization. - Answer- True Given the importance of global trade to the United States, a delicate balance exists between security and the efficient flow of global commerce. - Answer- True Honda and Toyota only manufacture automobiles in Japan. - Answer- False MFN stands for Many Foreign Nationals. - Answer- False One could argue that the external role of technology in recent years has moved ahead of globalization as an agent or driver of change. - Answer- True Operating globally has become easier to accomplish for even individuals and small companies, because of the advances in information/communications technology. - Answer- True Reduced order cycle time has become an important part of supply chain management since it can lead to lower inventory levels for customers, improved cash flow, lower current assets, and accounts receivable. - Answer- True Strategies such as compression and lean supply chains take the same amount of work to achieve in the global environment as in the domestic environment. - Answer- False Tariffs and other trade barriers have been significantly reduced among many countries, allowing a much more competitive global economy. - Answer- True The central theme behind the theory of Comparative Advantage is that if one country has an advantage (lower cost) in the production of two products, they should focus on the production of both so that they gain the greatest advantage and trade when compared to other countries that may have a lesser advantage. - Answer- False The Customs Trade Partnership against Terrorism (C-TPAT) was put in place to assess the vulnerability of U.S. ports and to deny entry to ships from countries that do not meet U.S. security standards. - Answer- False The Regional Trade Agreements, the establishment of the General Agreement on Tariffs and Trade (GATT), and its 1995 successor, the World Trade Organization (WTO) have together led to multilateral trade promotion and lowered barriers to international business transactions. - Answer- False The scope and magnitude of trade flows between the United States and other countries have grown considerably in the last several decades. - Answer- True The top ten countries account for almost "X"% of the total world population. - Answer- 60% The Trade Act of 2002 requires exporters to electronically submit shipping documents to U.S. Customs 24 hours before delivery to a port or 24 hours before vessel departure. - Answer- False The Trade Act of 2002 requires exporters to electronically submit shipping documents to U.S. Customs _____ hours after delivery to a port. - Answer- 24