International Money and Business summary Questions and Answers 2023

1) ____________ is used as an effort to increase national wealth, improve the balance of trade, and to protect domestic industries/workers by imposing restrictions on imports. - -Protectionism -2) Which of these is NOT normally considered a barrier to entry? a. Being unable to access specific business practices, processes, methods, or expertise. b. High research and development costs. c. The inability to access certain intellectual property. d. Having investors who will provide private funds. - -d. Having investors who will provide private funds. -3) Political extremes, such as pure anarchism or totalitarianism, are unlikely. Instead, nations are likely to embrace some form of _________. - -Pluralism -4) Which of the following best defines an ad valorem tariff? a. A flat amount, regardless of the value of the good or service. b. Applied in order to benefit a specific producer in the home country. c. Calculated on the increase of the value of a good as it moves through the supply chain. d. Calculated as a percentage of the value of the good or service. - -d. Calculated as a percentage of the value of the good or service. -5) Which of these is NOT a part of Porter's National Competitive Advantage Theory? a. Firm characteristics b. Suppliers and complementary industries c. Market demand conditions d. Barriers to entry - -d. Barriers to entry -6) Which of the following best defines the term political system? a. Appointed members of government boards, agencies, and task forces. b. Elected members of government. c. Forms of government which derive their power from the people. d. System of politics and governance, including rules, regulations, institutions, attitudes. - -d. System of politics and governance, including rules, regulations, institutions, attitudes. -7) A trade _____ occurs when the value of exports exceeds the value of imports. - -Surplus