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business
foundations of business

Questions and Answers of Foundations of Business

Describe what you have found out about this country in a written report. Include an assessment of whether you would want to work there and the problems you might face if you did.Today, firms around
Research the country. The National Trade Data Bank(NTDA) is a good place to start. Find answers to the following questions:a. What language is spoken in this country? Are you proficient in it? What
Choose a country in which you might like to work.Today, firms around the world need employees with special skills. In some countries, such employees are not always available, and firms then must
Summarize your answers in a written report. Your team also should be prepared to give a class presentation.The North American Trade Agreement among the United States, Mexico, and Canada went into
Working in teams and using the resources of your library, investigate NAFTA. Answer the following questions:a. What are NAFTA’s objectives?b. What are its benefits?c. What impact has NAFTA had on
After making your comparison, do you now agree that there are indeed universal Internet products and customers? Explain your decision.A popular question debated among firms actively involved on the
Examine a website such as Yahoo’s (www.yahoo.com)and its various international versions that operate in other languages around the world. Compare their similarities and differences as best you can,
Given that Fossil is not marketed in every country in the world, would you recommend that the company license its products to expand its presence in additional countries where it is not currently
If Brazil devaluated its currency by 50 percent, what effect would it have on Fossil?Since its founding in 1984, Fossil has grown into a global company and a world class brand in the fashion
What comparative advantage, if any, does Fossil have over its competitors?Since its founding in 1984, Fossil has grown into a global company and a world class brand in the fashion accessory
The World Bank is an example of a(n)__________, owned by 185 nations, including the United States.a. Ex-Im bankb. IMFc. MDBd. EFTAe. LAFTA
Foreign licensing is similar toa. starting from scratch.b. franchising.c. wholesaling.d. establishing a subsidiary in another country.e. establishing a sales office in a foreign country.
CAFTA, NAFTA, OECD, and OPEC are all examples ofa. political organizations.b. peace treaties.c. international economic communities.d. World Trade Organization members.e. democratic organizations.
The World Trade Organization was created by thea. Kennedy Round.b. United Nations.c. League of Nations.d. Tokyo Round.e. Uruguay Round.
Because it has not been around long enough to establish itself, the Russian automobile industry could be classified as a(n)a. hopeless industry.b. soft industry.c. infant industry.d. protected
A complete halt to trading with a particular nation or in a particular product is called a(n)a. embargo.b. stoppage.c. stay.d. closure.e. barricade.
__________ is the exportation of large quantities of a product at a price lower than that of the same product in the home market.a. Embargob. Dutyc. Dumpingd. Export quotae. Dropping
General Motors and Ford products produced in the United States are found around the world. The United States is __________ these automobiles.a. tariffingb. importingc. exportingd. releasinge. dumping
Purchasing products or materials in other nations and bringing them into one’s own country isa. trading.b. balancing.c. exporting.d. importing.e. dumping.
By definition, every country has a(n) __________ advantage in some product.a. relativeb. absolutec. comparatived. superiore. inferior
T F The International Monetary Fund (IMF)makes short-term loans to developing countries experiencing balanceof-payment deficits.
T F A firm that has no ties to a specific nation or region and operates on a worldwide scale is called a national enterprise.
T F Strategic alliances are partnerships formed to create competitive advantage on a worldwide basis.
T F A letter of credit is issued by the transport carrier to the exporter to prove that merchandise has been shipped.
T F A letter of credit is issued in favor of the importer.
T F Licensing and exporting can be considered relatively low-risk methods of entering foreign markets.
T F The participants in the Kennedy Round have succeeded in reducing tariffs by less than 20 percent.
T F Quotas may be set on worldwide imports or on imports from a specific country.
T F Tariff is a tax levied on a particular foreign product entering a country.
T F The United States has enjoyed a trade surplus during the last two decades.
__________ An internationally supported bank that provides loans to developing countries to help them grow.a. countertradeb. foreign exchange controlc. multilateral development bank (MDB)d. absolute
__________ An international barter transaction.
__________ A complete halt to trading with a particular nation or in a particular product.
__________ A tax levied on a particular foreign product entering a country.
__________ The total flow of money into a country minus the total flow of money out of that country over same period of time.
__________ All business activities that involve exchanges across national boundaries.
__________ The ability to produce a specific product more efficiently than any other product.
__________ Selling and shipping raw materials or products to other nations.
__________ The ability to produce a specific product more efficiently than any other nation.
__________ The total value of a nation’s exports minus the total value of its imports over some period of time.
How can a firm obtain the expertise needed to produce and market its products in, for example, the EU?
When should a firm consider expanding from strictly domestic trade to international trade? When should it consider becoming further involved in international trade? What factors might affect the
Should imports to the United States be curtailed by, say, 20 percent to eliminate our trade deficit? What might happen if this were done?
What effects might the devaluation of a nation’s currency have on its business firms? On its consumers? On the debts it owes to other nations?
The United States restricts imports but, at the same time, supports the WTO and international banks whose objective is to enhance world trade. As a member of Congress, how would you justify this
What is the International Monetary Fund? What types of loans does the IMF provide?
What is a multilateral development bank (MDB)? Who supports these banks?
What is the Export-Import Bank of the United States? How does it assist U.S. exporters?
List some key sources of export assistance. How can these sources be useful to small business firms?
How does the Trade Promotion Coordinating Committee (TPCC) assist the U.S. firms?
What are the steps in entering international markets?
In what ways is a multinational enterprise different from a large corporation that does business in several countries?
Two methods of engaging in the international business may be categorized as either direct or indirect. How would you classify each of the methods described in this chapter? Why?
What are the general effects of import restrictions on trade?
What reasons are generally given for imposing trade restrictions?
List and briefly describe the principal restrictions that may be applied to a nation’s imports.
What is the difference between balance of trade and balance of payments?
What is the difference between an absolute advantage and a comparative advantage?
Why do firms engage in international trade?
Identify the institutions that help firms and nations finance international business.
Describe the various sources of export assistance.
Define the methods by which a firm can organize for and enter into international markets.
Outline the extent of international trade and identify the organizations working to foster it.
Discuss the restrictions nations place on international trade, the objectives of these restrictions, and their results.
Explain the economic basis for international business.
How will your code of ethics affect your decisions about:a. The types of questions you should ask in a job interview?b. Selecting a company in which to work?Business ethics has been at the heart of
What is your personal code of ethics? Prepare a code outlining what you believe is morally right. The document should include guidelines for your personal behavior.Business ethics has been at the
Why can it be so difficult for people to do what is right?Business ethics has been at the heart of many discussions over the years and continues to trouble employees and shareholders.Stories about
Analyze the code of ethics you have chosen, and answer the following questions:a. What does the company’s code of ethics say about the rights of its workers, shareholders, consumers, and suppliers?
Working in a team of four, find a code of ethics for a business firm. Start the search by asking firms in your community for a copy of their codes, by visiting the library, or by searching and
Search the Internet for commentary on business social responsibility, form your own opinions, and then evaluate the social effort demonstrated by the firm you have selected. What more could the firm
Select any firm involved in high technology and the Internet such as Microsoft or IBM. Examine its website and report its corporate position on social responsibility and giving as it has stated it.
Should businesses charge more for products that are produced using more costly but environmentally friendly methods such as wind power? Should consumers pay more for products that are not produced
Given New Belgium Brewing’s emphasis on social responsibility, what would you suggest the company look at when preparing a social audit?New Belgium Brewing (NBB), America’s first wind-powered
What do you think Kim Jordan means when she talks about how New Belgium Brewing strives to be a “business role model,” not just a beer maker?New Belgium Brewing (NBB), America’s first
Primary emphasis in the economic model of social responsibility is ona. quality of life.b. conservation of resources.c. market-based decisions.d. production.e. firm’s and community’s interests.
Where does social responsibility of business have to begin?a. Governmentb. Managementc. Consumersd. Consumer protection groupse. Society
Caveat emptora. is a French term that implies laissez faire.b. implies disagreements over peer evaluations.c. is a Latin phrase meaning “let the buyer beware.”d. is a Latin phrase meaning “let
Social responsibilitya. has little or no associated costs.b. can be extremely expensive and provides very little benefit to a company.c. has become less important as businesses become more
Informing the press or government officials about unethical practices within one’s organization is calleda. unethical behavior.b. whistling.c. whistle-blowingd. trumpeting.e. a company violation.
What are three sets of factors that influence the standards of behavior in an organization?a. Organizational norms, circumstances, moralsb. Peer pressure, attitudes, social factorsc. Historical
Bribes area. unethical.b. ethical only under certain circumstances.c. uncommon in many foreign countries.d. economic returns.e. ethical.
Some AIG executives were aware of the financial problems the company was facing and yet failed to reveal this information to the public.These actions taken by AIG executives werea. moral.b. normal.c.
Customers expect a firm’s products toa. boost sales.b. be profitable.c. earn a reasonable return on investmentd. be available everywhere.e. be safe, reliable, and reasonably priced.
Business ethicsa. is laws and regulations that govern business.b. is the application of moral standards to business situations.c. do not vary from one person to another.d. is most important for
T F A key step in developing and implementing a social responsibility program is the environmental audit.
T F Consumers will probably pay in large part for cleaning up our environment through increased taxes or increased product cost.
T F The EPA was created by the government to develop new improved ways to clean and improve the environment.
T F A successful program for training hard-core unemployed people is the National Alliance of Business.
T F Affirmative-action plans encompass all areas of human resources management, including recruiting, hiring, training, promotion, and pay.
T F Manufacturers are not required by law to inform consumers about the potential dangers of using their products.
T F Consumerism consists of all activities undertaken to protect the rights of consumers.
T F The economic model of social responsibility emphasizes the effect of business decisions on society.
T F Business ethics rarely involves the application of moral standards to the business activity of a normal company.
T F The field of business ethics applies moral standards to business situations.
______________ The contamination of water, air, or land.a. whistle-blowingb. pollutionc. social auditd. minoritye. code of ethicsf. National Alliance of Business (NAB)g. Sarbanes-Oxley Act of 2002 h.
______________ A joint business-government program to train the hard-core unemployed.
______________ A plan designed to increase the number of minority employees at all levels within an organization.
______________ A racial, religious, political, national, or other group regarded as different from the larger group of which it is a part.
______________ A Latin phrase meaning “let the buyer beware.”

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