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Terms in this set (60)1) Which of the following transactions refers to the sale of goods or services produced by a company based in one country to customers that reside in a different country? C) exporting 2) Small and medium-size enterprises, such as SpinCent as seen in the opening case for chapter 13, account for ________ of all U.S. exporters. D) 97% 3) Which of the following best explains why SpinCent decided to export? A) growth opportunities in Asia 4) Iverson Products is a U.S. firm that is considering expanding internationally by exporting. Which of the following is the LEAST likely benefit for Iverson? B) improving economies of scale 5) Which of the following transactions refers to the purchase of goods or services produced by a company based in one country from sellers that reside in a different country? A) importing 6) Which of the
following is NOT an example of a service export? C) a coffee chain opening a new store in a foreign country 7) This spring break you are planning to leave the U.S.
and visit London, where you will stay in a hotel for 10 days. The London hotel will be performing a ________. C) service export 8) The benefits of retaining a core competency within a company and purposefully threading that core competency through the value chain are referred to as ________ advantages. A) internalization 9) Companies are likely to export products abroad in all of the following situations EXCEPT which one? B) when they want to use the riskiest but most profitable method to engage international trade 10) Boyce Dynamics, a U.S. maker of LED flashlights, fills unsolicited orders from foreign buyers. It has not proactively investigated international trade options. Boyce Dynamics is best categorized as a(n) ________. C) occasional exporter 11) Which of the following is usually NOT a factor that triggers companies to look to exports to boost total sales? C) social needs in developing countries 12) The CEO of Coffman Enterprises wants to export products to foreign markets. However, top executives at Coffman are concerned that the firm will face fierce competition from foreign rivals because Coffman lacks significant core competencies. The executives are most likely worried that Coffman lacks ________. D) ownership advantages 13) The probability that a business is engaged in exporting tends to ________. D) increase with the size of the firm 14) Barton Accessories has two retail stores and one production facility where the firm's line of leather belts and purses are assembled. Barton employs 430 people and generates nearly $1 million in revenue each year through domestic and international sales. Which term best describes the status of Barton? A) SME 15) The
________ of a firm is the share of its total output that is exported. C) export intensity 16) Which of the following statements about small and medium-sized enterprises (SMEs) is true? B) SMEs make up the majority of all U.S. exporters. 17) According to the research described in your text, which of the following is among the factors that would increase a firm's probability of exporting? C) high level of operational efficiency 18) Vantex Fabrics is a U.S. firm that designs, manufactures, and sells high-quality fabrics used for home decor. Executives at the firm believe that Vantex could significantly increase its profitability by exporting fabrics to foreign markets. The vice president of marketing is in favor of exporting to England, while the
vice president of finance asserts that the firm would benefit most from exporting to China. Which of the following, if true, best supports the vice president of marketing's suggestion? A) Incremental internalization reduces the exporting risks facing Vantex. 19) Vandelay Designs is a small firm based in Boston that makes and sells scrapbooking products through its retail store and Web site. Many of Vandelay's first sales were made to customers located in Canada, England, and Japan. Vandelay Designs would best be identified as a(n) ________. C) born global 20) An Australian company makes athletic wear for women, men, and adults. After several years of successfully exporting its products to the U.K. and the U.S., the company began exporting to Japan. This is an example of ________. D) incremental internationalization 21) The perspective of ________ holds that as a company gains experience, resources, and confidence, it progressively increases its scope of countries to which it exports. D) incremental internalization 22) Which of the following best describes the concept of serendipity in exporting? D) opportunistically responding to unsolicited orders from foreign customers 23) Which of the following has been the LEAST likely outcome of e-commerce on exporting? A) enhancing supply chains 24) What is the most likely reason that firms avoid aggressively seeking
export opportunities? D) Firms are reluctant to adjust their established business practices. 25) All of the following are common problems
associated with exporting and importing EXCEPT ________. B) finding reliable intermediaries 26) The basis for designing an effective export strategy most likely begins with ________. A) identifying how a firm can leverage its core competencies into foreign markets 27) In designing an export plan, managers initially do all of the following EXCEPT ________. D) organize financial support 28) You are the manager of an SME in the United States, and your firm wants to begin exporting. Since you have never been involved with exporting, there are many compelling reasons that encourage contacting the ________ to obtain expert counseling on exporting. D) U.S. Commerce Department 29) The incremental internationalization view of exporting holds that companies first target countries that are ________ their home market. B) similar to 30) Which of the following is NOT one of the three main types of importers? A) importers looking for suppliers abroad to concentrate their operating risks 31) A driving factor for the growth in imports is the impact of ________. B) labor specialization 32) A broker or other import consultant can help an importer minimize import duties by
________. D) valuing products in such a way that they qualify for more favorable duty treatment 33)
The primary responsibilities of the ________ are the assessment and collection of all duties, taxes, and fees on imported merchandise, the enforcement of customs and related laws, and the administration of certain navigation laws and treaties. A) Bureau of Customs and Border Protection
34) All of the following are primary duties of the Bureau of Customs and Border Protection EXCEPT which one? B) collecting import and export tariffs 35) In conducting ________, a business sells goods
directly to or through an independent domestic intermediary in the exporter's home country that exports the products to foreign markets. D) indirect exporting 36) Which of the following is NOT one of the common ways that trade intermediaries are paid by exporters? C) fixed salary 37) Corbin Coffee plans to initiate activities in foreign markets through indirect exporting. The firm is most likely to use ________. B) external specialists to assist in the export process 38) Meade Clocks has hired an intermediary to manage its export activity. Meade should most likely expect ________. A) lower profit margins 39) A(n) ________ operates on a contractual basis and provides exclusive representation for an exporter's goods and services in a foreign market. A) export management company 40) Which of the following is typically true of an export management company? C) It operates on a contractual basis for a manufacturer by helping obtain orders for its clients' products. 41) Which of the following is a difference between export management companies (EMCs) and export trading companies (ETCs)? D) ETCs operate more on the basis of demand, while EMCs operate more on the basis of supply. 42) Which of the following is true of export trading companies in the United States? D) They have been a successful form of export intermediary in recent years. 43) Exporters who opt for direct exporting are most likely to _______. D) sell products to a foreign distributor 44) An exporter that implements a(n) ________ strategy does so with the intent to develop its own international marketing capability. C) direct exporting 45) The Internet
supports more companies' efforts to launch a direct exporting strategy by ________. A) providing information quickly and inexpensively 46) Federal, state, and local
governments that recognize the benefits of international trade, actively aid the efforts of potential and active exporters and ________. D) protect the interests of struggling importers 47) Morris Lighting is a
U.S. firm that wants to start exporting its high-end lighting fixtures to foreign markets. Morris Lighting should seek assistance from U.S. government agencies for all of the following EXCEPT ________. C) acting as an export marketing department or international department for the company 48) A freight forwarder performs which of the following functions? A) arranging the fastest and cheapest transportation of products to and from foreign suppliers 49) Which of the following types of agents moves international cargo, facilitates shipment tracking, and handles product returns for exporters and importers? B) third party logistics 50) What is typically the most difficult aspect of an export plan for SMEs? D) targeting the right foreign market 51)
Jordan Jewelry is a U.S. firm that designs, manufactures, and sells inexpensive jewelry and accessories. Executives at the firm believe that Jordan Jewelry could significantly increase its profitability by exporting products to foreign markets. Before engaging in international trade, Jordan executives need to develop an export plan. Which of the following questions is LEAST relevant to this activity? C) What marketing campaign would be best for Jordan's foreign markets? 52) Countertrade is an alternative means of structuring an international sale when ________. D) conventional forms of payment are difficult, costly, or nonexistent 53) ________ refers to any one of several different arrangements that business parties negotiate so that they can trade goods and services with limited
or no use of currency. C) Countertrade 54) Ultimately, countertrade is an inefficient way of doing business because it ________. B) requires buyers and sellers to negotiate a fair value on the exchange 55) Companies can anticipate conducting countertrade with businesses in countries that ________. A) experience widespread economic problems 56) Proctor & Gamble exchanges cleaning products for machinery with Russia and Hungary. The nature of this transaction indicates that Proctor & Gamble is engaging in ________. C) countertrade 57)
Fundamentally, countertrade is best described as a(n)________ transaction. D) inefficient 58) All of the following are benefits of countertrade EXCEPT ________. A) decreasing trade protectionism 59) Fair Day Paper Products is a family-owned start up that imports bamboo paper from China to make custom greeting cards. The firm has experienced many problems in receiving the supplies from China; recurring problems include lost shipments, delays, and damaged products. Fair Day would most likely benefit by enlisting the help provided by which of the following? D) third party logistics 60) As described in the opening case, SpinCent's CEO analyzed foreign markets, assessed industries, prepped his company, traveled overseas, and hired trustworthy distributors. SpinCent manages the export process including making and marketing its products for foreign buyers. The nature of these
activities shows that the leadership of SpinCent is committing the company to ________. B) direct exporting Recommended textbook solutions Principles of Microeconomics7th EditionN. Gregory Mankiw 881 solutions Principles of Microeconomics8th EditionN. Gregory Mankiw 889 solutions Managerial Economics and Business Strategy8th EditionJeff Prince, Michael Baye 326 solutions
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What is export & import?Exporting refers to the selling of goods and services from the home country to a foreign nation. Whereas, importing refers to the purchase of foreign products and bringing them into one's home country.
What is export goods?Exports of goods and services consist of transactions in goods and services (sales, barter, and gifts) from residents to non-residents. Exports of goods occur when economic ownership of goods changes between residents and non-residents.
What is an example of an export?The definition of an export is something that is shipped or brought to another country to be sold or traded. An example of export is rice being shipped from China to be sold in many countries. To send (data) from one program to another.
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Which of the following transactions refers to the sale of goods or services produced by a company based in one country to customers that reside in a different country?
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