Test Bank For A Changing World 6Th Canadian Edition By O. C. Ferrell

Let’s analyze The Test Bank For A Changing World 6th Canadian Edition by O. C. Ferrell. This is a marvelous Helper for students since it is made up of such questions which enable one to grasp major concepts in business and management. It is through this learning that one can utilize the test bank in preparation for the finals or in recalling some of the course material.

Advantages Of Using Test Banks

Having a fitting study complement in the right direction is and will always remain vital in most of the endeavors. This test bank has many functions and purposes for it is inclusive of the following:

• In-Depth – The questions cover all aspects of each chapter of the textbook so that no topic is left unexplained. It includes joint problems such as international trade, and balance of trade, as well as many business practices indeed.
• Wide Range of Questions – There are multiple choice questions, There are True or False questions, There are Essay type questions, etc. This is an important aid in preparation, as all types of questions that might be posed in the examination preparation have been included.
• Nice And Simple – The test bank is designed to be done easily. You can concentrate on chapters/ topics that you find difficult in some areas. This makes studying more effective.

How to Make Use of the Test Bank Efficiently

Properly making use of the Test Bank For A Changing World will assist in the learning process:

• Check out the Review Questions as Frequently as Possible: Try to review the questions at the back of the class after every lesson. It aids in the retention of what has been covered.
• Do Practise Timed Exams: While sitting for the exams, practice answering the questions under strict time control. Different examinations have different time limits.
• Talk to Friends: Study with your classmates and quizzes and their answers. When solving questions this way you’ll likely be able to clear out questions that you struggle with.

Key Concepts

There are concepts that have been covered in the test bank such as:

• Business in the Global marketplace: The understanding of how a business operates in a global village.
• Barriers to Trade: Export and Import duties and taxes, and how these affect the business.
• Marketing Plan: How the consumers are contacted and how the businesses deal with them.

All the above topics are related to business and as such are important areas of concepts for students who are pursuing business courses, while the test bank provides the questions suitable to assist in evaluating their comprehension.

Conclusion

In conclusion, the Test Bank For A Changing World 6th Canadian Edition authored by O. C. Ferrell would be of great help for students who want to excel in their business courses. It covers all the main concepts, has different types of questions, as well as an easy structure. By using this resource in your studying, you will likely achieve better course results and gain more confidence.

Test Bank For A Changing World 6Th Canadian Edition By O. C. Ferrell

Chapter 03

Business in a Borderless World

True / False Questions

1. Exporting is the purchase of products from another nation.FALSE

Exporting is the selling of goods and services to foreign markets.

Blooms: RememberDifficulty: EasyLearning Objective: 03-01 Explore some of the factors within the international trade environment that influence business.Topic: 03-04 Trade Between Countries

2. Falling political barriers and new technologies have made it increasingly difficult to trade with other nations.FALSE

New technologies and the collapse of old political barriers have facilitated international trade.

Blooms: RememberDifficulty: EasyLearning Objective: 03-01 Explore some of the factors within the international trade environment that influence business.Topic: 03-02 The Role of International Business

3. When a nation is importing more than it is exporting, it has a positive balance of trade.FALSE

When a nation is importing more than it is exporting, it has a trade deficit or a negative balance of trade.

Blooms: RememberDifficulty: MediumLearning Objective: 03-01 Explore some of the factors within the international trade environment that influence business.Topic: 03-05 Balance of Trade

4. A balance of trade refers to the buying, selling, and trading of goods and services across national boundaries.FALSE

A nation’s balance of trade is the difference in value between its exports and imports.

Blooms: RememberDifficulty: EasyLearning Objective: 03-01 Explore some of the factors within the international trade environment that influence business.Topic: 03-05 Balance of Trade

5. Nations trade with other nations to obtain resources that would otherwise be unavailable to them.TRUE

Nations and businesses engage in international trade to obtain raw materials and goods that are otherwise unavailable to them or are available elsewhere at a lower price than that at which they can produce.

Blooms: RememberDifficulty: MediumLearning Objective: 03-01 Explore some of the factors within the international trade environment that influence business.Topic: 03-03 Why Nations Trade

6. An absolute advantage exists when a country has a monopoly on a natural resource.TRUE

An absolute advantage, or monopoly, exists when a country is the only source of an item, the only producer of an item, or the most efficient producer of an item.

Blooms: RememberDifficulty: MediumLearning Objective: 03-01 Explore some of the factors within the international trade environment that influence business.Topic: 03-03 Why Nations Trade

7. De Beers Consolidated Mines, Ltd., has the largest deposits of diamonds in the world. As such, they are said to have a comparative advantage.FALSE

De Beers has an absolute advantage over the world’s diamond trade and uses its control to maintain high prices for gem-quality diamonds.

Blooms: RememberDifficulty: MediumLearning Objective: 03-01 Explore some of the factors within the international trade environment that influence business.Topic: 03-03 Why Nations Trade

8. Outsourcing refers to the transfer of manufacturing and other tasks to countries where labor and supplies are less expensive.TRUE

Outsourcing has become a controversial practice because many jobs have moved overseas where those tasks can be accomplished for lower costs.

Blooms: RememberDifficulty: EasyLearning Objective: 03-01 Explore some of the factors within the international trade environment that influence business.Topic: 03-03 Why Nations Trade

9. Canada’s top trading partner, in terms of both imports and exports, is China.FALSE

Canada’s top trading partner, in terms of export destinations and import sources, is the United States.

Blooms: RememberDifficulty: EasyLearning Objective: 03-01 Explore some of the factors within the international trade environment that influence business.Topic: 03-05 Balance of Trade

10. The trade deficit fluctuates according to such factors as the economic health of Canada and other countries, productivity, perceived quality, and exchange rates.TRUE

In 2014, Canada had a $4.9 billion trade surplus with the United States and a $14.9 billion trade deficit with China.

Blooms: UnderstandDifficulty: MediumLearning Objective: 03-01 Explore some of the factors within the international trade environment that influence business.Topic: 03-05 Balance of Trade

11. Trade surpluses are harmful because they can mean the failure of businesses, the loss of jobs, and a lowered standard of living.FALSE

Trade deficits are harmful because they can mean the failure of businesses, the loss of jobs, and a lowered standard of living.

Blooms: UnderstandDifficulty: MediumLearning Objective: 03-01 Explore some of the factors within the international trade environment that influence business.Topic: 03-05 Balance of Trade

12. A nation’s balance of trade is the difference in value between its exports and imports.TRUE

A trade surplus is a positive balance of trade and a trade deficit is a negative balance of trade.

Blooms: RememberDifficulty: EasyLearning Objective: 03-01 Explore some of the factors within the international trade environment that influence business.Topic: 03-05 Balance of Trade

13. Completely free trade always exists.FALSE

When a company decides to do business outside its own country, it will encounter several barriers to international trade.

Blooms: RememberDifficulty: MediumLearning Objective: 03-02 Investigate some of the economic, legal-political, social, cultural, and technological barriers to international business.Topic: 03-06 International Trade Barriers

14. Protective tariffs raise the price of foreign goods to allow competition with more expensive domestic goods.TRUE

Protective tariffs allow more expensive domestic goods to compete with foreign ones.

Blooms: RememberDifficulty: EasyLearning Objective: 03-02 Investigate some of the economic, legal-political, social, cultural, and technological barriers to international business.Topic: 03-08 Ethical, Legal, and Political Barriers

15. When the value of the Canadian dollar declines relative to other currencies, such as the euro, the price of imports becomes relatively less expensive for Canadian consumers.FALSE

When the value of the Canadian dollar declines relative to other currencies, such as the euro, the price of imports becomes relatively more expensive for Canadian consumers.

Blooms: RememberDifficulty: MediumLearning Objective: 03-02 Investigate some of the economic, legal-political, social, cultural, and technological barriers to international business.Topic: 03-07 Economic Barriers