Answer: TRUEExplanation: Countries import goods from Publishing as Prentice Hallīusiness Essentials, 9e (Ebert/Griffin)Chapter 4 The Globalġ) An import is a product made or grown abroad but soldĭomestically.
Page Ref: 102 Difficulty: Easy AACSB: Dynamics of the global economy Objective: 4.3 Learning Outcome: Explain the benefits and challenges of engaging in international business Skill: Concept 1 Copyright © 2013 Pearson Education, Inc. Answer: TRUE Explanation: Franchising is an increasingly popular example of licensing. Page Ref: 92 Difficulty: Easy AACSB: Dynamics of the global economy Objective: 4.1 Skill: Concept 4) In a licensing arrangement, firms choose foreign organizations to manufacture their products in another country in return for a fee plus royalties. Answer: TRUE Explanation: The WTO encourages international trade by encouraging fair trade practices, breaking down trade barriers, and establishing fair procedures for dispute resolution. Page Ref: 90 Difficulty: Easy AACSB: Dynamics of the global economy Objective: 4.1 Skill: Concept 3) The World Trade Organization (WTO) was created to encourage international trade. Answer: FALSE Explanation: Low-income countries have an annual per capita income of $905 or less.
Page Ref: 89 Difficulty: Easy AACSB: Dynamics of the global economy Objective: 4.1 Learning Outcome: Explain the benefits and challenges of engaging in international business Skill: Concept 2) Low-income countries have an annual per capita income of $2,500 or less. Answer: TRUE Explanation: Countries import goods from other countries that are meant to be sold within the home country. Business Essentials, 9e (Ebert/Griffin) Chapter 4 The Global Context of Business 1) An import is a product made or grown abroad but sold domestically.
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