FTM 483 Midterm UPDATED ACTUAL Questions and CORRECT Answers
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Course
FTM 483
Institution
FTM 483
FTM 483 Midterm UPDATED ACTUAL
Questions and CORRECT Answers
Although the terms "international" and "global" are sometimes used interchangeably, ____
goes beyond _____ and means a more broad and comprehensive perspective. - CORRECT
ANSWER- global, international
What is the main factor in de...
FTM 483 Midterm UPDATED ACTUAL
Questions and CORRECT Answers
Although the terms "international" and "global" are sometimes used interchangeably, ____
goes beyond _____ and means a more broad and comprehensive perspective. - CORRECT
ANSWER✔✔- global, international
What is the main factor in determining the level of a country's economic development? -
CORRECT ANSWER✔✔- Gross domestic product per capita
_____ is the sale of merchandise and/or services to ultimate consumers, including store and
non-store formats - CORRECT ANSWER✔✔- Retailing
Typical supply chain for a textile and apparel product today is _____ - CORRECT
ANSWER✔✔- A total sequence of business processes involving multiple companies and
countries that enables demand for products or services to be satisfied
Tariffs are - CORRECT ANSWER✔✔- taxes on imports
Sourcing can be defined as - CORRECT ANSWER✔✔- the selection of the most
appropriate countries and vendors when building a supply chain to meet your business needs
trade surplus is - CORRECT ANSWER✔✔- the value of exported goods is greater than the
value of imported goods
a major factor of newly developing countries in textile and apparel supply chain is___ -
CORRECT ANSWER✔✔- apparel assembly
full developed nations tend to focus on ___ rather than ____ of textiles and apparel -
CORRECT ANSWER✔✔- consumption, production
_____ is contracting out a specific operation outside the company to a domestic or foreign
vendor to get it done more efficiently or at a lower cost - CORRECT ANSWER✔✔-
outsourcing
, trade policy - CORRECT ANSWER✔✔- A political strategy or program designed to
stimulate or control the exchange of goods between nations
Exchange rates - CORRECT ANSWER✔✔- determine the ratio at which one currency can
be traded for another
export policy - CORRECT ANSWER✔✔- a set of regulations that determines what a
products and services can leave a country for another market and under what conditions
trading bloc - CORRECT ANSWER✔✔- a group of countries that have created regional
trade incentives and that jointly participate in trade negotiations
trade regulation - CORRECT ANSWER✔✔- barriers and limits on types and quantities of
goods and services that cross political boundaries
export subsidy - CORRECT ANSWER✔✔- a payment from a government to a firm as a
sward for exporting products
free trade - CORRECT ANSWER✔✔- the unrestricted exchange of goods among nations
fabric forward rule - CORRECT ANSWER✔✔- a trade rule that limits tariffs or proves
quota free imports, or both, for garments made of fabrics produced in one of the participating
countries
voluntary export restraint - CORRECT ANSWER✔✔- A self-imposed limit on the amount
of product that one country can export to another country, also known as export tariff restraint
agreement
free trade area - CORRECT ANSWER✔✔- a region made up of two or more countries that
have a comprehensive free trade agreement eliminating or reducing trade barriers
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