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WPC 150: SCM Workbook questions with verified solutions
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WPC 150: SCM Workbook questions with verified solutions
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WPC 150: SCM Workbook questionswith verified solutions
What is the definition of trade protectionism? - correct answer ✔✔The use of government regulations to
limit the import of goods and services
Which of the following are functions of the World Trade Organization? - correct answer ✔✔To mediate
trade disputes among nations
To oversee cross-border trade issues
A(n) _______ _______, or trading bloc, is a regional group of countries with a common external tariff, no
internal tariffs, and coordinated laws to facilitate exchange among members. - correct answer
✔✔common market
What agreement created a free-trade area among the United States, Canada, and Mexico? - correct
answer ✔✔North American Free Trade Agreement (NAFTA)
The U.S. free trade agreement with Costa Rica, the Dominican Republic, El Salvador, Guatemala,
Nicaragua, and Honduras is ______ - correct answer ✔✔CAFTA
The use of government regulations to limit the import of goods and services is called: - correct answer
✔✔trade protectionism
An independent entity whose purpose it is to oversee cross-border trade issues and global business
practices is called the ______ ______ ______. - correct answer ✔✔World Trade Organization
Threats to global trade include - correct answer ✔✔terrorism
rogue states
income inequality
, A common market, also called a trading bloc, is a regional group of countries with: - correct answer ✔✔a
common external tariff
no internal tariffs
The North American Free Trade Agreement (NAFTA) created a free-trade area among the United States,
______, and ______ - correct answer ✔✔Canada
Mexico
U.S. workers will see increased competition from other countries in the future due to: - correct answer
✔✔outsourcing to foreign countries
Which of the following countries are members of the Central American Free Trade Agreement (CAFTA)? -
correct answer ✔✔Honduras
Guatemala
Costa Rica
Nicaragua
Global trade offers opportunities because there are so many potential ______ - correct answer
✔✔consumers
A regional group of countries with a common external tariff, no internal tariffs, and coordinated laws to
facilitate exchange among members is the definition of: - correct answer ✔✔a common market
In what way will globalization impact U.S. businesses? - correct answer ✔✔Concerns for product safety
Loss of jobs in manufacturing
Increased competition
The firms often better prepared to leap into global markets and react quickly to opportunities are: -
correct answer ✔✔small and medium businesses
Trade ______ is the use of government regulations to limit the import of goods and services such as
import tariffs and quotas. - correct answer ✔✔protectionism
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