...GBM 381 Week 3 Quiz To Buy This material Click below link http://www.uoptutors.com/GBM-381/GBM-381-Week-3-Quiz 1. If a US firm exports $7,000 of goods which are to be paid for within six months, using a double-entry bookkeeping system, what entries should be made in the US balance of payments? 1. Goods export – credit of $7,000; Capital outflow – debit of $7,000 2. Accounts Receivable – debit of $7,000; Inventory – credit of $7,000 3. Goods export – debit of $7,000; Capital outflow – credit of $7,000 4. Accounts Receivable – credit of $7,000; Inventory – debit of $7,000 2. Which of the following are included in the current account? 1. Currently produced goods and services 2. Income on foreign investments 3. Unilateral transfers 4. All of the above 3. Which of the following is an example of a deficit in the balance of payments? 1. The excess of debits over credits in the current and capital accounts 2. The excess of credits over debits in the current account 3. The excess of credits over debits in the capital account 4. Both b & c 4. ____________ have historically been the most important and most used type of trade restriction. 1. Quotas 2. Domestic content requirements 3. Import tariffs 4. Export tariffs 5. A(n) __________ is a tax or duty levied on the traded commodity as it enters a nation. 1. ad valorem tariff 2. compound tariff 3. optimum tariff 4. import tariff 6. The difference...
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...GBM 381 Week 1 Quiz To Buy This material Click below link http://www.uoptutors.com/GBM-381/GBM-381-Week-1-Quiz 1. _____________ explains how mutually beneficial trade can take place even when one nation is less efficient than another nation in the production of all commodities. 1. Mercantilism 2. The law of comparative advantage 3. The labor theory of value 4. The law of absolute advantage 2. The ability of one nation to produce a commodity using fewer resources than another nation is: 1. absolute advantage 2. comparative advantage 3. mercantilism 4. specialization 3. According to the following table, the US can gain from trade with the UK by getting how much cloth for 9 bushels of wheat? | U.S. | U.K. | Wheat (bushels/hr) | 9 | 3 | Cloth (yards/hr) | 5 | 4 | 1. Only less than 12 yards of cloth 2. Only greater than 9 yards of cloth 3. Anything less than 5 yards of cloth 4. Anything greater than 5 yards of cloth 4. In a two-nation world, if Nation A’s export prices increase relative to their import prices, which of the following will occur? 1. Terms of trade improve for both nations 2. Terms of trade worsen for Nation A and improve for their trade partner 3. Terms of trade improve for Nation A and worsen for their trade partner 4. Terms of trade worsen for both nations 5. Which of the following would least likely apply to the product cycle theory? 1. Digital cameras 2....
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