International Trade
Brazil has more bananas than the country needs. So, Brazil might choose to trade bananas to the U.S. because it has a _______ of that product.
Surplus
People from ____ ______ cultures don't look their supervisors in the eye, and value politeness over direct communication.
a) High Context
b) Low Context
High Context
In a ______________, two or more people can own the business, but they must share all profits and accept all responsibility.
a) Sole Proprietorship
b) Corporation
c) Partnership
c) Partnership
Which of these countries was the second largest importer and exporter of goods related to combating COVID-19 behind China in the first half of 2020?
a) Iceland
b) Germany
c) United States
c) United States
A _____ is a product you can see/touch (ex. laptop, Nintendo Switch).
Good
Name a simple gesture you can make to help your international business meeting go smoothly.
- Respect the culture
- Ask questions about culture / take interest
- Learn simple phrases in their native language
- Small talk is valuable; avoid getting straight down to business
___________ is the reason we're able to get products such as coffee and bananas here in South Dakota, even though these products don't grow here.
a) Increased competition
b) Specialization
c) Political/historical
b) Specialization
Which of these countries received THE MOST exports from the U.S. in 2020?
a) Canada
b) Mexico
c) China
a) Canada
Canada received $255 billion in exports in 2020, followed by Mexico and China.
A wheat crop would be considered (this) type of resource.
a) Land
b) Capital
c) Labor
a) Land
Name something we do in the U.S. that might be considered rude to someone from a high-context culture.
- Talk too much
- Speak directly
- Look superiors in the eye
Foreign Exchange is the process of...
Converting the currency of one country into the currency of another country.
What was South Dakota's largest export last year?
a) Cattle
b) Animal feed
c) Sunflower seeds
b) Animal feed
The buying and selling of products only in the U.S. would be considered:
a) International Sales
b) Domestic Sales
c) Logistical Sales
b) Domestic Sales
If you are offered something to eat or drink at a foreign business meeting, you should...
Accept the gesture (i.e. take the food/drink!) Even if you don't like it. Pretend you do for 15 minutes so you can build the relationship you want.
The formula we use to calculate foreign exchange is...
a * b = c
(where "a" is the amount we want to trade, "b" is the current rate of exchange and "c" is the amount of foreign currency we get in exchange)
Which American business imports the most items from other countries?
a) Walmart
b) Target
c) Home Depot
a) Walmart
Describe an "underdeveloped" country.
Uneducated population, no advanced technology, and unable to participate in foreign trade.
Describe collectivism.
The practice or principle of giving a group priority over each individual in it.
How much is 38 euros worth in U.S. dollars if the exchange rate is 1.32?
a) $62.50
b) $50.16
c) $33.18
b) $50.16
Mexicans normally celebrate New Year’s Eve by:
a) Sacrificing 12 chickens on their rooftops
b) Eating 12 grapes at midnight
c) Kissing at least 12 people by midnight
b) Eating 12 grapes at midnight