TEST BANK FOR INTERNATIONAL BUSINESS: THE CHALLENGES OF GLOBALIZATION CANADIAN EDITION Textbook Authors John J. Wild Kenneth L. Wild Halia M. Valladares Montemayor Test Bank Ritva Tavela 1st Edition (Complete And Verified Study material) (394pages)

True/False Question ID: 1-1 Question: International business is any commercial transaction that crosses the borders of two or more nations. Answer: TRUE Diff: 1 Page Ref: 4 Skill: Concept Objective: 1-1 Describe the process of globalization and how it affects markets and production. Question ID: 1-2 Question: Imports are goods and services purchased abroad and brought into a country. Answer: TRUE Diff: 1 Page Ref: 4 Skill: Concept Objective: 1-1 Describe the process of globalization and how it affects markets and production. Question ID: 1-3 Question: Products marketed in all countries essentially without any changes are known as sourced products. Answer: FALSE Diff: 3 Page Ref: 6 Skill: Concept Objective: 1-1 Describe the process of globalization and how it affects markets and production. Question ID: 1-4 Question: The term globalization of production refers to convergence in buyer preferences in markets around the world. Answer: FALSE Diff: 2 Page Ref: 6 Skill: Concept Objective: 1-1 Describe the process of globalization and how it affects markets and production. Question ID: 1-5 Question: The General Agreement on Tariffs and Trade (GATT) was designed to promote free trade by reducing both tariffs and nontariff barriers to international trade. Answer: TRUE Diff: 1 Page Ref: 9 Skill: Concept Objective: 1-2 Identify the two forces causing globalization to increase. Question ID: 1-6 Question: Today, NAFTA is the international organization that enforces the rules of international trade worldwide. Answer: FALSE Diff: 1 Page Ref: 9, 10 Skill: Concept Objective: 1-2 Identify the two forces causing globalization to increase. Question ID: 1-7 Question: The power of the General Agreement on Tariffs and Trade (GATT) to settle trade disputes is what sets it