George Mariyajohnson
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Highers Accounting and Finance (Year 2) (Managerial Economics) Quiz on Lecture 11- The global context, created by George Mariyajohnson on 21/05/2021.

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George Mariyajohnson
Created by George Mariyajohnson over 3 years ago
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Lecture 11- The global context

Question 1 of 25

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Supply chain of business is made up of all & contributors involved in creating , from to finished

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Question 2 of 25

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Comparative advantage occurs when country has opportunity cost in of product than other

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Question 3 of 25

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Protectionism occurs when introduces measures to
support businesses, & makes it for overseas businesses to

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Question 4 of 25

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Customs union occurs when there is movement of products between countries, & all have same protectionist measures against

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Question 5 of 25

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One barrier to international trade is trading abroad can be & therefore, can be

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Question 6 of 25

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Another barrier to international trade is differences in compared to UK, such as differences in that affect business & state of economy

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Question 7 of 25

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Third barrier to international trade is differences in which can make decisions such as how to your products more challenging

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Question 8 of 25

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First time business is going to start getting involved in international trade is by . refers to selling products abroad

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Question 9 of 25

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Other ways of getting involved in international trade for first time include your idea to an operator or up with local business in or . This may help overcome barriers around different & barriers. However, choosing these options may involve sharing

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Question 10 of 25

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According to law of comparative advantage, in country should specialise in production of products where they have opportunity cost & in from abroad products where they have relatively opportunity cost. This can lead to goods & services being produced around world & overall, everyone being

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Question 11 of 25

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Impact on business of comparative advantage is by using overseas they can in goods & services where they have relative for price than they could produce them for themselves. This saves business & allows business to use their resources

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Question 12 of 25

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One benefit of international trade is trading can be situation for everyone. can sell their products for , & & abroad can buy them in for than they would pay if they were produced

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Question 13 of 25

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Two benefits of free trade are it enables & to benefit from products from abroad & also, it provides & with greater of products than would be produced if country did not allow

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Question 14 of 25

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Changes in exchange rate change of your currency abroad & of your products in foreign currency. Changes in exchange rate can happen & are out of business's . They can affect & & therefore, can have significant impact on &

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Question 15 of 25

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One method of protectionism is . These add to products. This increases their & makes them less

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Question 16 of 25

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Another method of protectionism is . These total number of products. This forces up & allows domestic producers to produce now

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Question 17 of 25

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Third method of protectionism is . These are for things such as , health & safety , & rules about product & . This makes it more difficult for businesses to access market

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Question 18 of 25

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Reason for protectionism is to protect certain industries from . Manager of business within protected industry will be with this support from their because it gives them more over market

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Question 19 of 25

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Downside of protectionism is if you are business in other or you may not welcome protectionist measures as protectionism tends to prices & choice. Also, it may also lead to by other countries, making it difficult for you to in future

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Question 20 of 25

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One economic argument for protectionism is to protect . Government may want to protect industries that are still , in order to help them become more & from economies of scale

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Question 21 of 25

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Another economic argument for protectionism is to protect . Government may decided to protect selected that are regarded as to country

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Question 22 of 25

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Third economic argument for protectionism is for . Government may impose on foreign governments. This involves placing complete (an ) on trade to try & reduce country’s income from in order to force political change

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Question 23 of 25

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Fourth economic argument for protectionism is for '' . There may be reasons relating to or . Government may impose restrictions based on or of product

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Question 24 of 25

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Trade agreements refer to anything that is used to try & overcome measures. Countries may join together in different of trade agreement. These usually allow for (i.e. no ) between member countries on some or all products. In some cases, this will extend to freedom to move between countries & for to work easily in different countries. Agreement might also include common approaches to trade with non-member countries

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Question 25 of 25

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EU is an & union of countries. This is union where goods, services, money, & people can travel relatively throughout most of continent. All EU citizens have & to choose in which EU country they want to study, work, or retire. Every member country must treat EU citizens in exactly way as its own for employment, social security, & tax purposes. Members of EU have same protectionist measures against non-members

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