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International Transportation Midterm
Terms in this set (103)
The 18th century economist David Ricardo explained that international trade is essential because....
A. Every nation has something to buy from developed countries and both parties will be better off
B. Every nation has something they do best and if they trade with each other, both parties will live better.
C. Every nation has something to buy from developed countries and both parties will be better off.
D. Every nation has something to buy from new world.
As a result of local and regional agreements among nations, the business environment is becoming...
A. flat, as the world has become as a result of information technology.
B. more complex and challenging
C. more active in terms of transatlantic flow of products
D. more transparent and easy to understand
The BIGGEST challenge for business people engaged in international trade is...
A. to be aware of domestic legislation regarding labor costs
B. to be aware of how to run efficient and competitive domestic business
C. to increase productivity of domestic factories before engaging in international trade
D. to be aware of the multiple existing and proposed Free Trade Agreements because they will affect tariffs, labor costs, and local and regional legislation
The role of the World Trade Organization is...
A. to provide a global forum for governments to negotiate trade agreements and to settle trade disputes
B. to provide a global forum for governments to negotiate volume discounts in international trade
C. to increase trade among developed countries
D. to increase trade among developing countries
The World Trade Organization agreements provide the legal ground rules for international commerce. as such....
A. None of the answers provided are correct
B. these contracts bind customs offices to keep tariffs low
C. these contracts bind governments to keep their trade policies within the agreed limits
D. these contracts bind free trade zones to enable international flow within member countries
In addition to the agreements organized and approved by the World Trade Organization...
A. there are nations that have bilateral agreements or participate in regional groups to foster regional free trade zones
B. nations cannot have any bilateral or regional agreement
C. nations can have bilateral agreements which are more important than those organized by the WTO, to which the nation agreed
D. a nation can independently void the agreement of the WTO
The key to unlocking the potential of future trade agreements lies in...
A. increasing non-tariff barriers, to protect the domestic industry
B. reducing tariffs because they are relatively high
C. reducing non-tariff barriers, frequently customs procedures
D. increasing tariffs because they are relatively low
Only a small fraction of business took advantage of the applicable FTAs in force because...
A. management was unaware that the FTA was operational
B. management finds that the FTA would NOT help their business
C. management tends to file paperwork after the due date
D. management finds the requirements of the FTA so complex that the cost of adhering outweighed the advantages
Miller argues that a new supply chain discipline is nascent; he calls it "tarrif engineering". What is tariff engineering as Miller describes it? Tariff engineering is...
A. the international trade of engineers
B. the configuration of the global supply chain to avoid paying taxes
C. the international trade of engineering products
D. the configuration of the global supply chain to take advantage of the lower tariffs and preferential treatments
The structure of the supply chain, where each supplier, manufacturing and distribution center, will be located is the result of the most productive configuration of a number of critical factors.
ii. Fuel and transportation cost
iii. Location of existing suppliers
iv. The needs of key customers
A. i and ii are critical factors
B. All are critical factors
C. iii and iv are critical factors
D. None of these are critical
Total landed cost is defined as...
A. the sum of all costs associated with air transportation once the plane has landed
B. the sum of all costs upstream the supply chain
C. the sum of all costs associated with making and delivering products to the point where they produce revenue
D. the sum of all costs down stream the supply chain
Why is it said that Total Landed Cost is an attractive or powerful metric? It is said that TLC is an attractive metric because ...
A. it includes all international transportation costs
B. it captures both variable and direct costs associated with product movement
C. it captures both obvious and hidden costs associated with product movement
D. it includes all acquisition costs
What are benefits associated with having availability of Total Landed Cost?
ii. cost insight
iii. price and margin insight
A. i,ii,iii are correct
B. All are benefits of using TLC
C. None are
D. Only iv
Dr. Chris Caplice is quoted in the article. He asserts...
A. "The big question is what transportation modes should you include?"
B. "The big question is how to leverage the opportunities of the FTA?"
C. "The big question is how far up and down supply chain should you go?"
D. "The big question is what INCOTERMs to use?"
The most frequently used cost component used in TLC calculations is...
A. transportation cost
B. logistics cost trade-offs
C. integrated logistic costs
D. financial impact of carbon footprint
Recommended textbook explanations
Krugman's Economics for AP*
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