Unit 1 Test

BBB4M
BBB4M - UNIT 1 CELEBRATION OF LEARNING
Name: _______________________
PART A Matching Terms (Knowledge) / 15

PART B + True / False & / 20
PART C Multiple Choice (Thinking)
PART D Short Answer (Application) / 15
TOTAL /50
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PART A – MATCHING TERMS (15 Marks)
** Put to corresponding letter in the column on the right.
A) Franchise F) Trade Quota K) Globalization P) Exporters

B) Self-Sufficiency G) International Business L) Importers Q) Licensing Agreement
C) Trade Embargo H) Capital M) Resource R) Primary
D) Partnership I) Foreign Investment N) Independent S) Foreign Subsidiary
E) Interdependence J) Tariff O) Research & Development T) Global Sourcing
1 _____________ is the name for the process of increasing the connectivity and
interdependence of the world`s markets and businesses.
2 A _____________ intensive industry requires a lot of money to start or operate.
3 _____________ is the ability to provide for all your basic needs, such as food, water,
clothing, shelter, without relying on anyone else.
4 Agriculture and Forestry are examples of _____________ industries.
5 The reliance of two or more nations on each other for products or services is called
_____________.
6 A _____________ is a tax imposed by the government on good or services coming into a
country.
7 A weak Canadian dollar is great for _____________.
8 When a government imposes a _____________, it is banning trade on a specific product or
with a specific country.
9 _____________ is important because companies are able to create new technologies,
products, and processes.
10 A _____________ gives permission to use a product, service, brand name, or patent in
exchange for a fee or royalty.
11 Less risk and access to expert knowledge are 2 advantages of a _____________ while less
profit and loss of control are 2 disadvantages.
12 ______________ is the economic system of transactions conducted between businesses
located in different countries.
13 The process of buying equipment, capital goods, raw materials, or services from around
the world is referred to as _____________.
14 A _____________ is when a parent company allows a branch of its company, in another
country, to be an independent entity.
15 A strong Canadian dollar is great for _____________.
PART B – TRUE / FALSE (10 Marks)
Circle either TRUE or FALSE in the column on the right.
1 NAFTA stands for the North American Free Trade Association. TRUE FALSE
2 Tim Hortons is a domestic business becuase the company is a symbol of TRUE FALSE
Canada.
3 Outsourcing is to obtain goods, parts, materials, or services from an TRUE FALSE

internal source.
4 A foreign market consists of all the customers in a country other than TRUE FALSE
your own.
5 The most common type of trade barrier is a trade sanction. TRUE FALSE
6 With a tariff, the increase in revenue is kept by local and national TRUE FALSE
governments of the manufacturer / producer.
7 When the Canadian dollar is low import costs are less, so prices drop on TRUE FALSE
consumer goods.
8 China is the world`s largest producer of carbon dioxide. TRUE FALSE
9 Interdependence is the ability to provide for all of your basic needs, such as TRUE FALSE
food, clothing, shelter and water, without relying on anyone else.
10 Licensing involves allowing another company to use your intellectual property TRUE FALSE
in exchange for a royalty.
PART C – MULTIPLE CHOICE (10 Marks)

Please place you answers in the table below.
1) 2) 3) 4) 5)
6) 7) 8) 9) 10)
1. Which of the following does NOT fit the definition of a transaction?

[ ] a) Selling a video game to a friend for $10
[ ] b) Purchasing a sandwich to eat for lunch in the cafeteria
[ ] c) Receiving $20 from your parents to go to the movies
[ ] d) Using your debit card to buy a shirt at the mall
2. A business is considered an international business if which of the following is true?
[ ] a) The business owns a manufacturing plant in another country
[ ] b) It imports goods or services from businesses in other countries
[ ] c) It invests in businesses in a foreign country or countries
[ ] d) All of the above
3. Banking, construction, communications, and transportation are examples of what type of industry?
[ ] a) Primary
[ ] b) Secondary
[ ] c) Tertiary
[ ] d) Branch Plant
4. What positive effects does international business have for Canadians?

[ ] a) It makes a wider range of products available to consumers
[ ] b) It allows Canadian companies to access new technologies
[ ] c) It brings foreign investment into Canada
5. Which of the following is an example of a domestic market?

[ ] a) You sell your product to consumers in a country within the same continent as it is produced
[ ] b) You sell your product to consumers in a city in the same province as it is produced
[ ] c) You sell your product in the same country as it is produced.
[ ] d) Both b and c
6. From which country does Canada receive the majority of its imports?
[ ] a) China
[ ] b) Mexico
[ ] c) United States
[ ] d) United Kingdom
7. To which country does Canada send the majority of its exports?

[ ] a) United States
[ ] b) United Kingdom
[ ] c) Japan
[ ] d) Mexico
8. A high Canadian dollar has a positive effect on which of the following?
[ ] a) Canadian businesses that export goods
[ ] b) Canadian tourist attractions, such as Niagara Falls
[ ] c) Canadians travelling to the United States
[ ] d) Retail stores in Canada
9. When the Canadian dollar is high,

[ ] a) foreign countries buy fewer Canadian exports
[ ] b) cross-border shopping by Canadians in the U.S. increases
[ ] c) fewer tourists visit Canada
10. A government imposed trade barrier that limits the amount of a product that can be imported in a
certain period of time is known as a:
[ ] a) Tariff
[ ] b) Trade quota
[ ] c) Trade embargo
[ ] d) Trade limit
PART D – SHORT ANSWER (15 Marks)

1) What are 3 problems associated with foreign ownership of Canadian business? (3 Marks)
2) Despite the problems of foreign ownership, Canadian government is against protectionism? Explain why.
(2 Marks)
3) List and briefly explain 3 Advantages to International Trade. (3 Marks)
4) List and briefly explain 3 Dis-Advantages to International Trade. (3 Marks)
5) List and briefly explain 4 barriers to international trade. (4 Marks)
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BBB4M

BBB4M - UNIT 1 CELEBRATION OF LEARNING

PART A Matching Terms (Knowledge) / 15

PART D Short Answer (Application) / 15

A) Franchise F) Trade Quota K) Globalization P) Exporters

3 Outsourcing is to obtain goods, parts, materials, or services from an TRUE FALSE

8 China is the world`s largest producer of carbon dioxide. TRUE FALSE

PART C – MULTIPLE CHOICE (10 Marks)

1. Which of the following does NOT fit the definition of a transaction?

4. What positive effects does international business have for Canadians?

5. Which of the following is an example of a domestic market?

7. To which country does Canada send the majority of its exports?

9. When the Canadian dollar is high,

PART D – SHORT ANSWER (15 Marks)

4) List and briefly explain 3 Dis-Advantages to International Trade. (3 Marks)

5) List and briefly explain 4 barriers to international trade. (4 Marks)

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