1)Americans are often accused of ethnocentricity. This means that:

2. The makers of Whirlpool washers and other electrical appliance manufacturers need to be concerned about the kind and availability of electricity in the global marketplace. If there were a compatibility problem, it would be the result of a _____________difference.

3. The law that specifically prohibits “questionable” or “dubious” payments to foreign officials in an effort to secure business contracts is called the:

4. According to Geert Hofstede, who has spent a lifetime studying differences in cultures, the Chinese have a long-term orientation, meaning they are patient savers and are willing to forgo things today, for a better future. Americans typically have a short-term orientation. They prefer more instant gratification and are not as willing to save for the future. This difference in values between the Chinese and Americans is a _____________ attribute that may represent a challenge in future global trade.

5. Because of the high volume of bicycles as a common form of transportation in Beijing and Shanghai, Charles wants to sell his bicycle horns to these markets. In this case, the exchange rate is $1 U.S. dollar = 6.42 Chinese yuan. Economically speaking, how are his prospects?

6. During the past five years, the nation of Andolvia began a massive undertaking: teaching farmers how to successfully grow and harvest peanuts. The government subsidized the building of peanut processing plants, where private businesses are now producing peanut butter and other products of nutritional value. Although the Andolvia government has not completely banned the importation of peanuts, it has placed ________________ on the number of peanut products that the nation can import each year, in order to protect Andolvia’s young peanut industry.

7. Using government regulations to limit the import of goods and services is called:

8. The EU is an example of a trading bloc, or a______________, which has a common external tariff, no internal tariffs and the coordination of laws to facilitate trade between member countries.

9. There are those who hope that ______ is a stepping-stone to the creation of a Free Trade Area of the Americas. This agreement today is between the United States, Canada, and Mexico.

10. Recently, two nations experienced a trade dispute over copyright issues. Country “A” accused Country “B” of violating international copyright laws. Since both were members of ______________, they appealed to this organization to mediate the dispute.

11. ______________ is the world’s largest exporter.

12. Besides the shift of jobs to foreign countries, outsourcing has other drawbacks such as __________.

13. We refer to the BRIC nations as four global economic powers that will likely be important forces in world trade by 2030. It is predicted that the two nations that will supply the world with most of the world’s raw materials are ___________.