TLMT 342 Week 5 Exam (American Public University)

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TLMT 342 Week 5 Exam (American Public University)

Question 1 of 40

0.0/ 2.5 Points

World trade in services represents a higher percentage of total world trade than does world trade in merchandise.

Incorrect

1. True
2. False

Question 2 of 40

0.0/ 2.5 Points

International trade is still mostly concentrated among the developed countries of the Northern Hemisphere. Which country is the largest exporter of the world?

A.United States

B.Germany

Incorrect   C.China

D.Japan

Question 3 of 40

2.5/ 2.5 Points

A firm can respond to one of its competitors’ introduction of a lower-priced product by starting to produce its own lower-cost product abroad and importing it. Such a strategy is called:

1. in sourcing

B.foreign investment

C.just-in-time

Correct   D.outsourcing

1. None of the above

Question 4 of 40

0.0/ 2.5 Points

Russia can produce 25 tons of steel or 15 chairs using the same amount of resources. Using the exact same amount of resources, India can produce 18 tons of steel and 12 chairs. According to the theory of comparative advantage, the countries will trade with each other. What will Russia produce?

A.Steel

B.Chairs

C.Some steel and some chairs

D.Impossible to determine with the information given

Incorrect   E.None of the above

Question 5 of 40

0.0/ 2.5 Points

Which of the following is not an element of international logistics, according to the authors, although it is a part of domestic logistics?

A.Reverse logistics

B.The management of transportation

C.The management of inventories

Incorrect   D.The management of paperwork

E.None of the above

Question 6 of 40

2.5/ 2.5 Points

Which of the following is not among the challenges of international logistics?

A.Infrastructure differences

B.Insurance complexities

Correct   C.Superstructure differences

D.Paperwork requirements

E.None of the above

Question 7 of 40

0.0/ 2.5 Points

MRP, MRP II, and DRP are inventory management techniques that allow manufacturers to reduce their shipment times (the time that goods spend in transit).

Incorrect

1. True
2. False

Question 8 of 40

0.0/ 2.5 Points

According to the authors, Supply Chain Management includes both domestic and international logistics activities; there is no practical way of distinguishing between domestic supply chain management and international supply chain management.

Incorrect

1. True
2. False

Question 9 of 40

2.5/ 2.5 Points

There are sometimes problems with electrical supply in:

A.Sub-Sahara Africa

B.Saudi Arabia

C.some parts of a developed country like the United States

Correct   D.All of the above

E.None of the above

All of these areas have had electrical supply problems, including California.

Question 10 of 40

2.5/ 2.5 Points

Because work in modern ports goes so fast, there is no need for warehousing space.

Correct

1. True
2. False

Question 11 of 40

2.5/ 2.5 Points

Of the following, the best definition of a logistics infrastructure would be that it consists of:

Correct   A.all of the elements in place to facilitate transportation, communication, and business exchanges

B.a country’s electrical supply and road network

C.the amount of computerization a country has

D.a developed banking system

E.None of the above

A country’s electrical supply and road network, the amount of computerization a country has, and a developed banking system are incomplete answers.

Question 12 of 40

0.0/ 2.5 Points

For security reasons, many companies are switching their mail deliveries to private services like DHL or FedEx.

Incorrect

1. True
2. False

Question 13 of 40

0.0/ 2.5 Points

An exporter has the most control over its foreign sales through a(n):

A.sales or marketing subsidiary

B.export trading company

C.export management company

D.agent

Incorrect   E.distributor

Question 14 of 40

2.5/ 2.5 Points

Joint ventures were developed as ways to partner with a politically well-connected company in a foreign country to help prevent things like nationalization of a foreign company by the host government.

Correct

1. True
2. False

Question 15 of 40

0.0/ 2.5 Points

Because of action by the World Trade Organization to lower tariffs in the future, there should be an increase in the importance of Foreign Trade Zones.

Incorrect

1. True
2. False

Question 16 of 40

2.5/ 2.5 Points

Attempts to reduce business practices that include corruption and bribery have been made by the:

A.W.O.F.E.

B.sogo shosha

Correct   C.Organization for Economic Cooperation and Development

D.foreign labor laws that protect agents

E.None of the above

Question 17 of 40

0.0/ 2.5 Points

Under the Uniform Commercial Code (UCC), when a buyer agrees to an offer made by a seller, but indicates a desire for a different schedule of delivery or term of payment, such a response is considered to be a rejection of the offer.

Incorrect

1. True
2. False

Question 18 of 40

2.5/ 2.5 Points

In most Middle Eastern countries, agents and distributors are not required to be nationals of the country.

Correct

1. True
2. False

Question 19 of 40

0.0/ 2.5 Points

The most sensitive issue in an international distribution contract between an exporter and an agent/distributor is:

1. termination

B.advertising

Incorrect   C.territories

D.product line

E.None of the above

Question 20 of 40

0.0/ 2.5 Points

Lex Mercatoria is:

A.a major calamity like a storm or other natural disaster.

Incorrect   B.the Uniform Commercial Code

C.common law

D.trade law made up of a multitude of different sources of law and jurisprudence

E.None of the above

Question 21 of 40

2.5/ 2.5 Points

While on the surface Incoterms determine who pays what when, ultimately the _____ directly or indirectly pay(s) the costs of transportation and international shipping.

Correct   A.importer

B.exporter

C.customs office

D.All of the above

E.None of the above

Question 22 of 40

2.5/ 2.5 Points

Under the ancient maritime custom regarding Free on Board, if a piece of cargo breaks loose while crossing the ship’s rail and lands on the ship, it becomes the responsibility of:

A.the exporter

Correct   B.the importer.

C.the harbor master

D.All of the above

E.None of the above

Question 23 of 40

2.5/ 2.5 Points

An Incoterm expressed as “CIP Sofia, Bulgaria, Incoterms 2000” means that under Incoterms as of 2000, the goods are “Carriage and Insurance Paid” to Sofia, Bulgaria, where the importer will take control of them

Correct

1. True
2. False

Question 24 of 40

2.5/ 2.5 Points

The Incoterm CPT means “Cargo Placed at Terminal.”

Correct

1. True
2. False

Question 25 of 40

2.5/ 2.5 Points

Among other reasons, international transactions are perceived to have more risk of non-payment because of:

A.a lack of credit information

B.a lack of personal contact

C.no easy legal recourse

Correct   D.All of the above

E.None of the above

Question 26 of 40

0.0/ 2.5 Points

A transaction method in which an exporter conducts its international business similar to the way it and most companies would conduct domestic business is through:

A.an open account

Incorrect   B.a letter of credit

C.a documentary collection

D.cash in advance

E.None of the above

Question 27 of 40

0.0/ 2.5 Points

In a letter of credit, the credit-worthiness of the exporter is substituted for the credit-worthiness of the importer.

Incorrect

1. True
2. False

Question 28 of 40

2.5/ 2.5 Points

The responsibilities of the presenting bank in the importing country generally stop at notifying the importer that the documents have arrived and at requesting that the importer endorse the draft or at requesting payment before releasing the documents. This is called trade acceptance

Correct

1. True
2. False

Question 29 of 40

0.0/ 2.5 Points

If the exporter and the importer agree that a transaction will be in the currency of the exporter’s country, the exporter then bears all the risks of exchange rate fluctuation.

Incorrect

1. True
2. False

Question 30 of 40

2.5/ 2.5 Points

Some currencies are traded in the futures’ market as “commodities.”

Correct

1. True
2. False

Question 31 of 40

2.5/ 2.5 Points

An options market hedge is, in effect, an insurance policy against unfavorable exchange rate fluctuations

Correct

1. True
2. False

Question 32 of 40

0.0/ 2.5 Points

International exchange rates began to float

Incorrect   A.in 1971

B.at the end of the gold standard

C.and it changed the role of the International Monetary Fund

D.All of the above

E.None of the above

Question 33 of 40

2.5/ 2.5 Points

A consular invoice can be considered a nontrade barrier.

Correct

1. True
2. False

Question 34 of 40

2.5/ 2.5 Points

A certificate of manufacture is similar to a certificate of origin.

Correct

1. True
2. False

Question 35 of 40

0.0/ 2.5 Points

Besides a contract and a receipt for goods, an ocean bill of lading is:

A.a certificate of title

B.a substitute for a certificate of insurance

C.an Incoterm

D.All of the above

Incorrect   E.None of the above

Question 36 of 40

0.0/ 2.5 Points

EDI is

Incorrect   A.electronic Data Interchange

B.an electronic exchange of documents from computer to computer.

C.based upon a legal agreement between sender and recipient

D.All of the above

E.None of the above

Question 37 of 40

2.5/ 2.5 Points

One of the most complex areas of international logistics is international insurance.

Correct

1. True
2. False

Question 38 of 40

2.5/ 2.5 Points

Most piracy occurs near Northwest Asia

Correct

1. True
2. False

Question 39 of 40

2.5/ 2.5 Points

Air cargo can be damaged because cargo pilots do not maneuver or fly as gently as passenger pilots do

Correct

1. True
2. False

Question 40 of 40

0.0/ 2.5 Points

A letter of credit usually requires

A.an open ocean cargo policy

B.a special cargo policy

C.a certificate of insurance

Incorrect   D.All of the above

E.None of the above