山东经济学院2008--2009学年第2学期期末试题 国际商务（International Business）试卷（2）
题号一二三四五六七八九十总分
得分
签字
注意事项：所有的答案都必须写在答题纸上，答在试卷上一律无效
一．单项选择题Choo the Best Answer and Fill in the Blanks.
（每题1分，共10分）
1. The International Monetary Fund and the World Bank were both established in ________.
A:1932 B:1945
C:1944 D:1931
2. The following options are not the broad type of Economic System?
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A: Market Economic B: Command Market
C: Mixed Economic D:Single Market
3. _______theory has its major ideas that countries should simultaneously encourage exports and discourage imports.
A: Mercantilism B: Absolute Advantage
C: Comparative Advantage D: Heckscher- Ohlin
4. _________are the oldest and simplest instrument of trade policy.
有德无才
A: Subsidies B: V oluntary Export Restraints
C: Import Quotas D: Tariff
5. Which option does not belong to “Political Arguments For Intervention”?
A: The Infant Industry Argument B: Protecting Jobs and Industries
C: National Security D: Retaliation
6. Foreign Exchange Risk is usually divided into three main categories, which one is not included ?
A: Transaction Exposure B: Politic Exposure
C: Translation Exposure D: Economic Exposure
7. Firms choo usually _________and _________strategies to compete internationally.
A: Global Standardization and Strategy Pricing Strategy
B: Localization Strategy and Pricing Strategy
C: Transnational Strategy and Global Standardization
D: Pricing Strategy and Transnational Strategy
8. Which control system does not the multinational firms u to control their various subunits?________
A: Personal control B: Bureaucratic Control
C: Politics Control D: Cultural Control
9. _________are not the drawbacks of exporting?
A: High Transport Cost B: Lack of Control Technology
C: Problems with Local Marketing Agent D: Trade Barriers
10. _________is not the advantage of outsourcing firms production to another entity.二次元男生壁纸
A: Strategy Flexibility B: Lower Cost
C: Offt D: Facilitating Specialized Investment
答案：1-5:CDADA 6-10:BCCBD
二．判断对错 True or Fal? （每题1分，共10分）
1.Foreign companies have entered many protected industries and developing nations,
increasing competition but can not drive down prices.（Fal）
( Foreign companies have entered many protected industries and developing nations, increasing competition and can drive down prices. )
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2. A firm contemplating foreign expansion must make three basic decisions: which
markets to enter, when to enter tho markets, and on what scale.（True）
3.Currency speculation typically involves the long-terms movement of funds from
one currency to another to profit from shifts in exchange rates. （Fal）(Currency speculation typically involves the short-terms movement of funds from one currency to another to profit from shifts in exchange rates.)
4.Some scholars maintain that Confucianism may have economic implications as
profound as tho Weber argued were to be found in Protestantism. （True）
5.The changes in exchange rates can not make apparently profitable deals
unprofitable.（Fal）
(The changes in exchange rates can make apparently profitable deals unprofitable.) 6.The Bretton Woods System finally collapd in 1973, when it was replaced by a
managed-float system. （True）
7.The Capital Market enabled firms to attract capital from international investors, to
list their stock on multiple exchange.（True）
8. A ri in tariff barriers in recent decades has been accompanied by a fall in
nontariff barriers, such as subsidies, quotas. （Fal）
(A fall in tariff barriers in recent decades has been accompanied by a ri in nontariff barriers, such as subsidies, quotas.)
9.The production and logistics enable firms to lower the cost and increa product
quality.（True）
10.By expanding the size of the market ,exporting can enable a firm to achieve
economies of scale, thereby lowering its unit cost.（True）
三．名词解释Explain the Following Terms（每题4分，共20分）
1.Political economy: the political economic, and legal systems of a country are
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interdependent: they interact and influence each other, and in doing sothey affect
the level of economic well-being.
2.Economies of scale: they are unit cost reductions associated with a large scale of
output.
3.Balance-of-payment Accounts: a country’s balance-of-payment accounts track
both payments to and its receipts from other countries.
4.International monetary system: International monetary system refers to the
institutional arrangements that govern exchange rates.
5.Import quota：An import quota is a direct restriction on the quantity of some good
that may be imported into a country.
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四．简答题Answer the Following Questions（每题6分，共30分）
1.Explain briefly the theories of absolute and comparative advantages.
Absolute Advantage: countries should specialize in the production of goods for which they have an absolute advantaged then trade the for goods produced by other countries.
Comparative Advantage: it make n for a country to specialize in the production of tho goods that it produces most efficiently and to buy the goods that it produces less efficiently from other countries.
2.Explain briefly the benefits of expanding globally.
(1). Expand the market for their domestic product offerings by lling tho products in international markets.
(2). Realize location economies by dispersing individual value creation activities to tho locations around the global where they can be performed most efficiently and effectively.
(3). Realize greater cost economies from experience effects by rving an expanding global market from a central location, thereby reducing the costs of value creation.
(4). Earn a greater return by leveraging any valuable skills developed in foreign operations and transferring them to other entities within the firm’s global network of operations.
3.What are the disadvantages of Turnkey contracts?
First, the firm that enters into a turnkey deal will have no long-term interest in the foreign country.
Second, the firm that enters into a turnkey project with a foreign enterpri may inadvertently create a competitor.
Third, if the firm’s process technology is a source of competitive advantage, then lling this technology through a turnkey project is also lling competitive advantage to potential or actual competitors.
4.What are the drawbacks of Acquisitions?
First, the acquiring firms often overpay for the asts of the acquired firm.
Second, many acquisitions fail becau of a cash between the cultures of the acquiring and acquired firms.
Third, many acquisitions fail becau attempts to realize synergies by integrating the operations of the acquired and acquiring entities often run into roadblocks and take much longer than forecast.
Finally, many acquisitions fail due to inadequate preacquisition screening.
5.Explain briefly different types of Counter-trade
Barter ：the direct exchange of goods or rvices between two parties without a cash transaction.
Counter-purcha : a reciprocal buying agreement.祛皱面膜
Offt : one party agree to purcha goods and rvices with a specified percentage of the proceeds from the original sale.
Switch trading: the sue of a specialized third-party trading hou in a counter-trade agreement.
Compensation or Buybacks: take a percentage of the plant’s output as particle payment for the contract.
五．论述题Analyze the Following Questions:（每题10分，共30分）
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1. Give a detailed review of three important gments of the global capital markets.
The Eurocurrency Market: it is any currency banked outside of its country of origin. companies have strong financial motivations to u the eurocurrency market. By doing so , they receive a higher interest rate on deposits and pay less for loans. Why do any depositors hold deposits in their home currency when they could get better yields in the eurocurrency market? The eurocurrency market has two drawbacks. Fist, when depositors u a regulated banking system, they know that the probability of a bank failure that would cau them lo their deposits is very low. Second, borrowing funds internationally can expo a company to foreign exchange risk.
The Global Bond Market: international bonds are of two types: and Foreign bonds are sold outside of the borrower’s country and are denominated in the currency of the country in which they are issued. Eurobonds are normal underwritten by an international syndicate of bank and placed in countries other than the one in who currency the bond is denominated.
The Global Equity Market: many countries have their own domestic equity markets in which corporate stock is traded. Although each domestic equity markets is still dominated by investors who are citizens of that country and companies incorporated in that country, developments are internationalizing the world equity market.
2. Describe the main policy instruments that governments u to intervene in
international trade.
Tariffs: It is a taxed levied on imports. In most cas, tariffs are placed on imports to protect domestic producers from foreign competition by raising the price of imported goods. However, tariffs also produce revenue for the government.
Subsidy: it is a government payment to a domestic product, take many forms, including cash grants, low-interest loans, tax breaks, and government equity participation in domestic firms. By lowering production cost, subsidies help domestic producers compete foreign imports and to gain export markets.
Import Quota and Voluntary Export Restraints:
An import quota is a direct restriction on the quantity of some good that may be imported into a country. The restriction is usually enforced by issuing import licens to a group of individuals or firms.
A voluntary export restraint is a quota on trade impod by the exporting country, typically at the req
uest of the importing country’s government.
As with tariffs and subsidies, both import quotas and VERs benefit domestic producers by limiting import competition.
Local Content Requirement:
A local content requirement is a requirement that some specific fraction of a good be produced domestically. The requirement can be expresd either in physical terms or in value terms.
Local content regulations provide protection for a domestic producer of parts in the same way an import quota does; by limiting foreign competition.
Administrative Trade Policies:
Administrative trade policies are bureaucratic rules designed to make it difficult for imports to enter a country.
As with all instruments of trade policy, administrative instruments benefit producers and hurt consumers, who are denied access to possibly superior foreign products. Antidumping Policies：
Antidumping policies are designed to punished foreign firms that engage in dumping. The ultimate objective is to protect domestic producers from unfair foreign competition.
3. Once a firm decides to enter a foreign market, the question aris as to the best mode of entry. Write your understanding about entry modes.
Exporting :
Many manufacturing firms begin their global expansion as exporters and only later switch to another mode for rving a foreign market. It has two distinct advantages. First , it avoids the often substantial costs of establishing manufacturing operations in the host country. Second, it may help a firm achieve experience curve and location economics.
Exporting has a number of drawbacks. First, exporting from the firm’s home ba may not be appropriate if lower cost locations for manufacturing the product can be found abroad. A cond drawback to exporting is that high transportation costs can make exporting uneconomical, particularly for bulk products. Another drawback is that tariff barriers can make exporting uneconomical.
Turnkey Projects:
Turnkey projects are a way of earning great economic returns from that ast. The strategy is particular uful where foreign direct investment is limited by host-government regulations. It has a number of drawbacks. First, the firm that enters into a turnkey deal will have no long-term interest in the foreign country. Second, the firm that enters into a turnkey project with a foreign enterpri may inadvertently create a competitor. Third, if the firm’s process technology is a source of competitive advantage, then lling this technology through a turnkey project is also lling competitive advantage to potential or actual competitors.
Licensing :
A primary advantage of licensing is that firm does not have to bear the development costs and risks associated with opening a foreign market. but it lack of control over technology, can not realize location and experience curve economies, it also can not engage in global strategic coordination.
Franchising : the firm is relieved of many of the costs and risks of opening a foreign market on its own. but it lack of control over quality and unable to engage in global strategic coordination.
Joint Venture: It has access to local partner’s knowledge and can share development costs and risks politically acceptable. But it also lack of control over technology and unable to engage in global strat
egic coordination. It can not
Wholly Owned Subsidiaries: it can protect technology ,be able to engage in global strategic coordination’s and to realize location and experience curve economies.
