Trade diversion occurs when ____
A. Low-cost producers within the free trade area replace high-cost domestic producers
B. Lower cost suppliers replace higher cost external suppliers within the free trade area
C. Higher cost external suppliers replace lower cost domestic producers within the free trade area
D. Higher cost suppliers replace lower cost external suppliers within the free trade area
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The institutional arrangement that governs exchange rates is known as the ____
A. Financial control system
B. International monetary system
C. International monetary fund
D. International financial regime
The Bretton Woods agreement differed from the gold standard in that it ____
A. Incorporated both discipline and flexibility
B. Was a floating rate system
C. Was based on the British pound
D. Was a rigid system of fixed exchange rates
Economies that arise from performing a value creation activity in the optimal place for that activity are referred to as ____
A. Factor economies
B. Production economies
C. Location economies
D. Value creation economies
Which strategy makes most sense when there are strong pressures for cost reductions and minimal demands for local responsiveness? ____
A. Global standardization strategy
B. Transnational strategy
C. Localization strategy
D. International strategy
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