Global Environment

It is possible for the US to have a trade surplus with a country and trade deficit with another

a tax that a government places on certain imported products

Occurs when a country sells more than it buys

Value of currency in 1 country compared to currency value in another is called interest rate

exists when a country can produce a good or service at a lower cost than other countries

Which of the following countries has an absolute advantage in coffee production

The difference between a country's total exports and total imports is called the

value of currency in one country compared with the value in another

Occurs when a country buys more than it sells

The difference between the amount of money that comes in and out of a country is called

Domestic business is business that is done across international borders

The making, buying, and selling of goods and services withing a country is called ..

a limit on the quantity of a product that may be imported or exported

A tax that a government places on certain imported products is called a(n)

A nation with a trade surplus is said to have a favorable trade position

Which of the following is NOT a cultural/social factor that affects international business

Goods and services sold to other countries are called

completely prohibiting the import or export

a country specializing in production of a good or service that it is relatively more efficient

The difference between a country's total exports and imports is called the balance of ___

accepted behaviors, customs, and values of a society are referred to as ___

3 main factors that affect exchange rates are balance of payments, economic conditions, and __