Business Ch. 5

Question 1

The document listing the conditions and terms for importing and exporting products between countries is a __________.

Accepted Answer

trade agreement

Question 2

The difference between a nation's exports and its imports.

Accepted Answer

balance of trade

Question 3

The ____ is the difference between a nation's exports and its imports.

Accepted Answer

balance of trade

Question 4

Parent company that owns a chain and the brand.

Accepted Answer

franchisor

Question 5

Planning and managing the flow of goods, services, and people to a destination is ____.

Accepted Answer

logistics

Question 6

A partnership of two or more companies that work together for a specific business purpose is called a ____.

Accepted Answer

joint venture

Question 7

Person or company that buys the rights to use a brand.

Accepted Answer

franchisee

Question 8

When a country specializes in producing a product at which it is relatively more efficient.

Accepted Answer

comparative advantage

Question 9

The goods and services produced within a country's borders and sold in another country are _____.

Accepted Answer

exports

Question 10

____ is when a business sells the right to manufacture its products or use its trademark.

Accepted Answer

licensing

Question 11

____ is when a business sells the right to manufacture its products or use its trademark.

Accepted Answer

licensing

Question 12

The cost to convert one currency into another.

Accepted Answer

foreign exchange rate

Question 13

The shared beliefs, customs, practices, and social behavior of a particular group or nation is the ______.

Accepted Answer

culture

Question 14

Negative balance of trade

Accepted Answer

trade deficit

Question 15

Having people from different backgrounds, cultures, or demographics coming together in a group.

Accepted Answer

diversity

Question 16

A(n) _____ is a body of laws related to the exchange of goods and services for international trade.

Accepted Answer

trade policy

Question 17

Money is also known as _____.

Accepted Answer

currency

Question 18

Goods and services that are brought into a country from outside its borders are called ____.

Accepted Answer

imports

Question 19

____ is the connection made among nations when economies freely move goods, labor and money across borders.

Accepted Answer

Globalization

Question 20

A government tax on imported goods.

Accepted Answer

tariff

Question 21

When a country can produce goods more efficiently and at a lower cost than another country.

Accepted Answer

absolute advantage

Question 22

A ___ is a limit on the amount of product imported into a country during a specific period of time.

Accepted Answer

quota

Question 23

The business activity involved in making, buying, and selling product within a nation's borders is ____ business.

Accepted Answer

domestic

Business Ch. 5

Questions 23

Business Ch. 5

Questions 23