Chapter 3: Business in the Global Economy

International business is frequently referred to as world or __ trade

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

MNC's sometimes control a country's political power

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

A(n) ___ company is an organization that does business in several countries

A tax that a government places on certain imported products

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

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

Domestic business is

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

The amount a country owes another country

A joint venture is

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

When a country has a favorable balance of payments, the currency value is constant or rising

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

A nation's transportation, communication, and utility systems are referred to as its ___

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

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

Occurs when a country buys more than it sells

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

Goods and services sold to other countries are called

Selling the right to use some intangible property for a fee or royalty

Occurs when a country sells more than it buys

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

Common market members

The key effects on a country's level of economic development are

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

A trade ___ is a restriction to free trade

Completely prohibiting the import or export

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

A limit on the quantity of products that may be exported or imported during a given period