Business in the Global Economy

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

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

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

a trade ___ is a restriction to free trade

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

A joint venture is a agreement between 2 or more countries to remove duties and trade barriers

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

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

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

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

Goods and services sold to other countries are called

the amount a country owes another country

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

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

Occurs when a country buys more than it sells

common market memebers

Occurs when a country sells more than it buys

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

the cost of using someone else's money

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

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

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

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

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

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

the right to use a company name or business process in a specific way

International business is frequently referred to as world or __ trade

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

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

a free-trade zone is a selected area where products can be imported duty-free & used

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

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

completely prohibiting the import or export

Domestic business is business that is done across international borders

a tax that a government places on certain imported products

MNC's sometimes control a country's political power.

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