ITB Ch 3 Review

A ______ company is an organization that does business in several countries.

Comparative advantage exists when a country specializes in the production of a good or service

Infrastructure refers to a country's

A country's culture, traditions, and religion can sometimes act as informal trade barriers.

Which of the following is an example of a global strategy?

Which of the following would likely cause the value of the dollar to RISE?

Three key effects on a country's level of economic development are all EXCEPT

In a free-trade zone, member countries agree to remove duties and trade barriers on products traded among them.

Which of the following tends to discourage international trade?

Domestic business refers to business activities needed for creating, shipping, and selling goods across national borders

items bought from other countries

Which of the following situations represents an absolute advantage?

Which of the following products in NOT imported to the United States in any great quantity?

Franchising is selling the right to use a trademark or brand name for a fee or royalty.

Without foreign trade, many things you buy would cost more or not be available.

An agreement between two or more companies to share a business project is called

Multinational companies sometimes control a country's political power.

a tax that a government places on certain imported products

Three main factors that affect currency exchange rates are all EXCEPT

The value of currency in one country compared with the value in another is called the interest rate.

This group helps maintain an orderly system of world exchange rates.

If a country exports more than it imports, it has a trade surplus.

The amount a country owes to other countries is called

One goal of the World Trade Organization is to eliminate import quotas.

economy largely involved in agriculture is generally unable to provide its citizens with a large number of products.