Intro to Business Chapter 3

Items bought from other countries are called

Selling the right to allow others to place a name on a product for a fee or royalty

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

The accepted behaviors, customs, and values of a society

Common market members

This int'l trade organization was created after WWII to provide loans for rebuilding.

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

A country in which an MNC places business activities is called the

The United States conducts trade with over

What is the making, buying and selling of goods and services within a country?

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

Without foreign trade, everything would be cheaper.

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

Some countries limit the amount of money their citizens can take out of the country.

Which is NOT a cultural/social factor that affects international business?

When a government completely stops the import or export of a product

About how many US jobs depend on international business?

Most business activities occur within a country's own borders.

Which of the following scenarios is likely to cause the value of a country's currency to rise?

Which country has an absolute advantage in coffee production?

What is a free-trade zone?

Countries that devote most of their time to agriculture usually provide more to their citizens

A joint venture is an agreement between two or more countries to remove trade barriers.

When a country has a favorable balance of payments, the currency is usually

The situation where a country specializes in something that they are relatively more efficient

Goods and services sold to other countries are called

The difference between the amount of money that comes into a country and what goes out

Which of the following is NOT a goal of the World Trade Organization?

______________rates are the cost of using someone else's money.

A(n) ___________ is the right to use a company name or business process in a specific way.

The __________ rate is the value of a currency in one country compared to another

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

International business is frequently referred to as world or__________trade?

A country can have an absolute advantage in only one area.

A trade___________ is a restriction to free trade.

Foreign_________ is the amount a country owes to other countries.

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

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

If a nation imports more than it exports, it has a trade

Because of international trade, all countries in the world use the same banking system.

Licensing