Global Business - Chapter 4 & 6 Test

Satisfy shortage, avoid high prod. costs, obtain unavail. items & inc. quality is a reason we

The price quoted to the buyer, including cost, insurance, and freight is referred to as

Regulation that limits the number of items that can be sold in a country is

Why does countries and companies trade with each other?

What term refers to where one country has lower indirect cost of producing than another?

Practice of selling goods in another country for less than the cost of manufacturing them

the amount of goods and services that producers provide at various prices

The practice of relying too much on one trading partner is called

Which type of exporting gives the seller more control?

What is the term used to describe goods and services sold to another country?

Protectionism defends against unfair

What is a service?

This investment is NOT a long lasting commitment and is for financial gain only

When a nation exports more than it imports

the physical nearness of one thing to another

The difference between how much a country imports and how much it exports

In market economy, economic decisions are made by all, not limited to govt officials.

Orange's price rose to $1.00, it's likely more orange trees were then planted. What would rise?

Many EU members share a common currency called the

A complete ban on the import or export of products to a particular country is known as

the physical surface features of a geographic area

a measurement of the number of people living in a geographic area

Which of the following would be considered a good middleman?

The government owns much of the land and private property rights are limited is called

Diamonds would be considered

the science or art of mapmaking

Which of the following is NOT an important resource?

What term refers to where one nation produces at a lower direct cost than another?

The importing process consists of five steps, the first of which is

The ownership of merchandise in transit determines if freight charges are free is called

The first of five steps in the exporting process is

Possibility that an investment will be lost due to political changes is referred to as

With skilled workers, there is a strong connection between country’s literacy level and

What 3 countries does United States import/export with the most?

Once they’ve been taken from the ground, they are gone, would be described as

Short supply of a product, therefore, the product becomes more valuable is called

International trade consists of all business activities conducted between indiv/comp/govt from

The higher the price producers can charge, the higher the

When a nation imports more than it exports

What does CIF in a purchase agreement refer to?

Oil would be considered the following source

The lower the price that is charged, the more people will buy is

What is NOT a type of economic system?

When a country simply does not buy the goods from another country is called

Tax on imported good is referred to as a

United States uses the metric system of measurement.

What is an example of a service?

This investment IS a long lasting commitment and wants a voice in the company

To create economic growth & establish a political alliance with another country is why we

Amount or quantity of goods and services that consumers are willing to buy at various prices

Natural Resources are found

You buy a pair of shoes directly from a Japanese company, what are you doing with that product?

The price quoted to the buyer signifying the buyer pays separately for insurance is called

When a company hires another company in the importing country to represent its products