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Segment 1: International Business Flashcards | StudBud
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Segment 1: International Business
Segment 1: International Business
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Review for Segment 1 Exam, covering sections 3.1 and 3.2 of text and value dimensions handout.
Flashcards
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Questions
35
Answers
1
__ exists when a country can produce a good or service at a lower cost than other countries.
exporting
comparative advantage
importing
absolute advantage
2
Which of the following value dimensions did the US show a high score?
Individualism vs Collectivism
Long Term Orientation
Power Distance Index
Both answers 1 and 3
3
Goods and services sold to other countries are called exports.
False
True
4
___ reduces the buying power of currency.
Economic conditions
Political stability
Deflation
Inflation
5
Examples of cultural factors are
religion
all of the above
language
family
6
International business is frequently referred to as foreign or world trade.
False
True
7
A sales staff in Ohio representing a foreign producer is an example of international business.
True
False
8
Religion is an element of the __ component of the international business environment.
geographic
economic
cultural
political
9
The difference between the amt of money that comes into a country and the amt that goes out is
the balance of cash
the balance of finances
the balance of payments
the balance of trade
10
4 main factors of inter business are geography, economic development, cultural influences and
none of the above
legal concerns
political concerns
political and legal concerns
11
Foreign debt is the amount a country owes to other countries.
False
True
12
A high tariff tends to raise the demand for the product and increase the quantity of the import
True
False
13
Where can you exchange currency?
Banks and hotels
All of the above
Only at government offices
Airports and train stations
14
NAFTA is an agreement between
United States, Canada, and Mexico
United States, Canada, Mexico, and Honduras
United States and Canada
United States and Mexico
15
When a country's imports exceed its exports, there is a trade
deficit
exchange
balance
surplus
16
Goods and services sold to other countries are called imports.
False
True
17
Domestic business is the making, buying, and selling of goods and services within a country.
True
False
18
Infrastructure is a significant factor that affects the economic development of a country
True
False
19
___ is the accepted behaviors, customs, and values of a society.
Religion
Culture
Manners
Etiquette
20
A free trade zone is a selected area where products can be imported duty-free and then stored.
False
True
21
Location, climate, terrain, waterways, and natural resources are examples of ___.
geographic factors
cultural factors
political and legal factors
economic factors
22
Psychologist Dr. Hofstede had ____ dimensions of culture to explain cultural differences.
5
7
6
4
23
The value of a country's currency is likely to decline as a result of
a favorable balance of payments
a trade surplus
lower interest rate
higher inflation
24
__ puts a stop to the export or import of a product completely.
Tariff
Quota
Balance of Trade
Embargo
25
It is better for a country to import more than it exports.
True
False
26
Infrastructure includes a nation's ___ systems
transportation
all of the above
communication
utility
27
Trade barriers are restrictions to free trade.
True
False
28
A limit a government may set on the quantity of a product that may be imported or exported.
Embargo
Tariff
Quota
Balance of Trade
29
An informal trade barrier is created by government actions.
True
False
30
A favorable balance of trade occurs when
a country has no imports or exports
a country has the same amount of imports and exports
a country has more imports than exports
a country has more exports than imports
31
A ___ is a tax that a government places on certain imported products.
embargo
tariff
trade barrier
quota
32
A high Power Distance Index indicates a society believes that power should be shared among all.
True
False
33
Interest is the cost of using someone else's money.
False
True
34
A country that wishes to enhance international trade activities would most likely use
a tariff
a quota
an embargo
a common market
35
The value of a currency in one country compared with the value in another is
foreign exchange
exchange value
global currencies
exchange rate
