Business in the Global Economy

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

completely prohibiting the import or export

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

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

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

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

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

International business is frequently referred to as world or __ trade

Occurs when a country buys more than it sells

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

Goods and services sold to other countries are called

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

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

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

Occurs when a country sells more than it buys

Domestic business is business that is done across international borders

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

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

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

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

the amount a country owes another country

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

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

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

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

a trade ___ is a restriction to free trade

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

the cost of using someone else's money

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

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