Chapter 3 - Intro to Business

International business is frequently referred to as world or ?? trade.

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

Foreign ?? is the amount a country owes to other countries

The key factors that affect a country's level of economic development are

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

Some countries limit the amount of money their citizens take out of the country when traveling

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

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

When a country has a favorable balance of payments, the value of its currency is constant.

A limit that a government places on the quantity of a product that can be imported or exported

Goods and services sold to other countries are called

International trade organization created in 1944 to provide loans for rebuilding after WWII.

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

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

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

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

Items bought from other countries are called

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

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

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

Today it is difficult to define economies in terms of national borders.

A trade ?? is a restriction to free trade

When a government completely stops the imports and exports of a product, it is called a(n)

The U.S. conducts trade with more than ?? countries

The making, buying, and selling of good and services within a country is called

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

About how many U.S. jobs depend on international business?

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

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

A(n) ?? company is an organization that does business in several contries