ITB Chapter 3 Review

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

Sally has a higher opportunity cost in making tacos than James. Who has the comparative advantage in making tacos?

The amount of money a country owes to another country is

Items bought from another country are

When LEGO sells the same product in all countries this is an example of a

Which trade barrier puts a limit on the quantity of a product that may be imported or exported?

When Apple sells the same iPhone in all countries this is an example of a

Which trade barrier stops an export or import for a product completely?

International business is when companies

The right to use a company name or business process is called a Franchise.

Sally can make 35 tacos in an hour while James can make 32 tacos in an hour. Who has the absolute advantage?

Domestic business is when companies

When Dunkin Donuts sells Mango Chocolate Donuts in Lebanon this is an example of a

Which trade barrier puts a tax on certain imported products?

If the exchange rate from USD to the Euro is 0.84, how much is your $1 worth in Europe?

Balance of trade is

When McDonald's has a different menu in different countries this is an example of a

Goods and services sold to other countries are

Banks that buy and sell different currencies

Which factor of international business environment contains food, language, religion?

Which factor of international business environment contains location, climate, & natural resources?

Which factor of international business environment contains technology, education, & exchange rate?

Which factor of international business environment contains government, regulations, and trade barriers?