What is a franchisee?

Person or company that buys the rights to use a brand.

What is foreign exchange rate?

The cost to convert one currency into another.

What is a franchisor?

Parent company that owns a chain and the brand.

A government tax on imported goods.

What is comparative advantage?

A country specialized in producing a product that it is mostly efficient at

What is a trade sanction?

An embargo that affects only certain goods.

What is absolute advantage?

When a country can produce goods at a lower cost than another country.

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Chapter 5 Test Review

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Questions 18

Answers

1
___is the connection made among nations when economies freely move goods, labor, and money across borders.
Nationalization
Economization
Monetization
Globalization
2
The ____ is the difference between a nation's exports and its imports.
balance of trade
quota
system of taxes
balance of payments
3
What is a franchisee?
Person or company that buys the rights to use a brand.
Parent company that owns a chain and the brand.
The cost to convert one currency into another.
A government tax on imported goods.
4
___is the process of sending and receiving messages between people of various cultures.
Verbal communication
Non-verbal communication
Intercultural communication
Trans-communication
5
What is foreign exchange rate?
An embargo that affects only certain goods.
A government tax on imported goods.
Negative balance of trade.
The cost to convert one currency into another.
6
The partnership of two or more companies that work together for a specific business purpose is called a ____.
joint venture
franchise
corporation
partnership
7
What is a franchisor?
The cost to convert one currency into another.
A government tax on imported goods.
Person or company that buys the rights to use a brand.
Parent company that owns a chain and the brand.
8
The business activity involed in making, buying, and selling product within a nation's border is ____.
export
international
domestic
import
9
The goods and services produced within a country's borders and sold in another country are ____.
imports
tarrifs
exports
international business
10
What is a tariff?
Negative balance of trade.
An embargo that affects only certain goods.
A government tax on imported goods.
The cost to convert one currency into another.
11
What is comparative advantage?
A country specialized in producing a product that it is mostly efficient at
Person or company that buys the rights to use a brand.
The cost to convert one currency into another.
When a country can produce goods at a lower cost than another country.
12
A(n) _____ a gorup of countries that have reduced or eliminated trade barriers among themselves.
union
comparative advantage
free-trade zone
embargo
13
What is a trade decifit?
The cost to convert one currency into another.
Negative balance of trade.
An embargo that affects only certain goods.
A government tax on imported goods.
14
The shared beliefs, customs, practices, and social behavior of a particular group or nation is the ___.
ideal
religion
dynasty
culture
15
What is a trade sanction?
A government tax on imported goods.
An embargo that affects only certain goods.
The cost to convert one currency into another.
Negative balance of trade.
16
Planning and managing the flow of goods, services, and people to a destination is ____.
transportation
logistics
distribution
shipments
17
What is absolute advantage?
A country specialized in producing a product that it is mostly efficient at
The cost to convert one currency into another.
Person or company that buys the rights to use a brand.
When a country can produce goods at a lower cost than another country.
18
____is when a business sells the right to manufacture its products or use its trademark.
Distribution
Licensing
Foreign operations
Granting

Chapter 5 Test Review Flashcards | StudBud