PBMF - Ch. 5 Review

Question 1

All the business activity involved in making, buying and selling product within a nation border

Accepted Answer

domestic business

Question 2

When a country specializes in producing a product at which it is relatively more efficient.

Accepted Answer

comparative advantage

Question 3

Negative balance of trade.

Accepted Answer

trade deficit

Question 4

The shared beliefs, customs, practices, and social behavior of a particular group or nation is

Accepted Answer

culture

Question 5

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

Accepted Answer

absolute advantage

Question 6

A(n) ___ a group of countries that have reduced or limited trade barriers among themselves.

Accepted Answer

free-trade zone

Question 7

An embargo that affects only certain goods.

Accepted Answer

trade sanction

Question 8

The difference betweens a nations exports and its imports.

Accepted Answer

balance of trade

Question 9

Having people from different backgrounds, cultures, demographics coming together in a group.

Accepted Answer

diversity

Question 10

___ is when a business sells the right manufacture its products or use it trademark.

Accepted Answer

licensing

Question 11

The business activity involved in making, buying and selling product within a nation's borders

Accepted Answer

domestic business

Question 12

___ is the connection made among nations when economies freely move goods, labor and money.

Accepted Answer

Globalization

Question 13

Total amount of money that comes in to a country, minus total that got out during a time period

Accepted Answer

balance of payments

Question 14

Goods and services that are produced within a country's borders and sold in another country.

Accepted Answer

exports

Question 15

Currency with an exchange rate set by the market forces of supply and demand in foreign market

Accepted Answer

floating currency

Question 16

A government tax on imported goods.

Accepted Answer

tariff

Question 17

The cost to convert one currency into another.

Accepted Answer

foreign exchange rate

Question 18

Shared beliefs, customs, practices, and social behavior of a particular group or nation.

Accepted Answer

culture

Question 19

The ___ is a difference between a nation's exports and its imports.

Accepted Answer

balance of trade

Question 20

Planning and managing the flow of goods, services and people to a destination is

Accepted Answer

logistics

Question 21

Parent company that owns a chain and a brand.

Accepted Answer

franchisor

Question 22

___ is the process of sending and receiving messages between people of various cultures.

Accepted Answer

Intercultural communication

Question 23

A partnership of two or more companies that work together for a specific business purpose is

Accepted Answer

joint venture

Question 24

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

Accepted Answer

franchisee

Question 25

The goods and services produced within a country and sold to another country is

Accepted Answer

exports

PBMF - Ch. 5 Review

Questions 25

PBMF - Ch. 5 Review

Questions 25