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Duplicate of Business in the Global Economy
Duplicate of Business in the Global Economy
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Business in the Global Economy; Unit 3; Chester High School
Flashcards
37 cards
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Questions
37
Answers
1
International business is frequently referred to as world or __ trade
foreign
balance of
global
international
2
value of currency in one country compared with the value in another
T rate
interest rate
import
exchange rate
3
exists when a country can produce a good or service at a lower cost than other countries
absolute advantage
comparative advantage
trade surplus
quota
4
A joint venture is a agreement between 2 or more countries to remove duties and trade barriers
True
False
5
a tax that a government places on certain imported products
embargo
tariff
quota
6
The difference between the amount of money that comes in and out of a country is called
balance of trade
all of the above
foreign debt
balance of payments
7
common market memebers
produce and sell exactly the same products
have a common external duty on products being imported
impose high tariffs on one another's products
prohibit workers from moving freely across borders
8
Which of the following countries has an absolute advantage in coffee production
Brazil
Saudi Arabia
USA
Ireland
9
Occurs when a country sells more than it buys
trade deficit
negative
trade surplus
positive
10
MNC's sometimes control a country's political power.
False
True
11
3 main factors that affect exchange rates are balance of payments, economic conditions, and __
democracy
political stability
war
politics
12
Domestic business is business that is done across international borders
False
True
13
the cost of using someone else's money
interest rate
exchange rate
fines
jail
14
Occurs when a country buys more than it sells
export
trade surplus
trade deficit
import
15
The difference between a country's total exports and imports is called the balance of ___
payments
trade
16
a limit on the quantity of a product that may be imported or exported
embargo
quota
tariff
17
The making, buying, and selling of goods and services withing a country is called ..
international buisness
domestic business
world trade
importing
18
Goods and services sold to other countries are called
contraband
imports
exports
tariffs
19
accepted behaviors, customs, and values of a society are referred to as ___
barrier
interest
exchange
culture
20
A limit on the quantity of products that may be exported or imported during a given period
tariff
quota
luxury tax
trade surplus
21
the amount a country owes another country
national debt
debt
world debt
foreign debt
22
a trade ___ is a restriction to free trade
deficit
surplus
barrier
exchange
23
The difference between a country's total exports and total imports is called the
foreign debt
trade surplus
trade deficit
balance of trade
24
Which of the following is NOT a cultural/social factor that affects international business
religion
values
climate
language
25
It is possible for the US to have a trade surplus with a country and trade deficit with another
False
True
26
selling the right to use some intangible property for a fee or royalty
free-trade agreement
a joint venture
licensing
franchising
27
the right to use a company name or business process in a specific way
franchise
licensing
embargo
joint venture
28
A(n) ___ company is an organization that does business in several countries
international
big
multinational
global
29
a nation's transportation, communication, and utility systems are referred to as its ___
culture
buildings
infrastructure
embargo
30
A tax that a government places on certain imported products is called a(n)
divestiture
tariff
embargo
quota
31
Value of currency in 1 country compared to currency value in another is called interest rate
False
True
32
a country specializing in production of a good or service that it is relatively more efficient
trade surplus
absolute advantage
quota
comparative advantage
33
A nation with a trade surplus is said to have a favorable trade position
False
True
34
When a country has a favorable balance of payments, the currency value is constant or rising
True
False
35
a free-trade zone is a selected area where products can be imported duty-free & used
True
False
36
completely prohibiting the import or export
embargo
tariff
quota
37
The key effects on a country's level of economic development are
government system, political stability, and trade barriers
religion, traditions, and customs
location, climate, and natural resources
education, technology, and agricultural dependency
