Chapter 3 Review

About how many US jobs depend on international business?

When a country has a good balance of payments, the value of currency is constant or rising.

When a government completely stops the import or export of a product, it is called a(n)

Some countries limit the amount of money their citizens can take when they travel.

The accepted behaviors, customs, and values of a society are referred to as __

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

A country specializing in the production of a good that it is better is called __ advantage.

Licensing

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

Countries that are committed to agriculture usually provide more and better goods and services.

A country in which an MNC places business activities is called the 

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

__ rates are the cost of using someone else's money.

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

The United States conducts trade with over ___ countries.

The __ rate is the value of a currency in one country compared with the value in another.

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

A trade ___ is a restriction to free trade.

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

A negative or __ balance of payments occurs when a country sends out more money than brings in

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

A joint venture is an agreement between two or more countries to remove barriers on products.

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

A(n) ___ is the right to use a company name or business process in a specific way.

Foreign __ is the amount a country owes to other countries.

It's possible for the US to have trade surplus with one country and trade deficit with another.

A limit that is placed on the quantity of a product that may be exported or imported is called 

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

Without foreign trade, all the items you buy would cost less: they wouldn't need to be shipped.

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

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

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

Most business activities occur within a country's own borders.

Selling the right to use some intangible property for a fee or royalty is called 

This international trade organization was created to provide loans for rebuilding after WWII

Common market members

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

Items bought from other countries are called __

Goods and services sold to other countries are called

The key effects on a country's level of economic development are

A(n) ___ company is an organization that does business in several countries.

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