Absolute Advantage is when...

One nation produces goods at an inferior and superior level

Mass customization is defined as:

meeting individual customer requirements at mass production

Define the balance of trade.........

monetary difference between exports and imports

North American Free Trade Agreement

Benefits to Irish Consumers of Free International Trade are...

Better prices due to increased competition in the market

Trade where there are no restrictions

Political, economic, social, technological

The maximum quantity of a product that may be brought in

A leader, in response to changes in the global marketplace, may:

Be sensitive to to different cultures' customs and business traditions

What negative consequence might trade between these two countries have?

Decreased employment in Greenland's fish costume industry

What socio-cultural factors impact the Determinants of Health

Family, Culture, Religion, Media, Peers

What is a global marketplace?

We buy products from, and sell products to other places.

When a country has higher level of exports than imports

What are some advantages of Globalization?

It opens the borders between the nations?

A tax or duty to be paid on a particular class of imports or exports.

produced products sent to other countries

something that is made outside of our country and sold here

where two or more companies share the cost and responsibility

studbud

MP Chapter 4 Test Review

30 termsStudBud Administration39 plays

Imported from external platform

Flashcards30 cardsFPractice quizPHost liveL

Questions 30

Answers

1
Restrictions to free trade.
Infrastructure
Exports
Comparative advantage
Trade barrier
2
Absolute Advantage is when...
One nation produces goods at an inferior and superior level
One nation produces two products better than another
One nation defeats another in the Olympics
A nation produces most goods at the same capacity
3
Is McDonald's a mulinational or mininational company?
Mulitnational
Mininational
4
Mass customization is defined as:
producing items in a continually moving process
producing a one-off item specially designed for the customer
meeting individual customer requirements at mass production
producing a limited number of identical products
5
Define the balance of trade.........
monetary difference between exports and imports
can be stabilized when nations export more than they import
can be stabilized when nations imports more than they export
when countries produce the same product at different prices
6
NAFTA stands for ...
North American Free Transaction Admittance
North American Federation Trade Association
North American Free Trade Agreement
North American Federalization Transaction Agreement
7
Benefits to Irish Consumers of Free International Trade are...
Increased unemployment
Better prices due to increased competition in the market
Less choice available
Growth of indigenous companies
8
The EU stands for
Everyone united
European united
European union
Europe union
9
What is Free Trade?
Trade that happens strictly on a local basis.
Trade that does not require any money exchange
Trade where there are no restrictions
Trade that happens strictly on an intercontinental basis.
10
A PEST analysis is
Political, effective, stylish, timely
Potential, effective, smart, technological
Political, economic, social, technological
Potential, economic, smart, timely
11
What is an Embargo?
When a country endorses trade from other countries
When a country builds a canal
When a country bounce back from the L
A ban on trade
12
ECONOMIC INTERDEPENDENCE
ONE COMPANY
NONE OF THE ABOVE
PRIVATE COMPANY
RELY ON OTHERS
13
'WTO' stands for...
World Trade Organisation
World Transparency Organisation
World Toblerone Organisation
World Transfer Operation
14
The U.S trade deficit causes the value of dollar to fall in?
Domestic markets
Foreign exchange markets
Free Trade markets
15
Quota is..?
New pools
a tax on important goods
The maximum quantity of a product that may be brought in
Make in one sell in other
16
A leader, in response to changes in the global marketplace, may:
Get Amazon Prime to solve global supply chain issues
Be sensitive to to different cultures' customs and business traditions
Use their power structure to Americanize local business conditions.
Work to get everyone to think the same
17
What negative consequence might trade between these two countries have?
A decrease in overall fish costume production
Decreased employment in Greenland's fish costume industry
Increased consumer surplus
USR fish costume companies going out of business
18
What socio-cultural factors impact the Determinants of Health
Employment, Education, Income
Geographical Location, Access to Health Services, Technology
Family, Culture, Religion, Media, Peers
Knowledge & Skills, Attitudes, Genetics
19
Tax on imports
Protective tariffs
Alien and sedition acts
Whiskey Rebellion
Federal judiciary act 1789
20
An adaptation is
A variation
An arm or leg
A successful change
A mutation
21
What is a global marketplace?
We buy products from, and sell products to other places.
We only sell products within the United States.
22
Trade Surplus is..?
a country imports more than it exports
reduces a companies GDP
imports and exports
When a country has higher level of exports than imports
23
Name all three trade barriers.
Scarcity, Specialization, and Entrepreneur
Command, Market, and Traditional
Savings, budget, and investment
Quota, Embargo, and Tariff
24
What are some advantages of Globalization?
The migration and movement of people?
Free trade?
Air pollution?
It opens the borders between the nations?
25
Tariff
A tax to be paid on private schools.
A tax to be paid on property.
A tax or duty to be paid on a particular class of imports or exports.
A tax to be paid on public parks.
26
Exports are
products that are brought in from other countries
produced products sent to other countries
something we don't do...we don't trade with other countries
27
FDI stands for......
Foreign Direct Inspection
Fiscal Direct Investment.
Foreign Debt Investment
Foreign Direct Investment.
28
Imports are
only sold in Canada
something that is made outside of our country and sold here
they are important products
29
A joint venture is
where two or more companies fail
where two or more companies fight for control
where two or more companies share the cost and responsibility
where two or more companies agree with Donald
30
A global environmental scan includes a _______ analysis
PEST
SWOT
Business
Situation

MP Chapter 4 Test Review Flashcards | StudBud