Chapter 3 - Global Business

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

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

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

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

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

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

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

The European Union is an example of....

All of these affect currency exchange rates EXCEPT:

The United States conducts trade with more than ____________________ countries.

A country specializing in the production of a good or service at which it is relatively more efficient is called _____

It is possible for the United States to have a trade surplus with one country and a trade deficit with another.

A trade ____________________ is a restriction to free trade.

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

A joint venture is an agreement among two or more countries to remove duties and trade barriers on products traded.

This stops all trade with a specific country or industry.

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

This is a tax on imports.

A nation’s transportation, communication, and utility systems is referred to as its ____________________.

This is a limit on how much of an import a country buys.

Currency exchange for 30 euros. $42.50 U.S. dollars gets you 30 euros. What is the value of 1 euro to 1 US dollar?