stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
PBMF Chapter 3 - Business in the Global Economy Flashcards | StudBud
Explore
/
PBMF Chapter 3 - Business in the Global Economy
PBMF Chapter 3 - Business in the Global Economy
33 terms
·
StudBud Administration
·
203 plays
Principles of Business Marketing and Finance Business in a Global Economy
Flashcards
33 cards
F
Practice quiz
P
Host live
L
Questions
33
Answers
1
The difference between a country’s total exports and total imports is called the
trade surplus.
balance of trade.
trade deficit.
foreign debt.
2
Value of a currency in one country compared with the value in another country
exports
interest rate
imports
exchange rate
3
limit placed on quantity of a product that may be exported or imported during given period
tariff
embargo
luxury tax
quota
4
A country in which a MNC places business activities is called the
economic community.
home country.
host country.
free-trade zone.
5
Because of international trade, all nations of the world use the same currency.
True
False
6
Other countries can produce goods cheaper because their labor costs are lower.
False
True
7
treats each country market differently and develops products based on their tastes and customs
embargo
multinational strategy
global strategy
foreign exchange market
8
About how many U.S. jobs depend on international business?
1 of 2
1 out of 10
1 out of 4
1 out of 6
9
A corporation that is involved in doing business in several different countries is known as
joint venture
domestic business
multinational company d.
infrastructure
10
main function to give economic aid to less developed countries
World Bank
World Trade Organization
International Monetary Fund
11
The key elements that reflect a country’s level of economic development are
government system, political stability, and trade barriers.
location, climate, and language.
religion, traditions, and customs.
literacy level, technology, and agricultural dependency.
12
Economy involved most in ag might be unable to provide citizens with a high-quality products.
False
True
13
A(n) _____is the value of a currency of one country compared with the value of another country.
conversion rate
exchange rate
inflation rate
balance of payments
14
Without foreign trade, many of the items we purchase would not be available.
False
True
15
two or more companies agree to share a business project.
embargo
common market
tariff
joint venture
16
When a country has favorable balance of payments, they receive more $$$ in a year than pay out
True
False
17
Most business activities occur within a country’s own borders.
False
True
18
Goods and services sold to other countries are called
domestic business
import
tariffs
exports.
19
A tax that a government places on certain imported products is called a(n)
exchange rate
quota.
embargo.
tariff.
20
items sold to other countries
imports
exchang rate
exports
21
A nation with a trade deficit is said to have a favorable trade position.
True
False
22
The making, buying, and selling of goods and services within a country is called
world trade.
international business.
domestic business.
importing.
23
Comparative advantage is a situation in which a nation produces products that it
is able to produce products cheaper than other countries.
is able to produce more than other countries.
is able to produce using the fewest resources.
is able to produce good/service relatively more efficiently.
24
Selling the right to use some intangible property for a fee or royalty is called
franchising.
a joint venture.
licensing.
a free-trade agreement.
25
develops same products and uses same marketing strategy worldwide
comparative advantage
quota
multinational strategy
global strategy
26
Common market members
produce and sell exactly the same products.
impose no duties or trade barriers on member countries
impose high tariffs on one another’s products.
prohibit one another’s workers from moving across borders.
27
Joint venture-agreement between 2 + countries to remove duties and trade barriers
False
True
28
The countries involved in the North American Free Trade Agreement are
United States, Canada, Mexico
United States, Hawaii, Canada
United States, Mexico, China
United States, Mexico, Panama
29
items bought from other countries
quota
imports
exports
30
Licensing
risky way for a company to expand into other countries.
has a low financial investment, so the potential return low
usually involves selling a product or service.
All of these
31
Infrastructure refers to a country’s
legal system
transportation, communication and utility systems
education system
system of local government
32
A franchise has the right to
use a company name or business process in a specific way.
use some intangible property for a fee or royalty.
be a major economic power in a host country.
sell a product or service.
33
The amount a country owes to other countries is called
trade deficit.
balance of payments.
foreign debt.
national debt.
