Principles of Business, Marketing, and Finance Chapter 5

Question 1

What are the three formal trade barriers?

Accepted Answer

tariffs, quotas, embargos

Question 2

A(n) ____ a group of countries that have reduced or eliminated trade barriers among themselves.

Accepted Answer

free-trade zone

Question 3

The shared beliefs, customs, practices, & social behavior of a particular group or nation is

Accepted Answer

culture

Question 4

Goods, services, and capital that are brought into a country from outside its borders are

Accepted Answer

imports

Question 5

Planning and managing the flow of goods, services, and people to a destination

Accepted Answer

logistics

Question 6

A country may set a quota to protect one of its industries from too much foreign competition

Accepted Answer

True

Question 7

the connection made among nations when economies move goods, labor, & money across borders.

Accepted Answer

Globalization

Question 8

____ the right to sell a company's goods or services in a specific area.

Accepted Answer

Franchise

Question 9

The ____ is the difference between a nation’s exports and its imports.

Accepted Answer

balance of trade

Question 10

When a country's imports exceed its exports, there is a trade

Accepted Answer

Deficit

Question 11

The value of a currency of one country compared with the value of another.

Accepted Answer

exchange rate

Question 12

The business activity involved in making, buying, & selling product within a nation’s borders

Accepted Answer

domestic

Question 13

The United States government forbids the sell of weapons to certain countries. Restriction is?

Accepted Answer

embargo

Question 14

____ is when a business sells the right to manufacture its products or use its trademark.

Accepted Answer

Licensing

Question 15

Religion is an element of the _____ component of the international business environment.

Accepted Answer

cultural

Question 16

The goods and services produced within a country’s borders and sold in another country are

Accepted Answer

exports

Question 17

An organization that does business in several countries is known as

Accepted Answer

multinational company

Question 18

A partnership of two or more companies that work together for a specific business purpose is

Accepted Answer

joint venture

Question 19

____ is the process of sending and receiving messages between people of various cultures.

Accepted Answer

international communication

Question 20

NAFTA consists of which of the following countries?

Accepted Answer

U.S, Canada, Mexico

Questions 20