Intro Chapter 3 Study Game

Question 1

The difference between a county’s total payments to other countries and its total receipts from other countries

Accepted Answer

Balance of payments

Question 2

A nation’s transportation, communication, and utility systems

Accepted Answer

Infrastructure

Question 3

The international organization that settles trade disagreements and enforces trade-free agreements is the

Accepted Answer

WTO

Question 4

Infrastructure is a significant factor that affects the economic development of a country

Accepted Answer

True

Question 5

Goods and services bought from another country

Accepted Answer

Imports

Question 6

The value of a country’s currency is likely to decline as a result of

Accepted Answer

Higher inflation

Question 7

An agreement between 2 or more companies from different countries to share a business project

Accepted Answer

Joint Venture

Question 8

Religion is an element of the ____________ component of the international business environment

Accepted Answer

Cultural

Question 9

An organization that conducts business in several countries

Accepted Answer

Multinational Company (MNC)

Question 10

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

Accepted Answer

Decifit

Question 11

The value of money of one country expressed in terms of the money in another country

Accepted Answer

Excahnge rate

Question 12

A tax that a government places on certain imported products

Accepted Answer

Tariff

Question 13

Which of the following would be an example of international business?

Accepted Answer

A sales staff in South Carolina representing a foreign producer

Question 14

Stopping the importing or exporting of a certain product or service

Accepted Answer

Embargo

Question 15

The difference between a country’s total exports and the total imports of goods

Accepted Answer

Balance of trade

Question 16

an informal trade barrier is created by government actions

Accepted Answer

False

Question 17

A country that wished to enhance international trade activities would most likely use

Accepted Answer

Common Market

Question 18

Government restrictions to reduce free trade

Accepted Answer

Trade barriers

Question 19

A company is planning to sell the rights to its brand name for use in other countries. This is an example of a

Accepted Answer

Licensing agreement

Question 20

Goods and services sold to another country

Accepted Answer

Exports

Question 21

A limit on the quantity of a product that may be imported and exported within a given period

Accepted Answer

Quota

Questions 21