Intro to Business Ch. 3

The making, buying, and selling of goods and services within a country is called

The key factors that affect a country’s level of economic development are

A trade ____________________ is a restriction to free trade.

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

If a nation imports more than it exports, it has a trade ____________________.

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

Licensing

A tax that a government places on certain imported products is called a(n)

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

This trade organization was created in 1944 to provide loans for rebuilding after World War II.

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

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

Goods and services sold to other countries are called

A limit that a government places on the quantity of a product that may be exported or imported

Without trade, items you buy would cost less, because they would not need to be shipped here.

A(n) ____________________ company is an organization that does business in several countries.

Selling the right to use some intangible property for a fee or royalty is called

It is possible to have a trade surplus with one country and a trade deficit with another.

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

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

A country in which a multinational company conducts business activities is called the

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

country specializing in producing a good/service at which it is relative more efficient

Countries that devote most of their economies to agriculture usually provide better goods

Which of the following is NOT a goal of the World Trade Organization?

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

When a government completely stops the import or export of a product, it is called a(n) ______.

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

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

negative or _?_balance of payments occurs when a country sends out more money than it takes in

The _?_ rate is the value of a currency in one country compared with the value in another.