Intro to Business Ch. 3 Review

The infrastructure in the US is ___________________.

Accepted behaviors, customs, and values of a society are referred to as _________ . 

A favorable balance of trade

Exports - Imports = __________  ___  __________. 

Which is NOT a factor that needs to be considered before doing business in other countries?

The exchange rate is the value of one currency compared with

Which of the following affect currency values?

Goods or services sold to other countries.

A nation's transportation, communication and utility systems

This is the business strategy that changes depending on what country you are in

The exchange rates are affect by what?

Higher tariffs __________ demand for products.

Which of the following affects the way people do business?

A tax on imports

An unfavorable balance of trade

Which conditions is likely to cause the value of a nation's currency to decline?

Which of the following is NOT an international trade organization?

An organization that does business in several countries and consists of a home and host country

Conducting international business in a country with low literacy levels will be ____   ______.

Doing business across national borders

Organization that promotes trade around the world

Which of the following is a trade agreement signed by the US, Canada, and Mexico?

Items bought from other countries

When a country can produce a good at a lower cost than any other country

When a country can produce more than one good at a lower cost than some other countries

Absolute advantage exists when a country is able to produce a good or service 

Restrictions to free trade.

The infrastructure of a country 

The right to use a company name or business in a specific way.

A limit set by the government on the quantity of a product may be imported or exported

An agreement between two or more companies to share a business project.

Organization's key function to give economic aid to less developed countries

The value of one country's currency compared with another country's currency

A strategy in which you do not change a thing about a company no matter what country you are in

When a government stops the import or export of a product completely