Chapter 3 Review

A country in which an MNC places business activities is called the 

A limit that is placed on the quantity of a product that may be exported or imported is called 

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

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

A negative or __ balance of payments occurs when a country sends out more money than brings in

__ rates are the cost of using someone else's money.

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

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

Licensing

Items bought from other countries are called __

A(n) ___ is the right to use a company name or business process in a specific way.

If a nation imports more than it exports, it has a trade ___

International business is frequently referred to as world or __ trade.

The United States conducts trade with over ___ countries.

A country specializing in the production of a good that it is better is called __ advantage.

It's possible for the US to have trade surplus with one country and trade deficit with another.

Which of the following countries has an absolute advantage in coffee production?

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

A trade ___ is a restriction to free trade.

Countries that are committed to agriculture usually provide more and better goods and services.

This international trade organization was created to provide loans for rebuilding after WWII

A joint venture is an agreement between two or more countries to remove barriers on products.

Goods and services sold to other countries are called

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

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

Common market members

When a country has a good balance of payments, the value of currency is constant or rising.

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

Most business activities occur within a country's own borders.

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

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

Without foreign trade, all the items you buy would cost less: they wouldn't need to be shipped.

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

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

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

A nation's transportation, communication, and utility systems is referred to as its ___

The key effects on a country's level of economic development are

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

About how many US jobs depend on international business?

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

Because of international trade, all nations of the world use the same banking system.

Some countries limit the amount of money their citizens can take when they travel.