POB: Chapter 3 Review: Business in the Global Economy

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

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

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

The group that helps maintain an orderly system of world exchange rates.

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

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

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

Goods and services sold to other countries are called

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

India and Saudi Arabia money is called the riyal

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

Brazil is money is call the real?

If a government wishes to do so, it can stop the export or import of a product completely. This action is called

Three common formal trade barriers are quotas, tariffs, and embargoes.

The cost of using someone else's money

Completely prohibiting the import or export of a product

The World Trade Organization (WTO) was created in 1965

The International Monetary Fund (IMF), with more than _______ member nations,

International business is frequently referred to as world or foreign.

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

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

Which of the products is NOt IMPORTED to the United States in a great quantity?

Goods and services bought from other countries.

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

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

Without foreign trade, all of the items you buy would cost less, because they would not need to be shipped here from oth

Three key effects on a country's level of economie development are literacy, technology, and agricultural dependency.

_________ is a selected area where products can be imported duty-free and then stored,

Domestic business is the making, buying, and selling of goods and services within a country.

Trade surplus occurs when a country buys more than it sells.