Intro to Business - Chapter 3

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

_ rates are the cost of using someone else’s money.

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

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

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

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

If a country specializes in the production of a good or service at which it is relatively more efficient it is a_____

The United States conducts trade with more than ____________________ countries.

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

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

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

Licensing

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

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

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

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

Common market members

What is a free-trade zone?

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

Today it is difficult to define economies in terms of national borders.

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

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

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

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

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

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

A society's culture has a strong influence on business activities. Which of these is an example of a cultural influence?

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

Items bought from other countries are called _.

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

It is possible for the United States to have a trade surplus with one country and a trade deficit with another.

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

A trade _ is a restriction to free trade.

Goods and services sold to other countries are called

Countries that devote themselves to agriculture usually provide more and better goods and services for their people.

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

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

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

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

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

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

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