BPA Chapter 3 Review

The US conducts trade with more than _______ countries.

The difference between the amount of money coming into a country & the amount that goes out is

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

What is a free-trade zone?

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

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

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

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

Common market members

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

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

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

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

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

Without foreign trade, all items you buy would cost less, because they need to be shipped.

Goods and services sold to other countries are called

Countries that devote most of their economy to agriculture usually provide more goods/services.

Society's culture has strong influence on business. Which is an example of cultural influence?

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

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

Limits governments place on quantity of a product that is exported or imported is called a

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

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

You want to make a currency exchange for 50 British lbs, costing $87.50. What is exchange rate?