Duplicate of Business in the Global Economy

Question 1

completely prohibiting the import or export

Accepted Answer

embargo

Question 2

MNC's sometimes control a country's political power.

Accepted Answer

True

Question 3

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

Accepted Answer

domestic business

Question 4

the amount a country owes another country

Accepted Answer

foreign debt

Question 5

the cost of using someone else's money

Accepted Answer

interest rate

Question 6

value of currency in one country compared with the value in another

Accepted Answer

exchange rate

Question 7

exists when a country can produce a good or service at a lower cost than other countries

Accepted Answer

absolute advantage

Question 8

a free-trade zone is a selected area where products can be imported duty-free & used

Accepted Answer

True

Question 9

a tax that a government places on certain imported products

Accepted Answer

tariff

Question 10

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

Accepted Answer

True

Question 11

Occurs when a country sells more than it buys

Accepted Answer

trade surplus

Question 12

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

Accepted Answer

climate

Question 13

A limit on the quantity of products that may be exported or imported during a given period

Accepted Answer

quota

Question 14

common market memebers

Accepted Answer

have a common external duty on products being imported

Question 15

It is possible for the US to have a trade surplus with a country and trade deficit with another

Accepted Answer

True

Question 16

a trade ___ is a restriction to free trade

Accepted Answer

barrier

Question 17

the right to use a company name or business process in a specific way

Accepted Answer

franchise

Question 18

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

Accepted Answer

culture

Question 19

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

Accepted Answer

tariff

Question 20

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

Accepted Answer

education, technology, and agricultural dependency

Question 21

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

Accepted Answer

quota

Question 22

A joint venture is a agreement between 2 or more countries to remove duties and trade barriers

Accepted Answer

False

Question 23

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

Accepted Answer

True

Question 24

Occurs when a country buys more than it sells

Accepted Answer

trade deficit

Question 25

Value of currency in 1 country compared to currency value in another is called interest rate

Accepted Answer

False

Question 26

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

Accepted Answer

balance of payments

Question 27

selling the right to use some intangible property for a fee or royalty

Accepted Answer

licensing

Question 28

Goods and services sold to other countries are called

Accepted Answer

exports

Question 29

International business is frequently referred to as world or __ trade

Accepted Answer

foreign

Question 30

a country specializing in production of a good or service that it is relatively more efficient

Accepted Answer

comparative advantage

Question 31

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

Accepted Answer

balance of trade

Question 32

Domestic business is business that is done across international borders

Accepted Answer

False

Question 33

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

Accepted Answer

trade

Question 34

a nation's transportation, communication, and utility systems are referred to as its ___

Accepted Answer

infrastructure

Question 35

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

Accepted Answer

Brazil

Question 36

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

Accepted Answer

multinational

Question 37

3 main factors that affect exchange rates are balance of payments, economic conditions, and __

Accepted Answer

political stability

Duplicate of Business in the Global Economy

Questions 37

Duplicate of Business in the Global Economy

Questions 37