Principles Unit 2 review

The largest source of revenue for the federal government is the

Saving scarce natural resources is called ____________________.

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

A restriction to free trade

A patent gives an inventor of a new product the sole right to make, use, or sell the item for

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

Governments borrow money by selling

If wages go up faster than prices, what is the most likely effect?

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

Contracts must contain _______ - something of value that is exchanged by the parties involved

Which of the following is a way the US government gets involved in business activities?

When a country specializes in the production of a good that it is relatively more efficient

A state or local tax on goods and services that is collected by the seller is called a

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

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

A _____________ protects the creative work of authors, composers, and artists.

Government is mainly concerned with all of the following roles EXCEPT

Rules about how businesses and their employees ought to behave.

An organization that supplies a service or product vital to all people.

The difference between the amount of $ that comes into a country and the what goes out is

In the US, work safety rules are regulated & enforced by the _________

Items bought from other countries are called ____________________.

Suppose one company owned all of the grocery stores in your state. What is this called?

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

Antitrust laws protect consumers from all of the following EXCEPT

A valid contract must contain ___________: an offer must be made, and an acceptance must occur.

In the United States, police and fire protection is usually provided by

An organization that does business in several countries.

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

A word, letter, or symbol linked with a specific company or product is a(n) __________________.

All of the following are non-renewable resources EXCEPT

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