Principles of Marketing Quiz

Italian citizens pay lower taxes on income because Italy has a socialist economy.

Scarcity of resources forces nations to make economic choices.

All imports that enter the U.S. are monitored by the customs division of the what?

Which of these limits either the quantity or the monetary value of an imported product?

A nation experiences a trade surplus when it imports more than it exports.

Which trade alliance establishes guidelines for international trade?

A tree growing in a forest is a factor of production called, what?

The exchange of goods and services among nations are called what?

Does a country's infrastructure include its roads, ports, sanitation facilities and utilites?

Globalization is mass what on a global selling?

In a market economy individual consumers decide what items will best satisfy their wants.

Labor is a factor of production that includes both skilled and unskilled workers.

The United States has what kind of economy with a Democratic form of government?

What is the major trade benefit of contract manufacturing?

What are the four factors of production?

What is it called when you restrict imports in order to protect domestic industries?

If you can purchase another country's currency what is it known as?

Protectionism is the opposite of what?

What is the purpose of the activities in a traditional economy?

In economic terms, what are land, labor, and capital?

International trade & foreign investments generate about 2/3 of the profits of U.S. businesses.

A nation's balance of trade is the difference in value between its exports and imports.

In a command economy, who decides how products are produced?

A country's what includes its roads, sewage systems, and its telephone services?

A limit on the number/ monetary value of a product that can be imported is known as an embargo.

What is the difference in value between exports and imports known as?

In catering, ovens, flour, & the money used to start examples of what factor production?

GATT was an international agreement to open trade markets and promote global free trade.

Coalition of nations that make rules governing international trade is called what?

In economic terms, people who work in the public and private sectors are considered to be what?