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Principles of Business - Ch 5 Business in a Global Economy Flashcards | StudBud
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Principles of Business - Ch 5 Business in a Global Economy
Principles of Business - Ch 5 Business in a Global Economy
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#Business in a Global Economy #5 #PrincBus #PBMF #Principles of Business
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Questions
35
Answers
1
A limit on the amount of a product imported into a country during a specific time period
tariff
export
import
quota
2
The document listing the conditions & terms for importing/exporting products between countries
trade policy
quota
balance of payment
trade agreement
3
Planning and managing the flow of goods, services, and people to a destination is _.
transportation
distribution
logistics
shipments
4
A group of countries that have reduced or eliminated trade barriers among themselves.
comparative advantage
union
embargo
free-trade zone
5
The cost to convert one currency into another.
foreign exchange rate
balance of payments
balance of trade
trade sanction
6
A government may impose a _ on imported goods to protect domestic businesses.
international business
tariff
import
export
7
The difference between a nation's exports and its imports.
system of taxes
balance of payments
quota
balance of trade
8
The difference between a nation's exports and its imports.
balance of payments
balance of trade
9
All the business activity involved in making, buying, & selling product within a nations border
tariff
trade
domestic business
export
10
A business that operates in more than one country is called a _
international business
multinational corporation
international trade business
exported business
11
Which country is the United States largest trading partner?
Japan
Mexico
China
Canada
12
Total amount of money that comes in to a country, minus the total amount of money that goes out
trade deficit
trade sanction
balance of payments
balance of trade
13
The business activity involved in making/buying/selling product within a nation's borders is _
domestic business
import business
export business
international business
14
The connection made among nations when economies freely move goods/money across border
Globalization
Monetization
Nationalization
Economization
15
A body of laws related to the exchange of goods and services for international trade.
trade policy
balance of trade payments
trade agreement
trade deficit
16
When a business sells the right to manufacture its products or use its trademark.
Distribution
Granting
Foreign operations
Licensing
17
An embargo that affects only certain goods.
balance of trade
diversity
trade sanction
trade deficit
18
The shared beliefs, customs, practices, & social behavior of a particular group or nation.
religion
culture
dynasty
ideal
19
When a country specialized in producing a product at which it is relatively more efficient.
comparative advantage
absolute advantage
trade advantage
tariff advantage
20
Any government action taken to control or limit the amount of imports.
free-trade zone
distribution
trade barrier
balance of trade
21
The goods and services produced within a country's borders and sold in another country are _.
exports
imports
international business
tariffs
22
In return for a franchise fee and royalties-the _ provides standards and procedures to the comp
owner
culture
franchisor
partner
23
Which is
NOT
a common consideration involved in taking business to another country
logistics
labor laws
balance of trade
diverse workforce
24
A group of countries that join together to trade as if they are a single country.
trade bloc
diversity
trade group
culture
25
The process of sending and receiving messages between people of various cultures.
Trans-communication
Verbal communication
Non-verbal communication
Intercultural communication
26
A government tax on imported goods.
trade sanction
import fee
tariff
exchange rate
27
Currency with an exchange rate set by the market forces of supply/demand in the foreign market
culture currency
balance currency
floating currency
comparative currency
28
Negative balance of trade.
trade sanction
trade deficit
29
The use of English by people with a different native language.
ELL
English as a second language
Non-english
ELA
30
Parent company that owns a chain and the brand.
franchisor
manufacturer
wholesaler
partnership
31
Person or company that buys the rights to use a brand.
franchisee
operator
supplier
producer
32
A partnership of 2+ companies that work together for a specific business purpose is called.
franchise
partnership
corporation
joint venture
33
When a country can produce goods more efficiently and at a lower cost than another country.
comparative advantage
absolute advantage
balance of payments
trade deficit
34
An international _ allows a company to enter a foreign market without assuming all the risk.
transportation
joint venture
tariff
business
35
Having people from different backgrounds, cultures, or demographics coming together in a group.
trades
exports
diveristy
culture
