Chapter 3 Test Review

When a country has a favorable balance of payments the value of its currency rises.

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

A limit the government places on what can be imported and exported during a given period.

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

When the government stops the import or export of a product

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

A country in which a multinational company conducts business activities is called

Goods and services sold to other countries are called

The accepted behaviors, customs and values of a society are called

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

The cost of using someone else's money?

About how many US jobs depend on international business?

Which of the following is NOT a goal of the World Trade Organization?

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

Common market members

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

A nation's transportation, communication and utility systems is called

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

Licensing

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

Some countries limit the amt. of $$ their citizens can take out of the country when they travel

The United States conducts trade with more than how many countries?

The situation in which a country specializes in the production of a good or service is called

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

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

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

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

A joint venture is an agreement among two or more countries to remove duties and trade barriers

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

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

International business is also know as world or _______ trade.

Without foreign trade, all of the items you buy would cost less.

This is the amount a country owes to other countries.

A company that does business in several countries.

A tax that a government places on certain imported products is called,

The difference between the amt of money that comes into a country and the amount that goes out.

This international trade organization was created in 1944 after WW2.

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

Countries that devote their economies to agriculture provide better goods for their people.

A restriction on free trade