Business Chapter 5 Quiz Review

Which of the following is NOT a trade barrier?

Balance of trade is ____

When a country can produce goods more efficiently and at a lower cost than another country.

The exchange rate is set by the forces of supply and demand in the foreign exchange market.

Which is NOT a benefit of exporting?

The difference between a nation’s exports and its imports.

___ is the shared beliefs, customs, practices, and social behavior of a particular group or nation

Which of the following is NOT a business option to enter a foreign market?

The person or company that buys the rights to sell another company’s goods or services in a specific area is a(n)

A limit on the amount of a product imported into a country during a specific period of time.

The total amount of money that comes into a country, minus the total amount of money that goes out is

A governmental tax on imported goods.

An embargo that affects only certain goods is a(n) ________.

Goods and services produced within a country’s borders and sold in another country.

Most currencies today are ___

An absolute advantage exists when a country can produce goods more efficiently than ___

A group of countries that have reduced or eliminated trade barriers among themselves is a(n)

The cost to convert one currency into another is the ____.

NAFTA is a trade agreement between the US, Canada, and                                      

The body of laws related to the exchange of goods and services for international trade is called ___

The connection among nations when economies freely move goods, labor, and money across borders.

The ___ for international shipping is more complex compared to domestic shipping.

The right to sell a company’s goods or services in a specific area.

Someone who translates a conversation between individuals who do not speak the same language is a(n)

When a business sells the right to manufacture its products or use its trademark.

The buying and selling of goods and services across national borders is ___.

The process of sending and receiving messages between people of various cultures is ___

A business that operates in more than one country is a ____.

People from different cultures / backgrounds coming together in a group

Planning and managing the flow of goods, services, and people to a destination.