Duplicate of Intro to Business - Chapter 3 (new book)

A favorable balance of payments ocurrs when a nation receives less money in a year than it pays out.

Key function is to provide economic aid to less-developed countries.

One goal of the World Trade Organization is to eliminate import quotas.

A country that wishes to enhance international trade activities would most likely use...

A tariff is a tax that a government places on certain imported goods

Does away with tariffs on goods traded among the member countries

Which of the following tends to discourage international trade?

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

Which of the following would be an example of an international business?

A company is planning to sell the rights to its brand name for use in other countries. This is an example of a ....

Settles trade disputes and enforces free-trade agreements between member countries.

Absolute advantage exists when a country can produce a good or service at a lower cost than other countries.

When a country's imports exceed its exports, there is a .....

An informal trade barrier is created by government actions.

The value of currency in one country compared with the value in another is called the interest rate.

Religion is an element of the _______ component of the international business environment.

The international organization that settles trade disagreements and enforces free-trade agreements is the....

Infrastructure is a significant factor that affects the economic development of a country.

Joint venture is an agreement between two or more companies to share a business project.

The value of a country currency is likely to decline as a result of....

Maintains a system of world trade and exchange rates.

Items bought from other countries....

The amount a country owes to other countries is called......

Which of the following would likely cause the value of the dollar to rise?

Comparative advantage is when one country specializes in the production of a good in a more efficient manner