Intro to Business Chapter 3

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

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

Limit that a government places on the quantity of a product that may be exported or imported during a given period

International business is frequently referred to as world or ________ trade.

When a government completely stops the import or export of a product, it is called a(n)

A country specializes in the production of a good or service which it is more efficient is called _____ advantage

Some countries limit the amount of money their citizens can take out of the country when they travel.

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

Items bought from other countries are called _______

A negative or ________ balance of payments occurs when a country sends out more money than it brings in.

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

A trade ________ is a restriction to free trade

A society's culture has a strong influence on business activities. Which of these is an example of a cultural influence?

The United States conducts trade with more than ____________________ countries.

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

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

A(n) _________ is the right to use a company name or business process in a specific way.

The accepted behaviors, customs, and values of a society are referred to as ________.

Joint venture is an agreement among two or more countries to remove duties and trade barriers on products traded.

This international trade organization was created in 1944 to provide loans for rebuilding after World War II.

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

When a country has a favorable balance of payments, the value of its currency is usually constant or rising.

Without foreign trade, all items you buy cost less, because they would not need to be shipped here from other lands.

_________ rates are the cost of using someone else’s money.

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

Licensing

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

Goods and services sold to other countries are called

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

A(n) _______ company is an organization that does business in several countries.

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

The difference between the amount of money that comes into a country and the amount that goes out is called the

Common market members

Foreign _______ is the amount a country owes to other countries

A tax that a government places on certain imported products is called a(n)

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

Countries that devote most of their economies to agriculture usually provide more and better goods and services.

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

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

A nation’s transportation, communication, and utility systems is referred to as its _________.

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

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