Chapter 3 Test Review

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

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

This international trade organization was created in 1944 after WW2.

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

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

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

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

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

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

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.

About how many US jobs depend on international business?

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

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

A company that does business in several countries.

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

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

A restriction on free trade

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

International business is also know as world or _______ trade.

Common market members

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

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

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

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

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

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

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

When the government stops the import or export of a product

This is the amount a country owes to other countries.

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

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

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

Licensing

Goods and services sold to other countries are called

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

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

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

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

The cost of using someone else's money?