Chapter 3 Test Review

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

This international trade organization was created in 1944 after WW2.

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

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

International business is also know as world or _______ trade.

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

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

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

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

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

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

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

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

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

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

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

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

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

Common market members

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

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

A company that does business in several countries.

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

A restriction on free trade

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

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

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

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

Licensing

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

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

About how many US jobs depend on international business?

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

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

Goods and services sold to other countries are called

This is the amount a country owes to other countries.

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

The cost of using someone else's money?

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