Business in the Global Economy

Question 1

a limit placed on the quantities of a product that can be imported

Accepted Answer

quota

Question 2

the ability of a country/company to produce a good moreefficiently than another country/company

Accepted Answer

comparative advantage

Question 3

total market value of all goods/services produced & capital within a nation during given period

Accepted Answer

GDP

Question 4

a ban on the import or export of a product

Accepted Answer

embargo

Question 5

the buying or bringing in goods from othercountries to sell

Accepted Answer

importing

Question 6

the interconnected economies of thenations of the world

Accepted Answer

global economy

Question 7

a company that arranges shipments and prepares necessary exportingpaperwork

Accepted Answer

freight forwarder

Question 8

money people have to spend after paying for taxes & necessary expenses

Accepted Answer

disposable income

Question 9

a person who translates one language into or from another

Accepted Answer

Interpreter

Question 10

an alliance between an American small business and a company in anothernation

Accepted Answer

foreign joint venture

Question 11

system that details products that are traded in specific countries & how well they do

Accepted Answer

SITC

Question 12

the selling and shipping of goods to other countries

Accepted Answer

exporting

Question 13

the price at which one currency can buy another currency

Accepted Answer

exchange rate

Question 14

list compiled by the government ofproducts that other countries are looking to purchase

Accepted Answer

best prospect list

Question 15

an organization that handles all the tasksrelated to exporting for a manufacturer

Accepted Answer

export management company

Question 16

few or no limits on trade between countries

Accepted Answer

free trade

Question 17

a restriction on goods entering or leaving a country

Accepted Answer

trade barrier

Question 18

the practice of the government putting limitson foreign trade to protect businesses at home

Accepted Answer

protectionism

Question 19

a type of trade barrier imposed by a government as a tax on imported or exported goods

Accepted Answer

tariff

Question 20

the production, purchase and sale of goods and services within a country

Accepted Answer

domestic trade

Question 21

the difference in value between a country’s imports & exports over a period of time

Accepted Answer

balance of trade

Question 22

opportunity from U.S. govt & private agencies to small businesses to travel abroad for business

Accepted Answer

trade missions

Question 23

electronic commerce system that allows businesses to sell products/services online globally.

Accepted Answer

IBEX

Question 24

an agency that serves as a distributor ina foreign country

Accepted Answer

trade intermediary

Business in the Global Economy

Questions 24

Business in the Global Economy

Questions 24