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Chapter 3 review
| Question | Answer |
|---|---|
| Refers to business activities needed for creating, shipping, and selling good across national boarders | International Business |
| If a country exports more than it imports, it has: | trade surplus/ positive balance of payments |
| The value of currency in one country compared with the value in another is called the: | exchange rate |
| What can be said about the manufacturing of an economy that is largely involved in agriculture? | It is generally unable to provide citizens with a large number of high quality products |
| Name 3 informal trade barriers. | culture, tradition, and religion of a country |
| With a .................., member countries agree to remove duties and trade barriers on products traded among them. | free trade agreement |
| ..........sometimes controls a country's political power. | multinational company |
| .........................is selling the right to use a trademark or brand name for a fee or royalty. | Licensing |
| What organization's goals include: lower tariffs, eliminate quotas, reduce barriers for financial services, assist poor countries | World Trade Organization |
| Give an example of an absolute advantage | South America has an absolute advantage in coffee |
| What items do the US import entirely | bananas, coffee, cocoa, spices, tea, silk, and crude rubber |
| The amount a country owes to other countries is called .................. | national debt |
| What factors of the international business environment should you research before expanding your businesses to Korea? | Political, cultural, geographic, economic |
| ...........refers to a country's transportation, communication, and utility systems. | infrastructure |
| Name 3 formal trade barriers that discourage international trade. | tariffs, quotas, embargos |
| ...........strategy uses the same product and marketing strategy worldwide. | Global |
| An agreement for two or more companies to share a business project is called ............................. | joint venture |
| This ......................... group helps maintain an orderly system of world exchange rates. | international monetary fund |
| Items bought from other countries. | imports |
| A tax that a government places on certain imported products. | Tariffs |
| Occurs when a country sells more than it buys | trade surplus/positive balance of payments |
| A limit on the quantity of a product that may be imported or exported. | quota |
| Exists when a country can produce a good or service at an absolutely lower cost than other countries. | Absolute advantage |
| Exists when a country specializes in the production of a good or service at which it is relatively more efficient. | Comparative advantage |
| Occurs when a country buys more than it sells. | trade deficit/negative balance of payments |
| The difference between a country's total exports and total imports is called a ...................... | balance of trade |
| The difference between the amount of money that comes into a country and the amount that goes out of it is called........... | balance of payments |
| The three main factors that affect currency exchange rates among countries: | balance of payments, economic conditions, political stability |
| The three key effects on a country's level of economic development: | literacy level, technology, agricultural dependency |
| A ...................... is an organization that does business in several countries. | Multinational company |
| ................... strategy treats each country market differently. | Multinational |
| ............... is the making, buying, and selling of goods and services within a country. | domestic business |
| The .................................... makes loans to help developing countries and provides capital and technical help to private businesses in nations with limited resources. | World bank |
Created by:
brendonhoman
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