3-1
Which of the following countries has an absolute advantage in coffee production?
A. United States
B. Brazil
C. Saudi Arabia
D. Ireland
Tax that a government places on certain imported products.
Tariff
Goods and services sold to other countries are called:
Exports
Give an example of a franchise.
McDonald’s, Burger King, Wendy’s, KFC, Pizza Hut
How many bones are in the human ear?
3
The making, buying, and selling of goods and services within a country
Domestic Business
A company is planning to sell the rights to its brand name for use in other countries. This is an example of a:
Licensing Agreement
Goods and Services bought from other countries
Imports
If a nation imports more than it exports, it has a trade _____________.
Deficit
Which U.S. state has the most islands?
Alaska
Exists when a country can produce a good or service at a LOWER COST than other countries.
Absolute Advantage
When the government stops the export or import of a product completely
Embargo
An organization that does business in several countries
Multinational Company
Country specializes in the production of a good or service at which it is more EFFICIENT
Comparative Advantage
Which planet is known as the Red Planet?
Mars
Refers to a nation’s transportation, communication, and utility system
Infrastructure
A limit on the quantity of a product that may be imported or exported within a given period
Agreement between two or more companies to share a business project
Joint Venture
The difference between a country's total exports and total imports is called the:
Balance of Trade
Which band released the hit song “Bohemian Rhapsody”?
Queen
What does NAFTA stand for?
North American Free Trade Agreement
Restrictions to free trade.
Trade Barriers
Uses the same product and marketing strategy worldwide.
Global Strategy
International organization that settles trade disagreements and enforces free-trade agreements:
WTO: World Trade Organization
Which fruit contains more vitamin C than an orange?
Kiwi