True/False
Matching 1
Matching 2
Fill in the blank 1
Fill in the blank 2/Short Answer
100
Today it is difficult to define economies in terms of national borders.
What is TRUE
100
The making, buying, and selling of goods and services within a country is called a. International Business b. World Trade c. Importing d. Domestic Business
What is D. Domestic Business
100
The key factors that affect a country's level of economic development are A. government system, political stability, and trade barriers B. literacy level, technology, and agricultural dependency C. Religion, traditions, and customs D. Location, climate, and natural resources
What are: B. literacy level, technology, and agricultural dependency
100
International business is frequently referred to as world or ____________ trade. Word Bank: absolute, barrier, comparative, culture, debt, deficit,embargo, exchange, exports, favorable, foreign, franchise, imports, infrastructure, interest, multinational, quota, tariff, unfavorable,
What is FOREIGN
100
A trade _______________ is a restriction to free trade. Word Bank: absolute, barrier, comparative, culture, debt, deficit,embargo, exchange, exports, favorable, foreign, franchise, imports, infrastructure, interest, multinational, quota, tariff, unfavorable,
What is BARRIER
200
A country can have an absolute advantage in only one area.
What is FALSE
200
The United States conducts trade with more than _______ countries. A. 10 B. 50 C. 100 D. 180
What is D. 180
200
A tax that a government places on certain important products is call a/an a. quota b. embargo c. tariff d. divestiture
What is c. tariff
200
The situation in which a country specializes in the production of a good or service at which it is relatively more efficient is called _____________ advantage. Word Bank: absolute, barrier, comparative, culture, debt, deficit,embargo, exchange, exports, favorable, foreign, franchise, imports, infrastructure, interest, multinational, quota, tariff, unfavorable,
What is COMPATATIVE
200
When a government completely stops the import or export of a product, it is called a/an ____________ Word Bank: absolute, barrier, comparative, culture, debt, deficit,embargo, exchange, exports, favorable, foreign, franchise, imports, infrastructure, interest, multinational, quota, tariff, unfavorable,
What is EMBARGO
300
Without foreign trade, all of the items you buy would cost less, because they would not need to be shipped here from other lands.
What is FALSE
300
Which of the following countries has an absolute advantage in coffee production. A. The United States B. Saudi Arabia C. Brazil D. Ireland
What is C. Brazil
300
Which of the following is NOT a cultural/social factor that affects international business? A. Language B. Religion C. Values D. Climate
What is D. Climate
300
Items bought from other countries is called _____________ Word Bank: absolute, barrier, comparative, culture, debt, deficit,embargo, exchange, exports, favorable, foreign, franchise, imports, infrastructure, interest, multinational, quota, tariff, unfavorable,
What is IMPORTS
300
A/An _______________ company is an organization that does business in several countries Word Bank: absolute, barrier, comparative, culture, debt, deficit,embargo, exchange, exports, favorable, foreign, franchise, imports, infrastructure, interest, multinational, quota, tariff, unfavorable,
What is MULTINATIONAL
400
A nation with a trade surplus is said to have a favorable trade position
What is TRUE
400
Goods and services sold to other countries are called A. Exports B. Tariffs C. Imports D. Contraband
What is A. Exports
400
A limit that a government places on the quantity of a product that may be exported or imported during a given period is called a: A. Tariff B. Quota C. Luxury Tax D. Trade Surplus
What is B. Quota
400
Foreign ___________ is the amount a country owes to other countries. Word Bank: absolute, barrier, comparative, culture, debt, deficit,embargo, exchange, exports, favorable, foreign, franchise, imports, infrastructure, interest, multinational, quota, tariff, unfavorable,
What is debt
400
A/An ___________ is the right to use a company name or business process in a specific way. Word Bank: absolute, barrier, comparative, culture, debt, deficit,embargo, exchange, exports, favorable, foreign, franchise, imports, infrastructure, interest, multinational, quota, tariff, unfavorable,
What is FRANCHISE
500
It is possible for the United States to have a favorable trade position
What is TRUE
500
About how many US jobs depend on international business? a. 1 out of 2 b. 1 out of 4 c. 1 out of 6 d. 1 out of 10
What is d. 1 out of 6
500
What is a free trade zone? a. selected area where products can be imported duty-free and then stored, assembled, or used in manufacturing. b. A selected area where importers and exporters can trade or exchange products without money changing hands. c. A specific point in the growth of a country’s economy where trade with other nations becomes economically advantageous. d. A specific point in a product’s life cycle at which the government allows the manufacturer to freely sell the product in the global marketplace.
What is a. selected area where products can be imported duty-free and then stored, assembled, or used in manufacturing.
500
If a nation imports more than it exports, it has a trade _________________. Word Bank: absolute, barrier, comparative, culture, debt, deficit,embargo, exchange, exports, favorable, foreign, franchise, imports, infrastructure, interest, multinational, quota, tariff, unfavorable,
What is DEFICIT
500
What is the main purpose of the: World Trade Organization International Money Fund World Bank
WTO Promotes trade, settles trade disputes, and enforces free trade agreements IMF Promotes economic cooperation and maintains exchange rates WB Provides loans to rebuilding or developing countries and provides capital to private business in countries with limited resources
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