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5 Written questions

5 Matching questions

  1. common market
  2. foreign direct investment
  3. comparative advantage theory
  4. import quota
  5. tariff
  1. a theory that states that a country should sell to other countries those products that it produces most effectively and efficiently, and buy from other countries those products that it cannot produce as effectively or efficiently
  2. b a limit on the number of products in certain categories that a nation can import
  3. c a tax imposed on imports
  4. d the buying of permanent property and businesses in foreign nations
  5. e a regional group of countries that have a common external tariff, no internal tariffs, and a coordination of laws to facilitate exchange; also called a trading bloc. ex. is the european union

5 Multiple choice questions

  1. the difference between money coming into a country from exports and money leaving the country from imports, plus money flows from other factors such as tourism, foreign aid, military expenditures, and foreign investment
  2. a foreign country's production of private-label goods to which a domestic company the attaches its brand name or trademark
  3. a global strategy in which a firm [ the licensor ] allows a foreign company to produce its product in exchange for fee [a royalty]
  4. buying products from another country
  5. a complete ban on the import or export of a certain product or stopping all trade with a particular country

5 True/False questions

  1. general agreement on tariffs and trade [GATT]a 1948 agreement that established an international forum for negotiating mutual reductions in trade restrictions


  2. ethnocentricityan unfavorable balance of trade; occurs when the value of a country's imports exceeds that of exports


  3. multinational corporationthe total value of nations exports compared to its imports measured over a particular period


  4. joint venturea partnership in which two or more companies [ often from different countries ] join to undertake a major project


  5. exportingbuying products from another country


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