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5 Written Questions

5 Matching Questions

  1. contract manufacturing
  2. exchange rate
  3. free trade
  4. central american free trade agreement [CAFTA]
  5. comparative advantage theory
  1. a the movements of goods and services among nations without political or economic barriers
  2. b the value of one nations currency relative to the currencies of other countries
  3. c 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
  4. d created a free-trade zone with central american nations; costa rica, dominican republic, el salvador, guatemala, honduras and nicaragua
  5. e a foreign country's production of private-label goods to which a domestic company the attaches its brand name or trademark

5 Multiple Choice Questions

  1. the buying of permanent property and businesses in foreign nations
  2. a limit on the number of products in certain categories that a nation can import
  3. 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
  4. the use of government regulations to limit the import of goods and services
  5. a 1948 agreement that established an international forum for negotiating mutual reductions in trade restrictions

5 True/False Questions

  1. importingselling products to another country


  2. absolute advantagethe advantage that exists when a country has a monopoly on producing or is able to produce it more efficiently than all other countries


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


  4. trade deficitthe use of government regulations to limit the import of goods and services


  5. world trade organization [WTO]the international organization that replaced the General Agreement on Tariffs and Trade, and was assigned the duty to mediate trade disputes among nations


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