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5 Written questions

5 Matching questions

  1. multinational corporation
  2. ethnocentricity
  3. free trade
  4. counter-trading
  5. general agreement on tariffs and trade [GATT]
  1. a a 1948 agreement that established an international forum for negotiating mutual reductions in trade restrictions
  2. b the movements of goods and services among nations without political or economic barriers
  3. c an attitude that one's own culture is superior to all others.
  4. d an organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management
  5. e a complex form of bartering in which several countries may be involved, each trading goods for goods or services for services

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. selling products to another country
  3. an unfavorable balance of trade; occurs when the value of a country's imports exceeds that of exports
  4. created a free-trade zone with central american nations; costa rica, dominican republic, el salvador, guatemala, honduras and nicaragua
  5. a long-term partnership between two or more companies established to help each company build competitive market advantages

5 True/False questions

  1. 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


  2. common marketa complete ban on the import or export of a certain product or stopping all trade with a particular country


  3. north american free trade agreement [NAFTA]agreement that created a free-trade area among the united states, canada and mexico


  4. 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


  5. licensingselling products in a foreign country at lower prices than those charged in the producing country


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