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5 Written questions

5 Matching questions

  1. balance of payments surplus
  2. voluntary export restraints (VERs)
  3. tariffs
  4. strategic alliance
  5. partnership
  1. a limitations on the amount of specific products that one nation will export to another nation
  2. b more money flows into country than out
  3. c an agreement between two or more firms to jointly pursue a specific opportunity without actually merging their businesses. typically involve less formal, less encompassing agreements than partnerships (only beneficial in countries that require local, political, and cultural knowledge as a core of doing business)
  4. d a formal, typically long term agreement between two or more firms to jointly pursue a specific opportunity without actually merging their businesses
  5. e taxes levied against imports

5 Multiple choice questions

  1. a basic measure of the difference between a nations exports and imports, including both goods and services
  2. limitations on the amount of specific products that may be imported from certain countries during a given time period
  3. difference among countries/cultures in language, attitudes, and values
  4. international trade that involves the barter of products for products rather than for currency (20% of international commerce)
  5. buying products from overseas that have already been produced, rather than contacting with overseas manufacturers to produce special orders

5 True/False questions

  1. balance of paymentsa measure of the total flow of money into or out of a country

          

  2. absolute advantagethe benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries

          

  3. comparative advantagewhen a country can produce more of a goode than other nations, using the same amount of resources

          

  4. joint venturesinvolve two or more companies joining forces- sharing resources, risks, and profits, but not merging companies

          

  5. infrastructurea countrys physical facilities that support economic activity

          

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