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5 Written questions

5 Matching questions

  1. economic differences
  2. tariffs
  3. voluntary export restraints (VERs)
  4. joint ventures
  5. opportunity costs
  1. a taxes levied against imports
  2. b involve two or more companies joining forces- sharing resources, risks, and profits, but not merging companies
  3. c need to understand population, per capita income, economic growth, rate, currency exchange rate, and stage of economic development
  4. d relates to international trade. the value of the second best choice- the value of the production that a country gives up in order to produce the first product
  5. e limitations on the amount of specific products that one nation will export to another nation

5 Multiple choice questions

  1. involoves a domestic firm granting a foreign firm the rights to produce and market it products or to use its trademark/ patents rights in a defined geographical area
  2. a countrys physical facilities that support economic activity
  3. contracting with foreign suppliers to produce products, usually at a fraction of the cost of domestic production
  4. buying products from overseas that have already been produced, rather than contacting with overseas manufacturers to produce special orders
  5. international trade that involves the barter of products for products rather than for currency (20% of international commerce)

5 True/False questions

  1. exportingproducing products domestically and selling them abroad

          

  2. exchange ratesinternational trade that involves the barter of products for products rather than for currency (20% of international commerce)

          

  3. strategic allianceshortfall that occurs when the total value of a nations imports is higher than the total value of its exports

          

  4. balance of paymentsa basic measure of the difference between a nations exports and imports, including both goods and services

          

  5. trade surplusshortfall that occurs when the total value of a nations imports is higher than the total value of its exports

          

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