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5 Written Questions

5 Matching Questions

  1. absolute advantage
  2. partnership
  3. opportunity costs
  4. voluntary export restraints (VERs)
  5. economic differences
  1. a need to understand population, per capita income, economic growth, rate, currency exchange rate, and stage of economic development
  2. b when a country can produce more of a goode than other nations, using the same amount of resources
  3. c a formal, typically long term agreement between two or more firms to jointly pursue a specific opportunity without actually merging their businesses
  4. d limitations on the amount of specific products that one nation will export to another nation
  5. e 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 Multiple Choice Questions

  1. involve two or more companies joining forces- sharing resources, risks, and profits, but not merging companies
  2. difference among countries/cultures in language, attitudes, and values
  3. producing products domestically and selling them abroad
  4. taxes levied against imports
  5. the benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries

5 True/False Questions

  1. foreign franchisinga specialized type of foreign licensing in which a firm expands by offering businesses in other countries the right to produce and market its products according to specific operating requirement ( a complete package of how to do business)

          

  2. importingbuying products from overseas that have already been produced, rather than contacting with overseas manufacturers to produce special orders

          

  3. foreign licensinga specialized type of foreign licensing in which a firm expands by offering businesses in other countries the right to produce and market its products according to specific operating requirement ( a complete package of how to do business)

          

  4. quotaslimitations on the amount of specific products that may be imported from certain countries during a given time period

          

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

          

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