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of 27 available terms

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5 Written Questions

5 Matching Questions

  1. balance of payments
  2. strategic alliance
  3. balance of payments deficit
  4. comparative advantage
  5. foreign outsourcing
  1. a more money flows out of country than in
  2. b a measure of the total flow of money into or out of a country
  3. c contracting with foreign suppliers to produce products, usually at a fraction of the cost of domestic production
  4. d 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)
  5. e the benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries

5 Multiple Choice Questions

  1. measure the value of one nations currency relative to the currency of other nations
  2. taxes levied against imports
  3. a basic measure of the difference between a nations exports and imports, including both goods and services
  4. producing products domestically and selling them abroad
  5. 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

5 True/False Questions

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


  2. protectionismnational policies designed to restrict international trade, usually with the goal of protecting domestic business


  3. opportunity costsrelates 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


  4. countertrademeasure the value of one nations currency relative to the currency of other nations


  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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