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5 Written questions

5 Matching questions

  1. absolute advantage
  2. trade surplus
  3. infrastructure
  4. exporting
  5. balance of payments surplus
  1. a when a country can produce more of a goode than other nations, using the same amount of resources
  2. b more money flows into country than out
  3. c producing products domestically and selling them abroad
  4. d overage that occurs when the total value of a nations exports is higher than the total value of its imports
  5. e a countrys physical facilities that support economic activity

5 Multiple choice questions

  1. difference among countries/cultures in language, attitudes, and values
  2. a formal, typically long term agreement between two or more firms to jointly pursue a specific opportunity without actually merging their businesses
  3. when firms either acquire foreign firms or develop new facilities from the ground up in foreign countries
  4. contracting with foreign suppliers to produce products, usually at a fraction of the cost of domestic production
  5. limitations on the amount of specific products that may be imported from certain countries during a given time period

5 True/False questions

  1. exchange ratesmeasure the value of one nations currency relative to the currency of other nations


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


  3. joint venturesinternational trade that involves the barter of products for products rather than for currency (20% of international commerce)


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


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


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