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5 Written questions

5 Matching questions

  1. import quota
  2. balance of payment
  3. general agreement on tariffs and trade [GATT]
  4. central american free trade agreement [CAFTA]
  5. common market
  1. a a limit on the number of products in certain categories that a nation can import
  2. b a regional group of countries that have a common external tariff, no internal tariffs, and a coordination of laws to facilitate exchange; also called a trading bloc. ex. is the european union
  3. c created a free-trade zone with central american nations; costa rica, dominican republic, el salvador, guatemala, honduras and nicaragua
  4. d the difference between money coming into a country from exports and money leaving the country from imports, plus money flows from other factors such as tourism, foreign aid, military expenditures, and foreign investment
  5. e a 1948 agreement that established an international forum for negotiating mutual reductions in trade restrictions

5 Multiple choice questions

  1. a foreign country's production of private-label goods to which a domestic company the attaches its brand name or trademark
  2. the use of government regulations to limit the import of goods and services
  3. the total value of nations exports compared to its imports measured over a particular period
  4. should relations with a host country faulter; the firms assets could be taken by the foreign government in which its invested
  5. a global strategy in which a firm [ the licensor ] allows a foreign company to produce its product in exchange for fee [a royalty]

5 True/False questions

  1. absolute advantagethe advantage that exists when a country has a monopoly on producing or is able to produce it more efficiently than all other countries


  2. exportingselling products to another country


  3. ethnocentricityan unfavorable balance of trade; occurs when the value of a country's imports exceeds that of exports


  4. embargoa complete ban on the import or export of a certain product or stopping all trade with a particular country


  5. counter-tradingselling products to another country