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5 Written questions

5 Matching questions

  1. absolute advantage
  2. exchange rates
  3. foreign outsourcing
  4. exporting
  5. strategic alliance
  1. a 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)
  2. b when a country can produce more of a goode than other nations, using the same amount of resources
  3. c contracting with foreign suppliers to produce products, usually at a fraction of the cost of domestic production
  4. d producing products domestically and selling them abroad
  5. e measure the value of one nations currency relative to the currency of other nations

5 Multiple choice questions

  1. when firms either acquire foreign firms or develop new facilities from the ground up in foreign countries
  2. 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
  3. a countrys physical facilities that support economic activity
  4. a 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)
  5. buying products from overseas that have already been produced, rather than contacting with overseas manufacturers to produce special orders

5 True/False questions

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


  2. balance of payments surplusmore money flows out of country than in


  3. countertradeinvolve two or more companies joining forces- sharing resources, risks, and profits, but not merging companies


  4. opportunity costsproducing products domestically and selling them abroad


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