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5 Written questions

5 Matching questions

  1. joint ventures
  2. comparative advantage
  3. exporting
  4. foreign outsourcing
  5. foreign licensing
  1. a producing products domestically and selling them abroad
  2. b the benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries
  3. c contracting with foreign suppliers to produce products, usually at a fraction of the cost of domestic production
  4. d involve two or more companies joining forces- sharing resources, risks, and profits, but not merging companies
  5. e 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 Multiple choice questions

  1. limitations on the amount of specific products that one nation will export to another nation
  2. measure the value of one nations currency relative to the currency of other nations
  3. shortfall that occurs when the total value of a nations imports is higher than the total value of its exports
  4. a formal, typically long term agreement between two or more firms to jointly pursue a specific opportunity without actually merging their businesses
  5. international trade that involves the barter of products for products rather than for currency (20% of international commerce)

5 True/False questions

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


  2. direct investmentwhen firms either acquire foreign firms or develop new facilities from the ground up in foreign countries


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


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


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


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