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5 Written questions

5 Matching questions

  1. foreign outsourcing
  2. exporting
  3. balance of payments
  4. joint ventures
  5. opportunity costs
  1. a involve two or more companies joining forces- sharing resources, risks, and profits, but not merging companies
  2. b producing products domestically and selling them abroad
  3. c contracting with foreign suppliers to produce products, usually at a fraction of the cost of domestic production
  4. d relates 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
  5. e a measure of the total flow of money into or out of a country

5 Multiple choice questions

  1. a countrys physical facilities that support economic activity
  2. a basic measure of the difference between a nations exports and imports, including both goods and services
  3. when firms either acquire foreign firms or develop new facilities from the ground up in foreign countries
  4. 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. a formal, typically long term agreement between two or more firms to jointly pursue a specific opportunity without actually merging their businesses

5 True/False questions

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


  2. economic differencesneed to understand population, per capita income, economic growth, rate, currency exchange rate, and stage of economic development


  3. comparative advantagethe benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries


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


  5. voluntary export restraints (VERs)international trade that involves the barter of products for products rather than for currency (20% of international commerce)