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5 Written questions

5 Matching questions

  1. countertrade
  2. balance of trade
  3. absolute advantage
  4. protectionism
  5. quotas
  1. a when a country can produce more of a goode than other nations, using the same amount of resources
  2. b international trade that involves the barter of products for products rather than for currency (20% of international commerce)
  3. c a basic measure of the difference between a nations exports and imports, including both goods and services
  4. d national policies designed to restrict international trade, usually with the goal of protecting domestic business
  5. e limitations on the amount of specific products that may be imported from certain countries during a given time period

5 Multiple choice questions

  1. 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. the benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries
  3. a formal, typically long term agreement between two or more firms to jointly pursue a specific opportunity without actually merging their businesses
  4. overage that occurs when the total value of a nations exports is higher than the total value of its imports
  5. more money flows out of country than in

5 True/False questions

  1. foreign outsourcingcontracting with foreign suppliers to produce products, usually at a fraction of the cost of domestic production

          

  2. infrastructurea countrys physical facilities that support economic activity

          

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

          

  4. balance of payments surplusmore money flows into country than out

          

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