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5 Written questions

5 Matching questions

  1. trade surplus
  2. economic differences
  3. infrastructure
  4. importing
  5. sociocultural difference
  1. a difference among countries/cultures in language, attitudes, and values
  2. b need to understand population, per capita income, economic growth, rate, currency exchange rate, and stage of economic development
  3. c a countrys physical facilities that support economic activity
  4. d buying products from overseas that have already been produced, rather than contacting with overseas manufacturers to produce special orders
  5. e overage that occurs when the total value of a nations exports is higher than the total value of its imports

5 Multiple choice questions

  1. when firms either acquire foreign firms or develop new facilities from the ground up in foreign countries
  2. the benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries
  3. international trade that involves the barter of products for products rather than for currency (20% of international commerce)
  4. 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. a measure of the total flow of money into or out of a country

5 True/False questions

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

          

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

          

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

          

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

          

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