Question 1 of 20 Score: 5 (of possible 5 International business includes all business activities that involve exchanges across state boundaries.points) True False Answer Key: False Show
Question 2 of 20 Score: 5 (of possible 5 Absolute advantage is the ability to produce a specific product more efficiently than any other nation.points) Get answer to your question and much more Question 3 of 20 Score: 5 (of possible 5 By definition, every country has a comparative advantage in some product.points) Get answer to your question and much more Question 4 of 20 Score: 5 (of possible 5 Comparative advantage is the ability to produce a specific product more efficiently than any other nation.points) Get answer to your question and much more Question 5 of 20 Score: 5 (of possible 5 Purchasing raw materials or products in other nations and bringing them into one's own country is knownas importing.points) True False All business activities that involve exchanges across national boundaries. The ability to produce a specific product more efficiently than any other nation. The ability to produce a specific product more efficiently than any other product. Selling and shipping raw materials or products to other nations. Purchasing raw materials or products in other nations and bringing them into one's own country. The total value of a nation's exports minus the total value of its imports over some period of time. A negative balanace of trade. The total flow of money into a country minus the total flow of money out of that country over some period of time. A tax levied on a particular foreign product entering a country. Exportation of large quantities of a product at a price lower than that of the same product in the home market. A nontax measure imposed by a government to favor domestic over foreign suppliers. A limit on the amount of a particular good that may be imported to a country during a given period of time. A complete halt to trading with a particular nation or in a particular product. A restriction on the amount of a particular foreign currency that can be purchased or sold. The reduction of the value of a nation's currency relative to the currencies of other countries. General Agreement on Tariffs and Trade (GATT) An international organization of 153 nations dedicated to reducing or eliminating tariffs and other barriers to world trade. World Trade Organization (WTO) Powerful successor to GATT that incorporates trade in goods, services, and ideas. An organization of nations formed to promote the free movement of resources and products among its members and tor create common economic policies. A contractual agreement in which one firm permits another to produce and market its product and use its brand name in return for a royalty or other compensation. Issued by a bank on request of an importer stating that the bank will pay an amount of money to a stated beneficiary. Document issued by transport carrier to an exporter to prove that merchandise has been shipped. Issued by the exporter's bank, ordering the importer's bank to pay for the merchandise, thus guaranteeing payment once accepted by the importer's bank. A partnership formed to create competitive advantage on a worldwide basis. provides a link between buyers and sellers in different countries An international barter transaction A firm that operates on a worldwide scale without ties to any specific nation or region. Export-Import Bank of the United States An independent agency of the US government whose function is to assist in financing the exports of American firms. multilateral development bank (MDB) An internationally supported bank that provides loans to developing countries to help them grow. International Monetary Fund (IMF) An international bank with 188 member nations that makes short-term loans to developing countries experiencing balance-of-payment deficits. What are goods and services purchased from other countries called?IMPORTS: Goods and services produced by the foreign sector and purchased by the domestic economy. In other words, imports are goods purchased from other countries.
What is the name for the overall flow of money into or out of a country?Balance of Payments is the difference between the total flow of money coming into a country and the total flow of money going out of a country during a period of time.
When a nation has the ability to produce a specific product more efficiently than any other nation?absolute advantage, economic concept that is used to refer to a party's superior production capability. Specifically, it refers to the ability to produce a certain good or service at lower cost (i.e., more efficiently) than another party.
Is an internationally supported bank that provides loans to developing countries to help them grow?The World Bank is an international organization that provides financing, advice, and research to developing nations to help advance their economies.
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Purchasing products or materials in other nations and bringing them into one’s own country is
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