business ch 3 quiz

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created 7 years ago by lsudduth
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1

A country has an absolute advantage when it can produce more of a good than other nations, using the same amount of resources.

True

2

The difference between a nation's exports and imports is its __________.

balance of trade

3

A measurement of the value of one nation's currency relative to the currency of other nations refers to __________.

exchange rates

4

The market development option that brings the highest risk is _________.

direct investment

5

Foreign outsourcing may be chosen because it costs more to produce an item in a foreign country than it does in the U.S.

False

6

Purchasing items in your local store that were produced in another country is an example of _________.

importing

7

Barriers to international trade include sociocultural differences, economic differences, legal/political differences, and timing differences.

False

8

Examples of infrastructure include:

communication, energy and finance

9

The North American Free Trade Agreement creates a free trading zone among:

the United States, Canada, and Mexico.

10

Both the World Bank and the World Trade Organization includes ________ member countries.

187