business ch 3 quiz
A country has an absolute advantage when it can produce more of a good than other nations, using the same amount of resources.
The difference between a nation's exports and imports is its __________.
balance of trade
A measurement of the value of one nation's currency relative to the currency of other nations refers to __________.
The market development option that brings the highest risk is _________.
Foreign outsourcing may be chosen because it costs more to produce an item in a foreign country than it does in the U.S.
Purchasing items in your local store that were produced in another country is an example of _________.
Barriers to international trade include sociocultural differences, economic differences, legal/political differences, and timing differences.
Examples of infrastructure include:
communication, energy and finance
The North American Free Trade Agreement creates a free trading zone among:
the United States, Canada, and Mexico.
Both the World Bank and the World Trade Organization includes ________ member countries.