front 1 A country has an absolute advantage when it can produce more of a good than other nations, using the same amount of resources. | back 1 True |
front 2 The difference between a nation's exports and imports is its __________. | back 2 balance of trade |
front 3 A measurement of the value of one nation's currency relative to the currency of other nations refers to __________. | back 3 exchange rates |
front 4 The market development option that brings the highest risk is _________. | back 4 direct investment |
front 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. | back 5 False |
front 6 Purchasing items in your local store that were produced in another country is an example of _________. | back 6 importing |
front 7 Barriers to international trade include sociocultural differences, economic differences, legal/political differences, and timing differences. | back 7 False |
front 8 Examples of infrastructure include: | back 8 communication, energy and finance |
front 9 The North American Free Trade Agreement creates a free trading zone among: | back 9 the United States, Canada, and Mexico. |
front 10 Both the World Bank and the World Trade Organization includes ________ member countries. | back 10 187 |