Intro To Business Ch3 I: Question Preview (ID: 21442)


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Domestic business refers to business activities needed for creating, shipping, and selling goods across national borders.
a) False b) True c) d)
Without foreign trade, many things you buy would cost more or not be available.
a) True b) False c) d)
If a country exports more than it imports, it has a trade surplus
a) True b) False c) d)
The value of currency in one country compared with the value in another is called the interest rate.
a) False b) True c) d)
An economy that is largely involved in agriculture is generally unable to provide its citizens with a large number of high-quality products.
a) True b) False c) d)
A country's culture, traditions, and religion can sometimes act as informal trade barriers.
a) True b) False c) d)
Multinational companies sometimes control a country's political power.
a) True b) False c) d)
One goal of the World Trade Organization is to eliminate import quotas.
a) True b) False c) d)
Which of the following situations represent an absolute advantage?
a) Saudi Arabia in fresh fish production b) Honduras in banana production c) Canada in rice production d) Norway in orange and grapefruit production
Which of the following is NOT imported to the US in any great quantity?
a) Milk b) Oil c) Coffee d) Silk
The amount a country owes to other countries is called
a) National Debt b) Foreign Debt c) Trade Deficit d) Balance of Payments
Which of the following would likely cause the value of the dollar to RISE?
a) An increased US trade deficit b) higher US interest rates c) lower US inflation d) Saudi Arabia double the cost of its oil to the US
Danielle's company is expanding into Korea and has asked her to research the language, customs, and values of the Korean people. Which aspect of the international biz environment is she investigating?
a) geography b) economic development c) political and legal concerns d) cultural influences
Infrastructure refers to a country's
a) educational system b) system of local government c) transportation, communication, and utility systems d) legal system
Which of the following tends to discourage international trade?
a) an embargo b) free-trade zones c) a free-trade agreement d) common market
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