BML Final Set 3: Question Preview (ID: 9464)


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The World Bank was created
a) in 1944 to provide loans for rebuilding after WWII. b) in 1995 to settle trade disputes and promote free trade. c) in 1946 to promote economic cooperation and regulate exchange rates d) in 1995 to reduce international trade barriers
Making, buying and selling goods and services within one country is called
a) international business. b) world trade. c) importing. d) domestic business.
Foreign trade is compatible with all of these EXCEPT
a) less expensive products. b) more variety of products. c) trade embargoes. d) domestic production of similar products.
A quota is
a) a limit placed by the government on the quantity of a product that may be imported or exported during a given period. b) a tax placed on goods being imported from other countries. c) a ban on trade with another country or in a certain item. d) a statement that is credited to someone else.
A tariff is
a) a limit placed by the government on the quantity of a product that may be imported or exported during a given period. b) a tax placed on goods being imported from other countries. c) a ban on trade with another country or in a certain item. d) a law enforcement officer covered in a sticky black substance.
An embargo is
a) a limit placed by the government on the quantity of a product that may be imported or exported during a given period. b) a tax placed on goods being imported from other countries. c) a ban on trade with another country or in a certain item. d) what an alcoholic does to have a good time.
When a country has a positive balance of payments,
a) it imports more goods and services than it exports. b) the value of its currency is unstable or decreasing. c) it exports more goods and services than it imports. d) the value of its currency is stable or increasing.
The difference between the amount of currency coming into a country and the amount going out is called
a) balance of payments. b) balance of trade. c) exchange rate. d) trade deficit
Licensing
a) is one of the riskiest ways to expand business into another country. b) requires you to be physically present in another country. c) requires a low financial investment and has a low potential financial return. d) requires a high financial investment and has a high potential financial return.
Sales taxes are paid to
a) state or local governments. b) the federal government. c) the United Nations. d) the World Trade Organization.
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