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Chapter 4.2 Vocabulary
Test Description: Why How Companies Conduct International Trade
Instructions: Answer all questions to get your test result.
1) Being able to produce by itself all of the products and services it needs or that it's people want is...
A
Balance of trade
B
Absolute advantage
C
Self-sufficient
D
Comparitive advantage
2) An absolute advantage exsists when one country has a monopoly on producing a product more cheaply or efficiently than any other country can?
A
True
B
False
3) When a country sells to other countries those products and services it produces most cheaply or efficiently and buys from other countries those it does not produce most cheaply or efficiently is..
A
Balance of trade
B
Comparative advantage
C
Balance of payments
D
None of the above
4) The value of a countries exports compared to the value of its imports measured over a particular period of time is...
A
Balance of trade
B
Balance of checks
C
Trade deficit
D
Trade surplus
5) A trade deficit is also called a favorable balance of trade?
A
True
B
False
6) A trade deficit can also be called...
A
Favorable balance of trade
B
Balance of payments
C
All of the above
D
Unfavorable balance of trade
7) The balance of payments is determined by measuring..
A
the difference between the money coming into a country
B
the money going out of the country
C
money flowing in and out from foreign aid, tourism, foreign investment, military investment, and other factors
D
All of the above
8) When money flows into a country then flows out it is called..
A
Balance of payments
B
Balance of payments surplus
C
Trade deficit
D
Balance of payments deficit
9) A balance of payments deficit exsists when more money flows out of the country then flows in?
A
False
B
True
10) Countertrading is defined as..
A
None of the above
B
favorbale balance of payments
C
bartering goods for goods (or services)
D
unfavorbale balance of payments
11) What are offices located in major metropolitan areas throughout the United States that provide export assistance for small and medium sized businesses seeking to market their products to foreign countries called?
A
Foregin markets
B
Export Assistance Centers
C
Export Mangement Companies
D
Exporting
12) Do export management companies hurt establishing trading relationships?
A
False
B
True
13) When a company allows a foreign company to pay a fee and a share of the profits in return for using the company's brand name and a package of materials and services is called?
A
Outsourcing
B
Franchising
C
Global outsourcing
D
Foreign licensing
14) Allowing a company to use your product for a fee is called what?
A
Outsourcing
B
Franchising
C
Foreign licensing
D
Global outsourcing
15) What is outsourcing?
A
Using suppliers inside the company to provide goods and services.
B
Offshoring.
C
Shipping outside the US.
D
Using suppliers outside the company to provide goods and services.
16) Global outsourcing can also be called?
A
Offshoring
B
Franchising
C
Licensing
D
Contract manufacturing
17) A joint venture is when a foreign company shares the risks and rewards of starting a new enterprise together in a foreign company?
A
False
B
True
18) A foreign company that is totally owned and controlled by the parent company is?
A
Local base
B
All of the above
C
Foreign Subsidiary
D
Foreign Licensing
*select an answer for all questions
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