BML MidTerm 3 Question Preview (ID: 8047)

BML Midterm - Set 3.[print questions]

Goods and services purchased from other countries are called
a) exports
b) imports
c) furriners
d) stolen

The difference between the value of goods and services sold by a country and the value of goods and services bought by a country is the country's
a) balance of trade
b) balance of power
c) balance of payments
d) balance beam

Which of these is likely to cause the value of a country's currency to fall?
a) low interest rates
b) a civil war breaks out
c) more people wanting to buy goods and services from that country
d) more people wanting that country's currency

Cultural and social factors that affect international business include
a) climate, geography, and political stability
b) free agency, designated hitters, and the infield fly rule
c) balance in the force between Jedi and Sith
d) language, religion, and values

Which of these does not affect a country's level of economic development?
a) literacy level
b) technology and infrastructure
c) seasons of
d) agricultural dependency

Types of trade barriers include all of these EXCEPT
a) tariffs
b) duct tape
c) embargoes
d) quotas

Limits on the amount of an item that can be brought into or out of a country are called
a) tariffs
b) quotas
c) embargoes
d) tacos

Embargoes are
a) a complete ban on trade with a country or in a specific product or service.
b) a type of ship that moves a large quantity of goods.
c) what Tarzan does when he wants to buy a drink.
d) big fans of turtles.

An area where products can be imported duty-free and then stored, assembled or used in manufacturing is called a(n)
a) end zone
b) free trade zone
c) twilight zone
d) o-zone

What are the goals of the World Trade Organization?
a) blockading Naboo so they can not inform the rest of the Republic what the Trade Federation is up to.
b) Collecting every Pokemon card and then choosing the weakest one to fight.
c) Trading worlds, sort of like on Wife Swap.
d) lowering tariffs, helping poor countries with economic growth, and enforcing free trade agreements.

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