Chapter 3 Business Essentials Review

Front

Which of the following would be an example of international business? A farmer in Kansas using equipment made in Ohio, A restaurant in Kansas City serving Italian food, A sales staff in Texas representing a foreign producer, A retail store in New York selling craft items from local artists

Back

A sales staff in Texas representing a foreign producer

Front

When a country's imports exceed its exports, there is a trade

Back

deficit

Front

When a country's exports exceed its imports, there is a trade

Back

surplus

Front

Infrastructure is a significant factor that affects the economic development of a country.

Back

True

Front

An informal trade barrier is created by government action.

Back

False

Front

A country that wishes to enhance international trade activities would most likely use

Back

a common market

Front

Religion is an element of the ____ component of the international business environment.

Back

cultural

Front

Is foreign debt the amount of money that other countries owe the United States?

Back

No

Front

If a country imports more than it exports, does it have a trade deficit?

Back

Yes

Front

Does supply and demand affect the exchange rate?

Back

Yes