BBB4M Unit 2 Review

What is globalization 

• An interdependence between countries of the world in which goods and products are diffused in other culture
• Organization world wide
• Trade
• None of the above

The set of beliefs, goals, and practices that a group of people share is known as: 

• behavior
• interdependence
• culture
• diffusion

What is International Trade

• Involves exporting and importing goods abroad.

• Involves exporting and importing goods within the UK

• Involves just importing goods from overseas

An example of domestic business is when a person living in Canada buys  a product made in Germany.

• True
• False

International business involves the buying and selling of products or services between countries.

• True
• False

Jewelry from Brazil is sold in stores in Utah.

• import
• export

One country can have a Comparative Advantage over another country with some products, and an Absolute Advantage over that same country in another product.

• True
• False

Absolute Advantage is the ability of a nation or region to produce more of a certain product than another country or region.

• True
• False

A tariff is when a _______ is put on an imported good

• Tax
• Limit
• Block

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

A block or restriction on trade with another country is called

• Tariff
• Embargo
• Quota