Intro to Business Spring 2019 Final

What are goods and services that one country buys from another country?

• imports
• exports

What are goods and services that one country sells to another country?

• exports
• imports

What is the difference in value between a country's imports and exports over a period of time?

• balance of trade
• comparative advantage
• comparative disadvantage 
• exchange rate

What is the ability of a county or company to produce a particular good more efficiently than another country or company?

• comparative advantage
• balance 
• comparative disadvantage
• exports

What is the price at which one currency can buy another currency?

• exchange rate
• balance of trade
• trade
• exchange commission 

What is the practice of the government putting limits on foreign trade to protect businesses at home?

• protectionism
• free trade
• balance of trade
• comparative advantage

What is a tax placed on imports to increase their price in the domestic market?

• tariff
• quota
• embargo
• free trade

What is a limit place on the quantities of a product that can be imported?

• quota
• tariff
• embargo
• free trade

What is a ban on the import or export of a product?

• embargo
• tariff
• quota
• free trade

What occurs when there are few or no limits on trade between countries?

• free trade
• tariff
• embargo
• quota