international business quiz

Study of governments and nations, industries and economies

• Micro-econimics

• Macro- economics

• Trade surplus

• trade deficit

Items that a country ships out (a)  

A trade surplus happens when ​ ​ (a)   >​ (b)  

A trade deficit happens when ​ (c)   >​ (d)  

• Exports
• Imports
• micro economics
• Macro economics
• comparitive advantage
• absolute advantage

What is most favorable for a countries economy

• trade surplus

• embargo

• trade deficit

• Trade deficit

​ ​ ​ ​ (a)   has the absolute advantage chocolate​. ​ (b)   has the absolute advantage in grapes

​

• Switzerland
• Brazil

​ ​ ​ ​ (a)   has the comparative advantage chocolate​. ​ (b)   has the comparative advantage in grapes

​

• Switzerland
• Brazil

When a country can produce a good at a lower cost and more efficiently than other countries

• Comparative advantage

• Trade surplus

• Absolute advantage

• Trade deficit

When a country has an advantage in more than one area, it specializes in the production of the good that is more efficient

• Comparative advantage

• Trade surplus

• Absolute advantage

• Trade deficit

Match the following

• International trade with no barriers or restrictions

• Tariff

• complete stoppage or halt of all imports and exports. Could be with country or on                  

• Embargo

• Taxes on imports/exports

• Quota

•  Quantity limit set on # of imports and exports

• Free trade

__ strategy is using the same strategy and goals across the globe

• Quota

• Multi-national

• Franchising

• Global