Fashion Merchandising - Obj. 2.04 Pop Quiz

Due to its importing of more products than it exports, the United States:

• has a surplus of goods.

• has no trade deficit.

• has a large trade deficit.

What is the relationship between the values of a country’s imports and exports?

• Protectionism

• Offshore production

• Balance of trade

The United States and Switzerland share the production of a new high-quality line of chocolates. This is an example of:

• full package production.

• joint venture.

• economy of scale.

The United States has a large trade deficit because of which of its actions?

• Charges high taxes on imports

• Imports more products than it exports

What is the open trading zone among the United States, Canada, and Mexico?

• North American Free Trade Agreement

• Multinational corporation

• Import commission house

Michelle works for a company that operates globally with direct investments in several different countries. Michelle's company represents a/an:

• joint venture.

• import commission house.

• multinational corporation.

• major trade region.

Australia is known for their high standard of living and relatively low cost of doing business. Which aspect of global trade does this describe?

• Globalization

• parity

• Economic climate

If the United States levies taxes on goods coming into it, which taxes are charged?

• Quotas

• Exemptions

• Delivery fees

Which aspect of global trade examines the relationship between a country’s exports and imports and is usually expressed as a surplus or deficit?

• Comparative advantage

• Balance of trade

• Globalization

Which aspect of global trade refers to a country’s purchasing power, standard of living, and relative cost of doing business?

• Globalization

• Balance of trade

• Economic climate

• Comparative advantage