International Trade Quiz Vocabulary

What is International Marketing?

• The difference in value between a nation's exports and its imports

• Developing and performing marketing activities across national boundaries

• A limit on the amount of goods an importing country will accept for certain product categories in a specific period of time

• Government restrictions on the amount of a particular currency that can be bought or sold

What does Gross Domestic Product (GDP) measure?

• The market value of a nation's total output of goods and services for a given period; an overall measure of economic standing

• The concept that morality varies from one culture to another and that business practices are, therefore, differentially defined as right or wrong by particular cultures

• A duty levied by a nation on goods bought outside its borders and brought into the country

• An alliance that promotes trade among its member countries in Europe

What is an Import Tariff?

• An alliance that promotes the free circulation of goods, services, and trade

• A government's suspension of trade in a particular product or with a given country

• A duty levied by a nation on goods bought outside its borders and brought into the country

• The difference in value between a nation's exports and its imports

What is a Quota in terms of international trade?

• The concept that morality varies from one culture to another

• A limit on the amount of goods an importing country will accept for certain product categories in a specific period of time

• Government restrictions on the amount of a particular currency that can be bought or sold

• An alliance that merges Canada, Mexico, and the United States into a single market

What is an Embargo?

• The market value of a nation's total output of goods and services for a given period

• A government's suspension of trade in a particular product or with a given country

• The difference in value between a nation's exports and its imports

• An alliance that promotes trade among its member countries in Europe

What are Exchange Controls?

• Government restrictions on the amount of a particular currency that can be bought or sold

• A duty levied by a nation on goods bought outside its borders and brought into the country

• The market value of a nation's total output of goods and services for a given period

• An alliance that promotes the free circulation of goods, services, and trade

What does the Balance of Trade represent?

• The concept that morality varies from one culture to another

• The difference in value between a nation's exports and its imports

• A limit on the amount of goods an importing country will accept for certain product categories in a specific period of time

• An alliance that merges Canada, Mexico, and the United States into a single market

What is Cultural Relativism?

• An alliance that promotes trade among its member countries in Europe

• The difference in value between a nation's exports and its imports

• The concept that morality varies from one culture to another and that business practices are, therefore, differentially defined as right or wrong by particular cultures

• A government's suspension of trade in a particular product or with a given country

What is the United States-Mexico-Canada Agreement (USMCA)?

• An alliance that promotes the free circulation of goods, services, and trade

• A government's suspension of trade in a particular product or with a given country

• The difference in value between a nation's exports and its imports

• An alliance that merges Canada, Mexico, and the United States into a single market

What is the European Union (EU)?

• The market value of a nation's total output of goods and services for a given period

• An alliance that promotes trade among its member countries in Europe

• A duty levied by a nation on goods bought outside its borders and brought into the country

• The difference in value between a nation's exports and its imports