International Business Final Exam Study Guide

All countries are considered to be self-sufficient.

• true

• false

The US has trade agreements with every country in the world.

• True

• False

The opposite of protectionism is free trade.

• True

• False

Minimum wage laws are one way that governments can regulate the workforce.

• True

• False

Canada both imports AND exports oil.

• True

• False

Starbucks is an international business. Dunkin’ is a global business.

• True

• False

A country’s central bank uses monetary policy to smooth out the business cycle.

• TRUE

• False

North Korea has an absolute advantage in its tourism industry. FALSE

• True

• FALSE

The relationship between the amount of a good or service that businesses are willing and able to make available and the price.

• Supply

• Demand

• Market price

• Inflation

The relationship between the amount of a good or service that consumers are willing and able to purchase and the price.

• Supply

• Demand

• Market price:

• Inflation