Global Business Quiz

What is the definition of 'Culture' in the context of global business?

• The process of changing an industry from public to private ownership.

• The accepted behaviors, customs, and values of a society.

• The amount a country owes to other countries.

• The monthly United States federal government report on inflation.

What are 'Exports'?

• Products sold within a country.

• Products bought from businesses in other countries.

• Products sold in other countries.

• Restrictions that reduce free trade among countries.

What does 'Comparative Advantage' refer to?

• A country's ability to produce a good or service at a lower cost than other countries.

• The difference between a country's exports and imports.

• A situation where a country specializes in the production of a good or service at which it is relatively more efficient.

• The amount a country owes to other countries.

What is 'Gross Domestic Product (GDP)'?

• A measure of the total value of all goods and services produced by the resources of a country.

• A measure of the productive output of a country within its borders, including items produced with foreign resources.

• The monthly United States federal government report on inflation.

• The three types of resources used to produce goods and services.

What does 'Infrastructure' refer to in a nation?

• The accepted behaviors, customs, and values of a society.

• The process of changing an industry from public to private ownership.

• A nation’s transportation, communication, and utility systems.

• The limited resources available to satisfy the unlimited wants and needs of people.

What is the belief that the group is more important than the individual?

• Individualism

• Collectivism

• Ethnocentrism

• Subculture

Which term describes a complete ban on any trade with a particular country?

• Quota

• Boycott

• Trade Embargo

• Expropriation

What is the term for a type of nonverbal communication involving facial expressions and gestures?

• Verbal Communication

• Body Language

• Cultural Baggage

• Democracy

What is the term for a limit on the amount of a product that can be imported from a given country?

• Quota

• Tax Holiday

• Free Trade Zone

• Protectionism

What is the term for a designated area where products can be imported duty-free?

• Free Trade Zone

• Host Country

• Home Country

• Economic Nationalism