Without foreign trade, many things you buy would cost more or not be available.

If a country exports more than it imports, it has a trade surplus.

The value of currency in one country compared with the value in another is called the interest rate.

An economy that is largely involved in agriculture is generally unable to provide its citizens with a large number of high-quality products.

Which of the following situations represents an absolute advantage?

Which of the following products is NOT imported to the United States in any great quantity?

The amount a country owes to other countries is called

Which of the following would likely cause the value of the dollar to RISE?

Danielle’s company is expanding into Korea and has asked her to research the language, customs, and values of the Korean people. Which aspect of the international business environment is Danielle investigating?

Exists when a country can produce a good or service at a lower cost than other countries.

Exists when a country specializes in the production of a good or service at which it is relatively more efficient.

Maintains a system of world trade and exchange rates

Created after World War II to provide loans for rebuilding

Settles trade disputes and enforces free-trade agreements between member countries

Does away with taxes on goods traded among the member countries