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.

A country’s culture, traditions, and religion can sometimes act as informal trade barriers.

In a free-trade zone, member countries agree to remove duties and trade barriers on products traded among them.

Multinational companies sometimes control a country’s political power.

Franchising is selling the right to use a trademark or brand name for a fee or royalty.

One goal of the World Trade Organization is to eliminate import quotas.

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?

Infrastructure refers to a country’s

Which of the following tends to discourage international trade?

Which of the following is an example of a global strategy?

An agreement between two or more companies to share a business project is called

This group helps maintain an orderly system of world exchange rates.

Items bought from other countries.

A tax that a government places on certain imported products.

Occurs when a country sells more than it buys.

A limit on the quantity of a product that may be imported or exported.

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

The cost of using someone else’s money.

Completely prohibiting the import or export of a product.

Items sold to other countries.

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

Occurs when a country buys more than it sells.

The difference between a country’s total exports and total imports is called balance of

The difference between the amount of money that comes into a country and the amount that goes out of it is called balance of

The three main factors that affect currency exchange rates among countries are the country’s balance of payments, economic conditions, and

The three key effects on a country’s level of economic development are __________, technology, and agricultural dependency.

A(n)__________company is an organization that does business in several countries.