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WorksheetsBUS CH03-1
Total questions: 6
Worksheet time: 3mins
_______ is buying products from another country.
Importing
Outsourcing
Retailing
Exporting
The theory of ____ states that a nation should produce and sell goods to other countries that it produces most efficiently and buy goods from other nations that they produce more efficiently.
absolute advantage
comparative advantage
mercantilism
bilateral advantage
An unfavorable balance of trade occurs when the value of:
Imports equal the value of exports
Cash inflows are equal to the value of cash outflows
Imports exceed the value of exports
Exports exceed the value of imports
The president of Auto Parts of America Corporation recently testified before Congress, urging them to limit the flow of imported automobile parts in the US. He contended that these imports were priced lower than foreign producers were charging for them in their own countries. He believes foreign producers were:
exhibiting ethnocentricity
promoting free trade
exercising trade deficits
dumping
The largest importer in the global market today is:
Germany
The United States
Russia
Japan
An important principle for firms desiring to export is:
sell to countries with high standards of living.
keep in mind that American methods are probably always best.
find a need in the global market and fill it.
if your product sells well in the US it will sell well globally.
