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20 Cards in this Set

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tf ability to produce a specific product more efficiently than any other nation is called comparative advantage

F

tf international business consists of all business activities that involve exchanges across national boundaries

T

tf balance of trade is the total value of a country's exports less the total value of its imports over some period of time

T

tf an argument for trade restriction is that it protects national security

T

tf the general agreement of tariffs and trade is an international organization whose goal is to reduce or eliminate tariffs and other barriers to world trade

T

selling & shipping of raw materials or products to other nations is called __

exporting

type of trade restriction that limits the amount of a particular good that may be imported into a country during a given period of time is __

import quota

organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies is __

economic community

firm that operates on a worldwide scale is called__

multinational enterprise

which of the following arranges the scale of products to foreign intermediaries for a commission or fee

export/import agent

tf absolute advantage is the ability to produce a specific product more efficiently than any other products

F

tf balance of payments is the total value of a country's exports less the total value of its imports

F

tf exporting is purchasing raw materials or products in other nations and bringing them into one's own country

F

tf argument against trade restrictions is that they limit consumers' choices

T

tf licensing is a contractual agreement in which one firm permits another to produce and marketing its product and to use its brand name in return for a royalty or other compensation

T

reduction of the value of a nation's currency relative to the currencies of other countries is called______

currency devaluation

extends and guarantees credit to overseas buyers of american goods and services, guarantees short-term financing for export, and discounts negotiable instruments that arise from export transactions

Eximbank

argument against trade restriction is__

misallocation of international resources

international bank that makes short-term loans to countries experiencing balance-of-payment deficits is the __

International monetary fund

partnership with a foreign country that can provide immediate market knowledge and access reduced risk and control over product attributes is

Joint venture