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Jeopardy

Jeopardy. Chapter 3. Business in the Global Economy. Domestic business refers to business activities needed for creating, shipping, and selling goods across national borders. F. Without foreign trade, many things you buy would cost more or not be available. T.

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Jeopardy

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  1. Jeopardy Chapter 3

  2. Business in the Global Economy

  3. Domestic business refers to business activities needed for creating, shipping, and selling goods across national borders. F

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

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

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

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

  8. A country’s culture, traditions, and religion can sometimes act as informal trade barriers. T

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

  10. Which of the following situations represents an absolute advantage? • Saudi Arabia in fresh fish production • Honduras in banana production • Canada in rice production • Norway in orange and grapefruit production. B

  11. Which of the following products is NOT imported to the United States in any great quantity? • milk • oil • coffee • Silk A

  12. The amount a country owes to other countries is called • national debt • foreign debt • trade deficit • balance of payments. B

  13. Which of the following would likely cause the value of the dollar to RISE? • a increased U.S. trade deficit • higher U.S. interest rates • lower U.S. inflation • Saudi Arabia doubles the price of the oil it sells the U.S. C

  14. Infrastructure refers to a country’s • educational system • system of local government • transportation, communication, and utility systems • legal system C

  15. Which of the following tends to discourage international trade? • an embargo • a free-trade zone • a free-trade agreement • a common market A

  16. MC • An agreement between two or more companies to share a business project is called • licensing • Franchising • a proprietorship • a joint venture. D

  17. Items bought from other countries. imports

  18. A tax that a government places on certain imported products. tariff

  19. Occurs when a country sells more than it buys. trade surplus

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

  21. Exists when a country can produce a good or service at a lower cost then other countries. absolute advantage

  22. The cost of using someone else’s money. interest rate

  23. Completely prohibiting the import or export of a product. embargo

  24. MC • This group helps maintain an orderly system of world exchange rates. • International Monetary Fund • World Trade Organization • World Bank • European Union. A

  25. Definition • Items sold to other countries. exports

  26. True/False • MNCs sometimes control a country’s political power. T

  27. True/False • Franchising is selling the right to use a trademark or brand name for a fee or royalty. F

  28. True/False • One goal of the World Trade Organization is to eliminate import quotas. T

  29. Definition • Occurs when a country buys more than it sells. trade deficit

  30. 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? • Geography • economic development • political and legal concerns • cultural influences. D

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