BUS 508 CHAPTER 4 QUIZ
BUS 508 CHAPTER 4 QUIZ
1.
________ is the
second most widely spoken language in the world, followed by Hindustani,
Spanish, Russian, and Arabic.
2.
The ________ is
the rate at which its currency can be exchanged for the currencies of other
nations.
3.
A ________ is a
barter agreement whereby trade between two or more nations involves payment
made in the form of local products instead of currency.
4.
Nontariff, or
administrative, trade barriers restrict imports in more subtle ways than
tariffs.
5.
________ are
foreign-made products purchased by domestic consumers.
6.
To regulate
international commerce, the United States and many other countries have
ratified treaties and signed agreements that dictate the conduct of
international business and protect some of its activities.
7.
A nation cannot
develop a comparative advantage if it can supply its products more efficiently
and at a lower price than it can supply other goods, compared with the outputs
of other countries.
8.
English is the
third most widely spoken language in the world, followed by Spanish, Hindi,
Arabic, and Bengali.
9.
A country has an
________ in making a product for which it can maintain a monopoly or that it
can produce at a lower cost than any competitor.
10.
________ refers
to basic systems of communication, transportation, and energy facilities in a
country.
11.
A key
disadvantage of subcontracting is that companies cannot always control their
subcontractors’ business practices.
12.
A company has an
________ in making a product for which it can maintain a monopoly or that it
can produce at a lower cost than any competitor.
13.
A ________ is an
international agreement that involves hiring local companies to produce,
distribute, or sell goods or services in a specific country or geographical
region.
14.
________ imposes
a total ban on importing a specified product or even a total halt to trading
with a particular country.
15.
Some laws
protect the rights of foreign companies to compete in the United States.
16.
In a ________,
one firm allows another to produce or sell its product, or use its trademark,
patent, or manufacturing processes, in a specific geographical area.
17.
A devalued
currency may make a nation more desirable as an export destination because of
reduced demand in that market.
18.
All businesses
encounter barriers in their operations, whether they sell only to local customers
or trade in international markets.
19.
An important
factor in any international business investment is the stability of the
political climate.
20.
International
trade is vital to a nation and its business because it boosts economic growth
by providing a market for its products and access to needed resources.
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