chapter 4

Question 0

Who said “No Nation was ever ruined by trade”?

Answer 0

Benjamin Franklin

Question 1

Currency rate is influence by

Answer 1

Domestic economic and political conditions
Central bank intervention
Balance-of-payments position
Speculation over future currency values

Question 2

When a country can maintain a monopoly or produce at a lower cost than any competitor. This is called_______.

Answer 2

Absolute advantage

Question 3

_____ is defined as “foreign-made products & services purchased by domestic consumers

Answer 3

Imports

Question 4

Taxes,surcharges, or duties on foreign products is called ______.

Answer 4

Tariffs

Question 5

________ produces an annual corruption index for business people & General public

Answer 5

Transparency international

Question 6

When a country can supply a product more efficiently and at a lower cost than it can supply other goods, compared with other countries. This is called _____

Answer 6

Comparative advantage

Question 7

The top three importing countries to the United States are _______ , _________ , ______

Answer 7

China,Canada & Mexico

Question 8

_____ is defined as “domestically produced goods and services sold in markets in other countries.”

Answer 8

Exports

Question 9

What are the three barriers to international trade?

Answer 9

Social and cultural barriers,economic barriers, legal and political barriers