BSAD 1050 Chapter 3 Test Review

Because the United States produced hospital surgical equipment more efficiently than any other country, the U.S. has a(n) _____ advantage in its production.

comparative

_____ is a form of barter in which countries trade goods and services.

countertrade

A country's _____ is its set of shared beliefs, values, and social norms in a society.

culture

_____ is the act of charging a lower price for a product in foreign markets than in its home market in order to win customers or get rid of a surplus.

dumping

Meter-Man Inc. manufactures agricultural measuring devices in a small town in Minnesota. Meter-Man sells these devices to farmers in Brazil, Venezuela, and Argentina. Meter-Man is _____ measuring devices to South American nations.

exporting

Mariah Dover cashed her $100 traveler's check in Riga, the capital of Latvia. At the current _____ rate, she received $61.82 in Latvian currency from the bank teller who took her traveler's check.

floating exchange

Japan has limited the number of pounds of citrus fruit that can be imported into the country. This limitation is called a(n) _____.

import quota

South-Western College Publishing publishes business textbooks. A percentage of the books it publishes are sold to students in Canada. The textbooks are _____ to the Canada market.

imports

The newest free trade agreement is the _____. Participants in this agreement are the United States, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Nicaragua, and Honduras.

CAFTA (Central American Free Trade Agreement)

_____ is a trade agreement among Argentina, Brazil, Paraguay, and Uruguay that eliminates most tariffs among the member nations.

Mercosur

The _____, formerly the International Bank for Reconstruction and Development, is a bank that offers low-interest loans to developing nations.

World Bank

_____ is a legal process whereby a domestic firm gives a foreign firm the right to use its patents, trademarks, brands, products, and company name. The foreign firm will pay a royalty or fee agreed on by both parties.

licensing

_____ are corporations that move resources, goods, services, and skills across national boundaries without regard to the country in which their headquarters are located.

multinational corporations

_____ is the sense of national consciousness that boosts the culture and interests of one country over those of other countries.

nationalism

The United States imposes a(n) _____, a tax, on all imported bicycles.

tariff