Intro to Business unit 2

the ___ is defined as the difference in value of a country's exports and imports over a period Of time.

balance of trade

Canadian Logging Company still Timber and the United States. To the US, the timber is a ____ and for Canadians, the timber is a____

import, export

____ are products that are bought from one country for using another just as the u.s. buys wood pulp and Timber from Canada

imports

a company that has a global vision

recognizes and reacts to international business opportunities

Jules S. had always love reptiles. When he was asked buy a movie producer if he could locate some anaconda snakes for a movie, a business is born. Jules S. is an example of a

sole proprietorship

International Trade dependent jobs have grown at a rate 3 times the growth of us dependent jobs

true

a disadvantage of a partnership is that any partner may have to pay all of the debts of the company regardless of who entered the debts

true

one of the disadvantages of the sole proprietorship is that the owner has unlimited liability

true

the corporation board of directors elects corporate officers

true

the difference in value between a country's imports and exports is called its balance of trade

true

of all forms of business ownership, corporations account for the largest share of both

sales and profit

the most common form of business organization is the

sole proprietorship

what type of business organization experiences the least government regulation?

sole proprietorship

the opposite of free trade is protectionism

true

the tax that the United States imposes on imported carbon steel products is called a tariff

true

Botswana produce is Diamond, copper, nickel, soda ash, meat, and textiles, which is sold to the members of the European Union. To Botswana the diamonds copper-nickel soda ash meet and textiles that produces are examples of

exports

___ are goods and services that are made in one country and sold to other countries

exports

____ are goods and services that are made in one country and sold to other countries

exports

according to the principle of absolute Advantage, each country should specialize in the products that it can produce most readily and cheaply and trade those products for products that foreign countries can produce most readily and cheaply

false

in a limited partnership, all of the partners have limited liability.

false

registration procedures for incorporation are uniform from state to state across the u.s.

false

the sole proprietorship is considered a legal entity, therefore, it is taxed separately from the owner

false