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