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Exporting and Importing quiz #2

컨트롤 버튼이 '내비게이션' 모드로 변경되었습니다.
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  • Global trade provides consumers with what?
    Global trade provides consumers with a greater variety of goods and lower prices.
  • What are goods and services sold to other countries called?
    Goods and services sold to other countries are called exports.
  • Globalization leads to more trade between which entities?
    Globalization leads to more trade between countries.
  • What term describes a ban or restriction on trade with another country?
    An embargo describes a ban or restriction on trade with another country.
  • The ____________________ is based on the prices of merchandise that are exported or imported.
    The terms of trade are based on the prices of merchandise that are exported or imported.
  • What are two reasons a business should follow an international strategy?
    Businesses should follow an international strategy to access new markets and benefit from comparative advantage.
  • When are net exports negative?
    Net exports are negative when a country's imports exceed its exports.
  • What occurs when a company practices dumping?
    Dumping occurs when a company sells goods in a foreign market at prices below their cost or domestic price.
  • As it pertains to trade policy, what does a 'beggar thy neighbor' policy represent?
    A 'beggar thy neighbor' policy refers to trade practices that benefit one country at the expense of others, often through protectionism.
  • Canada is considering imposing a tax on imports of Chinese solar panels. What is this tax called?
    This tax is called a tariff.
  • Purchasing products or materials in other nations and bringing them into one's own country is called what?
    This is called importing.
  • One advantage of free trade is what?
    One advantage of free trade is increased national welfare due to gains from trade.
  • Companies seek to access international markets as a means of what?
    Companies seek international markets to increase sales and profits.
  • What is an economy with a larger involvement in foreign trade called?
    An economy with a larger involvement in foreign trade is called an open economy.