Exporting and Importing quiz #2 Flashcards
Exporting and Importing quiz #2
You can tap to flip the card.
Control buttons has been changed to "navigation" mode.
1/14Skip to main content
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.
04:
