Please enter something
Home Page Law Civil Law Business Law BUS10 Chapter 3 - Flashcards

BUS10 Chapter 3 – Flashcards

Lesly Ford
8 July 2022
20 test answers

Unlock all answers in this set

Unlock answers 20
question
The US has enjoyed a trade surplus during the last two decades
answer
False
question
A limit on the amount of a particular good that may be imported into a country during a given period of time is called an import quota
answer
True
question
Quotas may be set on worldwide imports or on imports from a specific country
answer
True
question
A firm that has no ties to a specific nation or region and operates on a worldwide scale is called a national enterprise
answer
False
question
Countertrade is losing its importance in international trade
answer
False
Unlock the answer
question
An international organization that includes the US and several other countries and whose goal is to reduce or eliminate tariffs and other barriers to world trade is commonly referred to as GATT
answer
True
Unlock the answer
question
Comparitive advantage is the ability to produce a specific product more efficiently than any other nation
answer
False
Unlock the answer
question
Balance of payments is a much broader concept than balance of trade
answer
True
Unlock the answer
question
Cultural barriers can impede acceptance of products in foreign countries
answer
True
Unlock the answer
question
A letter of credit is issued in favor of the importer
answer
False
Unlock the answer
question
A complete halt to trading with a particular nation or in a particular product is called an embargo
answer
True
Unlock the answer
question
When the US recently imported $1,933 billion in merchandise and services and exported $1,555 billion, it had a trade deficit
answer
True
Unlock the answer
question
Due to worldwide trade restrictions, international business is declining in volume
answer
False
Unlock the answer
question
The total flow of money into a country less the total flow of money out of the country over some period of time is called the nation's balance of trade
answer
False
Unlock the answer
question
Purchasing raw materials or products in other nations and bringing them into one's country is known as importing
answer
True
Unlock the answer
question
The participants in the Kennedy Round have succeeded in reducing tariffs by less than 20%
answer
False
Unlock the answer
question
Absolute advantage is the ability to produce a specific product more efficiently than any other nation
answer
True
Unlock the answer
question
Strategic alliances are partnerships formed to create competitive advantage on a worldwide basis
answer
True
Unlock the answer
question
A trading company provides a link between buyers and sellers in different countries
answer
True
Unlock the answer
question
The Doha Round of negotiations focuses on industrial and nontariff barriers, agriculture, services, and easing trade rules
answer
True
Unlock the answer
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New
Get unstuck with AI assistant right now
  • Enter your topic/question
  • Receive an explanation
Pro tips to get quality response
  • Ask one question at a time
  • Enter a specific assignment topic
  • Aim at least 500 characters
Question
What is the right structure for an essay
Answer
A paragraph is a related group of sentences that develops one main idea. Each paragraph in the body of the essay should contain:
  • a topic sentence that states the main or controlling idea
  • supporting sentences to explain and develop the point you’re making
  • evidence from your reading or an example from the subject area that supports your point
  • analysis of the implication/significance/impact of the evidence finished off with a critical conclusion you have drawn from the evidence.