Exam 3: The World Marketplace: Business Without Borders

Which of the following countries has a trade surplus?

Openi, an island nation, is able to increase its textile production without having to compromise on the production of other materials. This is in contrast to other nations that need to lower the production of other materials to increase their textile production. In this scenario, Openi has a _____ in textile production.

Mewpeth, an Asian nation, is the world's largest producer of cotton. The country was able to achieve this status by increasing the production of cotton and compromising on the production of wheat. The given scenario exemplifies the concept of _____.

In the context of global trade, which of the following statements is true of balance of payments?

The__________is an organization of 188 member nations that promotes global economic cooperation and stable growth.

Ithilium, a European country, is able to produce more electronics than Kilim, a North American country, even though both countries use the same amount of resources. Given this information, it can be deduced that Ithilium has a(n):

Consider an exchange rate situation in which 1 Indian rupee equals 0.40 Japanese yen. Given this information, which of the following statements is true?

Clark and Nestor start a catering business together. They sign a legal contract that states that the business is owned by them. The agreement also states that they will have an equal share in the profits of the business and will be equally liable for any losses incurred by the business. This scenario exemplifies _____.

Bresnee, a European automobile company, plans to sell its automobiles in Lador, an Asian country. To do this, Bresnee has to make certain modifications in its marketing strategy such as using the regional language of Lador in its advertisements. Without such changes, Bresnee would not be able to establish a market in the country. In the given scenario, Bresnee is most likely facing the barrier of _____.

In the fiscal year 2015-2016, Nescarto, an African country, imported goods worth $18 million and exported goods worth $20 million. It also borrowed $40 million from other countries. In this scenario, Nescarto had a _____ during 2015-2016.

Which of the following is a function of the International Monetary Fund (IMF)?

When the total value of a nation's exports is higher than the total value of its imports, that country has a(n) _____.

Nakato, a South Asian country, exported goods worth $500 million and imported goods worth $400 million in the last fiscal year. The country also made foreign investments worth $300 million and provided foreign aid worth $100 million in disaster relief. Besides this, the country took a loan of $5 billion from the World Bank. This flow of money into and out of Nakato is measured by _____.

Although a trade deficit signals the wealth of an economy that can afford to buy huge amounts of foreign products, a large deficit can be destabilizing.

__________range from simple barter to a complex web of exchanges that end up meeting the needs of multiple parties.

Umeron, a European country, wants to import 18 million bales of cotton from Trumberton, an Asian country. However, Umeron is able to import only 10 million bales because Umeron's import laws limit the amount of cotton and jute that can be imported. In the given scenario, the government of Umeron has imposed a(n) _____ to restrict international trade.

__________refers to the unrestricted movement of goods and services across international borders.

Neminski, an Arab country, is renowned for its rich oil reserves. It earns approximately $1.3 billion annually by selling crude oil to other countries. Given this information, Neminski is most likely involved in _____.

Esterotia, a European country, requires red-tape-intensive licenses for all alcohol imports. In this scenario, which of the following types of trade restrictions does the country use?

Nessi Bru, an American construction firm, and West Brook Inc., a Canadian construction firm, collaborated on an infrastructure project to build a railway track from Regina in Canada to Minneapolis in the United States. They shared their resources, risks, and profits, but they still functioned as two independent firms. In this scenario, Nessi Bru and West Brook Inc. were most likely involved in _____.