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Chapter Quiz
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1
Global business is the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.
A)True
B)False
2
The global market is smaller than the American market.
A)True
B)False
3
Global trade is the exchange of goods and services across national borders.
A)True
B)False
4
The balance of trade is a nation's ratio of imports to exports.
A)True
B)False
5
Trade protectionism is the use of government regulations to expand the import of goods and services.
A)True
B)False
6
A country has a(n) __________ advantage if it has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries.
A)country
B)efficiency
C)absolute
D)comparative
7
The balance of trade is ____________________.
A)the number used in countertrade to be sure the trade is fair.
B)a nation's ratio of exports to imports.
C)the value of a country's exports.
D)the value of a country's imports.
8
__________ is the use of government regulations to limit the import of goods and services.
A)Trade deficit
B)Trade balancing
C)Trade protectionism
D)Trade advancement
9
A firm may decide to compete in a global market by __________ the right to manufacture its product or use its trademark to a foreign company for a fee.
A)franchising
B)licensing
C)exporting
D)using foreign direct investment
10
__________ is an attitude that one's own culture is superior to all others.
A)Ethnocentricity
B)Superior ethnicity
C)Cultural supremacy
D)Sociocultural elitism





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