Exam

Question 1

Exchange involving goods or services

Answer 1

International trade

Question 2

Brought into the domestic country

Answer 2

Import

Question 3

Sold to foreign country

Answer 3

Export

Question 4

According to him a country enjoys a comparative advantage in production if the resources are abundantly available within the country

Answer 4

Hecksher ohlin model

Question 5

A tax or duty that government charges on goods coming into or going out of their country

Excise that is paid on the sale of imported goods

Answer 5

Tariff

Question 6

A restriction on the quantity of a good that be imported into a country

Answer 6

Import quota

Question 7

The first purpose theory of comparative advantage
English political economics

Answer 7

David Ricardo

Question 8

Theory that a nation has absolute advantage when it can produce a larger amount of a good or service

Answer 8

Absolute advantage

Question 9

Scottish economics

First describe the principle of absolute advantage in the context of international trade in 1776

Answer 9

Adam Smith

Question 10

Does not restrict imports or exports allows traders without coercive inference from governmentt

Answer 10

Free trade

Question 11

Foreign companies can produce or offer goods in services more cheaply

Answer 11

Price

Question 12

Company sub road can offer good in services of a superior quality

Answer 12

Quality

Question 13

Impossible to produce that product domestically

Answer 13

Availability

Question 14

Demand for a product or service

Answer 14

Demand

Question 15

Theorem indicates that an increase in the price of a product rises

Answer 15

Stopler samuelson

Question 16

Subfield of economics

Answer 16

Trade theory

Question 17

Ideas customs and social behaviors

Answer 17

Culture

Question 18

Who are looking to operate internationally need to be aware of language barriers tone and body language

Answer 18

Business communication

Question 19

Have a different approach towards workplace confrontation rules and regulation and working hours

Answer 19

Workplace etiquette

Question 20

Encompasses organizational culture as well as national cultures and tradition

Answer 20

Cultural adaptation

Question 21

Companies must this place in sitivity towards different cultures

Answer 21

Entry into new markets

Question 22

Sign a contract between two parties

Answer 22

Business negotiation

Question 23

Individuals racing sense to interacting with other

Answer 23

Personal style

Question 24

Consisus decision making

Answer 24

Team organization

Question 25

Welcomes cross cultural people, ideas, and custom create a benchmark as an exclusive in diverse work space

Answer 25

Inclusion and diversity

Question 26

Unique management models and practices

Answer 26

Adapting management

Question 27

Predicts the country will export those goods

Answer 27

H o model

Question 28

Extension of the ricardian model

Answer 28

Specific factors

Question 29

Model does not directly consider factor endowment

Answer 29

Ricardian model

Question 30

Advantage

Answer 30

Competition Comparative advantage Economies of scale Transfer of technology More job creation

Question 31

Disadvantage

Answer 31

Overdependence Unfair to new companies Threat to national security Pressure on natural resources

Question 32

Importing goods from one country in exporting

Answer 32

Entrepot

Question 33

An exercise that is paid on the sale of importing goods

Answer 33

Tariff

Question 34

Is the field of economics that is concerned with economic interaction

Answer 34

International economies

Question 35

Ability of a party (an individual or firm or country)

Answer 35

Absolute advantage