test 1 review part 9

Question 1

United States’ biggest trade partners are Canada, Mexico and China. (T/F)

Answer 1

True

Question 2

which Country heavily pushed for
Privatization from the 2008s to 2011.

Answer 2

Poland

Question 3

Unlike inequality, power distance is defined from below, not from above, and suggests that a society’s level of inequality is endorsed by followers as
well as by leaders.

Answer 3

True

Question 4

Which international trade theory states that nations will attain a higher level of living by specializing in goods for which they possess a comparative advantage and importing those for which they have a comparative disadvantage?

A. Absolute advantage theory
B. International trade theory
C. Mercantilism
D. Heckscher-Ohlin theory

Answer 4

B. International trade theory

Question 5

what non-renewable resource comes from Shale

Answer 5

Oil

Question 6

A country’s attempt to apply its laws to nonresidents and foreigners, and to
activities that take place beyond its borders

Answer 6

Extraterritorial application of laws

Question 7

specifies the rights of seller and buyer in international trade

Answer 7

UN Convention on the International Sale of Goods (CISG)