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BUS10 Chapter 3

The US has enjoyed a trade surplus during the last two decades
False
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
True
Quotas may be set on worldwide imports or on imports from a specific country
True
A firm that has no ties to a specific nation or region and operates on a worldwide scale is called a national enterprise
False
Countertrade is losing its importance in international trade
False
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
True
Comparitive advantage is the ability to produce a specific product more efficiently than any other nation
False
Balance of payments is a much broader concept than balance of trade
True
Cultural barriers can impede acceptance of products in foreign countries
True
A letter of credit is issued in favor of the importer
False
A complete halt to trading with a particular nation or in a particular product is called an embargo
True
When the US recently imported $1,933 billion in merchandise and services and exported $1,555 billion, it had a trade deficit
True
Due to worldwide trade restrictions, international business is declining in volume
False
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
False
Purchasing raw materials or products in other nations and bringing them into one’s country is known as importing
True
The participants in the Kennedy Round have succeeded in reducing tariffs by less than 20%
False
Absolute advantage is the ability to produce a specific product more efficiently than any other nation
True
Strategic alliances are partnerships formed to create competitive advantage on a worldwide basis
True
A trading company provides a link between buyers and sellers in different countries
True
The Doha Round of negotiations focuses on industrial and nontariff barriers, agriculture, services, and easing trade rules
True

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