Exam 2: The Evolution of International Business

In the 3,000 B.C.,Sumerian farmers realized that the grain surplus they produced could be used as barter for things they did not have.Therefore,the Sumerians obtained copper from Sinai Desert traders who were located several hundred miles to the west in order to make weapons and repel nomadic raiders.The Sumerians engaged in _____

Of the following,which is NOT in the geo-political category of managed trade?

Competitive industrial structures are unlikely to create innovative or dynamic firms willing to compete abroad.However,a monopolistic industry will foster innovative,cost efficient,aggressive firms that can adjust to changing economic conditions at home and will be well prepared to compete abroad.

One way international trade benefits consumers is by providing lower living standards.

_______ refers to regulations that limit the amount or number of units of products that can be imported to a country.

During the mid-18^th century,British economist ________,who came to be known as the father of free market and open trade systems,recognized the absurdity of Mercantilism.

The U.S.government may require that apparel imported into the United States should use U.S.cotton,or use a certain amount of American labor.This is an example of a(n)_____.

Of the following statements about trade,which is NOT true?

As of 2013,was the world's largest economy,followed by _____ and _____.

It is estimated that for every billion dollars worth of exports from the United States,100,000 domestic jobs are created.

Mercantilists believed that for a nation to become wealthy,that nation must export as much as possible and,in turn,import as little as possible.

The _____ states that when factors are allowed to move freely among trading nations,efficiency increases,which leads to price of factors becoming equal among countries.

When the value of ______ exceeds the value of ______,this refers to trade surplus.

The ability of one country that has an absolute advantage in the production of two or more goods (or services)to produce one of them relatively more efficiently than the other is called a(n)_____.

Under a preferential duties system,goods imported from a country outside the preferred group are subject to a higher tariff.

Mercantilism refers to a theory of international trade that supports the premise that a nation could only gain from trade if it had a trade ______.

_____ refers to agreements,sometimes temporary,between countries (or a group of countries)that aim at achieving certain trade outcomes.

The United States,the European Union,and Australia imposed various trade sanctions on _____ because of that country's annexation of Crimea and military actin in east Ukraine.

A specific tariff describes a tax on imports levied as a constant percentage of the monetary value of one unit of the imported good.

Which of the following would NOT be considered a factor of production?