International Business 101
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This 1 page Class Notes was uploaded by Nia Notetaker on Thursday December 17, 2015. The Class Notes belongs to 101 at Old Dominion University taught by Jennifer Usis in Fall 2015. Since its upload, it has received 27 views. For similar materials see Introduction to Business in Business at Old Dominion University.
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Date Created: 12/17/15
7 8 9 A country has an ABSOLUTE advantage if it has a monopoly on producing a speci c product or is able to produce it more ef ciently than all other countries The balance of trade is a nation39s ratio of imports to eXports FALSE Trade protectionism is the use of government regulations to limit the import of goods and serVices 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 TRUE Trade protectionism is the use of government regulations to eXpand the import of goods and serVices FALSE A rm may decide to compete in a global market by LICENSING the right to manufacture its product or use its trademark to a foreign company for a fee The global market is smaller than the American market FALSE Ethnocentricity is an attitude that one39s own culture is superior to all others The balance of trade is a nation39s ratio of eXports to imports 10 Global trade is the exchange of goods and serVices across national border TRUE
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