3 - 3 Student: _ 1. Today, over 90% of the companies doing...

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3 Student: _______________________________________________________________________________________ True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False 1. Today, over 90% of the companies doing business globally believe it is important for their employees to have experience working in other countries. 2. Importing is the selling of products to another country. 3. Exporting is the selling of products to another country. 4. The United States imports more products and services than any nation in the world. 5. The United States is the largest exporter in the world. 6. While the U.S. is a large exporter, Germany exports a higher percentage of their GDP. 7. Competition in exporting is very intense. 8. One reason countries trade with other countries is that even technologically advanced nations cannot produce all the products their people want and need. 9. Free trade is the movement of goods and services between nations without political or economic barriers. 10. Global trade is the exchange of goods and services between countries. 11. Global trade includes the exchange of art, sports, and cultural events. 12. Absolute advantage is the basis for most global trade today. 13. Comparative advantage theory states that a country should sell to other countries those products that it produces most efficiently and buy from other countries those products it cannot produce as efficiently. 14. A country has an absolute advantage if it has a monopoly in the production of a specific product or is able to produce it more efficiently than all other nations. 15. Today, there are more countries that have some form of absolute advantage in a product or service, than years ago. 16. Free trade results in a mutually beneficial exchange between and among nations. 17. Global trade in services and entertainment has lagged behind the global trade of products. 18. With respect to free trade, many U.S. citizens prefer "fair trade, not free trade."
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True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False 19. Opportunities for college graduates in international business continue to decrease as it gets more expensive to travel abroad. 20. An example of a U.S. import would be the purchase of oil by U.S. companies from Saudi Arabia. 21. According to the theory of comparative advantage, a country should buy from other countries those goods it produces most efficiently. 22. In order to enjoy the highest standard of living possible, comparative advantage theory states that all nations should strive to become self- sufficient. 23. Products made in Canada are sold in the U.S. because these two nations agree to eliminate economic and political barriers between
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3 - 3 Student: _ 1. Today, over 90% of the companies doing...

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