Answer TRUE Diff 2 Skill Concept Objective 6 23 103 Where is the majority of

Answer true diff 2 skill concept objective 6 23 103

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Answer: TRUEDiff: 2Skill: ConceptObjective: 623
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103) Where is the majority of the world's current economic activity conducted?Answer: About 57% of the world's current economic activity is conducted in North America, theEU and Japan.Diff: 2Skill: ApplicationObjective: 1104) Which country possesses the world's largest economy? Why do you think international trade is such a small component of the U.S. economy?Answer: The United States has the world's largest economy, accounting for almost 21 percent of the world's GDP. Although international trade has become increasingly more important during the past decade, it is a relatively small component of the U.S. economy. U.S. exports of goods and services in 2012 totaled $2.9 trillion but were only 14 percent of its GDP. However, this figure is somewhat misleading. Because of the country's large size, trade that might be counted as international in smaller countries is considered domestic in the United States. For example, themoney spent for a hotel room in neighboring Belgium by a Dutch motorist trapped in a thunderstorm 50 miles from home late at night is counted in the international trade statistics of both Belgium and the Netherlands. A similar expenditure by a Connecticut motorist stuck in NewJersey after watching a football game at the Meadowlands is a purely domestic transaction.Diff: 3Skill: Critical ThinkingObjective: 3Learning Outcome: Define the fundamental concepts of international business105) How important is international trade to the U.S. economy? Which country is the largest trading partner to the U.S.?Answer: International trade is a relatively small component of the U.S. economy and accounts for less than 12 percent of the country's GDP. Canada is the U.S.'s largest trading partner.Diff: 2Skill: ApplicationObjective: 3Learning Outcome: Discuss the roles of exporting, importing, and countertrade in international business106) Define the term invoicing currency.Answer: Invoicing currency is the currency in which the sale of goods and services is denominated.Diff: 2Skill: ConceptObjective: 1107) What is flight capital? Why does the U.S. attract flight capital?Answer: Flight capital is money sent out of a politically or economically unstable country to oneperceived as a safe haven. The U.S. attracts flight capital because of its political stability and military strength.Diff: 2Skill: ApplicationObjective: 124
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108) What is the Organization for Economic Cooperation and Development?Answer: The Organization for Economic Cooperation and Development, or OECD, is a group of34 market-oriented democracies formed to promote economic growth.Diff: 2Skill: ConceptObjective: 1109) What is the Commonwealth of Independent States? What is its purpose?Answer: Gorbachev's economic and political reforms led to the Soviet Union's collapse in 1991 and subsequent declarations of independence by the 15 Soviet republics, which are now often referred to as the Newly Independent States. In 1992, 12 of the NIS (all but the Baltic countries
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