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189. Selling and shipping raw materials or products to other nations is known asexporting.a.Trueb.FalseANSWER:TruePOINTS:1DIFFICULTY:EasyREFERENCES:p.68LEARNING OBJECTIVES:FOBU.PRIDE.15.3-1NATIONAL STANDARDS:United States - BUSPROG:AnalyticTOPICS:The Basis for InternationalBusinessKEYWORDS:Bloom's:Knowledge190. If a country imports more than it exports, its balance of trade is said to befavorable.a.Trueb.FalseANSWER:FalsePOINTS:1DIFFICULTY:ModerateREFERENCES:p.68LEARNING OBJECTIVES:FOBU.PRIDE.15.3-1NATIONAL STANDARDS:United States - BUSPROG:AnalyticTOPICS:The Basis for InternationalBusinessKEYWORDS:Bloom's:Comprehension191. When the United States recently imported $1,933 billion in merchandise and services and exported $1,555 billion,ithad a tradedeficit.a.Trueb.FalseANSWER:TruePOINTS:1DIFFICULTY:ModerateREFERENCES:p.68LEARNING OBJECTIVES:FOBU.PRIDE.15.3-1NATIONAL STANDARDS:United States - AACSB: ReflectiveThinkingTOPICS:The Basis for InternationalBusinessKEYWORDS:Bloom's:Application What is the selling and shipping of raw materials or products to other nations called?In global trade, exporting is the process by which companies from one country sell their goods and services to companies or consumers in a different country.
What are products sold in other countries called?Exports are goods and services that are produced in one country and sold to buyers in another. Exports, along with imports, make up international trade.
What is buying products from another country?Imports are any resources, goods, or services that producers in one country sell to buyers in another country.
When a nation has the ability to produce a specific product more efficiently than any other nation?3. Comparative advantage occurs when a country can produce goods and services at lower costs than other nations. Comparative advantage occurs when a country can produce something with lower opportunity costs than other nations. Lower costs would be an example of absolute advantage.
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