What is a complete halt to trading with a particular nation or in a particular product is called an?

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What is the term that describes the ability to produce a specific product more efficiently than any other nation?
Is the ability to produce a specific product more efficiently than any other product quizlet?
Is an internationally supported bank that provides loans to developing countries to help them grow?
Is the exportation of large quantities of a product at a price lower than that of the same product in the whole market?
When a business sells the right to manufacture its products or use its trademark?

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Question	Answer
Materials, machinery, and workers are assembled in one place.	factory system
The government spends more than it receives.	federal deficit
A market situation in which there are many buyers along with a relatively large number of sellers who differentiate their products from the products of competitors.	monopolistic competition
The process of distinguishing Colgate from Crest toothpaste.	product differentiation
The average level of output per worker per hour.	productivity
A study of how wealth is created and distributed.	economics
An organized effort to produce and sell goods and services for a profit.	Business
A system where individuals own and operate the majority of businesses.	capitalism
A person who takes the risk and invests in a business.	Entrepreneur
Value of all goods and services produced within a country during a one-year period.	gross domestic product
The majority of small business firms are successful at the end of ten years. T or F	F
For a business to be organized, it must combine four types of resources: workers, natural resources, capital, and ownership. T or F	F
The equilibrium price means that the supply and demand for a product are in balance. T or F	T
Under communism, individual consumers determine what will be produced. T or F	F
Hewlett-Packard Corporation and Dell Computer use product differentiation in the marketplace. T or F	T
If a firm’s sales revenues exceed its expenses, the firm has earned a profit. T or F	T
Fiscal policy determines the level of interest rates. T or F	F
The ultimate objective of business firms should be to satisfy the needs of their customers. T or F	T
Adam Smith is the father of communism and advocated a classless society. T or F	F
A business cycle consists of four states: peak, recession, trough, and recovery. T or F	T
Demand is a	relationship between prices and the quantities purchased by buyers.
The process of separating work into distinct tasks is called	Specialization
What term implies that there shall be no government interference in the economy?	Laissaz-faire
When the level of prices in an economy rise, it’s called	Inflation
The total of all federal deficits is called	National Debt
The ability to work well with many types of people in the workplace is referred to as	Cultural diversity
Best Buy and Walmart are both examples of	Marketing Intermediaries
The study of the national economy and the global economy is referred to as	Macroeconomics
How well off an individual or a society is, mainly in terms of want satisfaction through goods and services is referred to as	Standard of living
A monthly index that measures changes in prices that consumers pay for goods is referred to as the ...	Consumer price index
An application of moral standards to business situations	Business Ethics
Provides legal protection for employees who report corporate misconduct.	Sarbanes-Oxley Act of 2002
A guide to acceptable and ethical behavior as defined by the organization.	Code of Ethics
All activities undertaken to protect the rights of consumers.	Consumerism
Informing the press or government officials about unethical practices within one’s organization.	Whistle-Blowing
A Latin phrase meaning “let the buyer beware.”	Caveat Emptor
A racial, religious, political, national, or other group regarded as different from the larger group of which it is a part.	Minority
A plan designed to increase the number of minority employees at all levels within an organization	Affirmative Action Program
Workers with little education or vocational training and a long history of unemployment.	Hard-Core Unemployed
The contamination of water, air, or land.	Pollution
The field of business ethics applies moral standards to business situations. T or F	T
Business ethics rarely involves the application of moral standards to the business activity of a normal company. T or F	F
The economic model of social responsibility emphasizes the effect of business decisions on society. T or F	F
Consumerism consists of all activities undertaken to protect the rights of consumers. T or F	T
Manufacturers are not required by law to inform consumers about the potential dangers of using their products. T or F	F
Affirmative-action plans encompass all areas of human resources management, including recruiting, hiring, training, promotion, and pay. T or F	T
Hard-core unemployed workers are those with little education or vocational training. T or F	T
The EPA was created by the government to develop new improved ways to clean and improve the environment. T or F	F
Consumers will probably pay in large part for cleaning up our environment through increased taxes or increased product cost. T or F	T
A key step in developing and implementing a social responsibility program is the environmental audit. T or F	F
Business ethics	is the application of moral standards to business situations.
Customers expect a firm’s products to	Be safe, reliable, and reasonably priced
Some AIG executives were aware of the financial problems the company was facing and yet failed to reveal this information to the public.	Unethical
Bribes are	Unethical
What are three sets of factors that influence the standards of behavior in an organization?	Opportunity, individual factors, social factors
Informing the press or government officials about unethical practices within one’s organization is called	Whistle-blowing
Social responsibility	s costly but provides tremendous benefits to society and the business.
Caveat emptor	Is latin phrase meaning "Let the buyer beware"
Where does social responsibility of business have to begin?	Management
Primary emphasis in the economic model of social responsibility is on	Production
The total value of a nation’s exports minus the total value of its imports over some period of time.	Balance of trade
The ability to produce a specific product more efficiently than any other nation.	Absolute advantage
Selling and shipping raw materials or products to other nations.	Exporting
The ability to produce a specific product more efficiently than any other product.	Comparative advantage
All business activities that involve exchanges across national boundaries.	International business
The total flow of money into a country minus the total flow of money out of that country over the same period of time.	Balance of payments
A tax levied on a particular foreign product entering a country.	Import duty
A complete halt to trading with a particular nation or in a particular product.	Embargo
An international barter transaction.	Countertrade
An internationally supported bank that provides loans to developing countries to help them grow.	Multilateral development bank (MDB)
The United States has enjoyed a trade surplus during the last two decades. T or F	F
Tariff is a tax levied on a particular foreign product entering a country. T or F	T
Quotas may be set on worldwide imports or on imports from a specific country. T or F	T
The participants in the Kennedy Round have succeeded in reducing tariffs by less than 20 percent T or F	F
Licensing and exporting can be considered relatively low-risk methods of entering foreign markets. T or F	T
A letter of credit is issued in favor of the importer. T or F	F
A letter of credit is issued by the transport carrier to the exporter to prove that merchandise has been shipped. T or F	F
Strategic alliances are partnerships formed to create competitive advantage on a worldwide basis. T or F	T
A firm that has no ties to a specific nation or region and operates on a worldwide scale is called a national enterprise. T or F	F
The International Monetary Fund (IMF) makes short-term loans to developing countries experiencing balance-of-payment deficits. T or F	T
By definition, every country has a(n) advantage in some product.	Comparative
Purchasing products or materials in other nations and bringing them into one’s own country is	Importing
General Motors and Ford products produced in the United States are found around the world. The United States is _________ these automobiles.	Exporting
__________is the exportation of large quantities of a product at a price lower than that of the same product in the home market.	Dumping
A complete halt to trading with a particular nation or in a particular product is called a(n)	Embargo
The World Trade Organization was created by the	Uruguay round
CAFTA, NAFTA, OECD, and OPEC are all examples of	International economic communities
Foreign licensing is similar to	Franchising
Established in 1944 and headquartered in Washington, D.C., the World Bank is an example of	MDB