BST Final Exam with all Correct & 100% Verified
Answers| Guaranteed to Pass
International business ✔Correct Answer-Business activities that occur between two or more
countries.
World Trade Organization ✔Correct Answer-An international organization that creates and
enforces the rules governing trade between countries. Trade agreements negotiated under the
authority of the WTO have led to huge cuts in tariffs.
Tariff ✔Correct Answer-Tax or duty placed on imports or exports
Trading bloc ✔Correct Answer-A group of two or more countries that agree to remove all
restrictions on sales of goods and services between them while imposing barriers to trade on
countries that are not part of the bloc.
North America Free Trade Agreement ✔Correct Answer-Agreement created the world's largest
trading bloc in 1992 by removing tariffs and other barriers to trade for Mexico, Canada and the
United States.
European Union ✔Correct Answer-Trading bloc made up of 27 European countries
International Monetary Fund ✔Correct Answer-and the World Bank-IMF help countries facing
serious financial difficulties in paying for imports or repaying loans
WTO from 1970-2004 ✔Correct Answer-the volume of world merchandise trade has increased 26-
fold.
Protectionism countertrends ✔Correct Answer-Arguments that reinforce the idea that there are
negative consequences to globalization.
Protectionism ✔Correct Answer-The idea that a countries resources and business should be
protected from global competition.
Multinational firm ✔Correct Answer-A firm that owns or controls production or service facilities in
more than one country.
Embargo ✔Correct Answer-A government barring companies from doing business with particular
countries.
Comparative advantage theory ✔Correct Answer-A country should specialize in products that it
can produce more efficiently. Labor, climate and resources are three factors that could lead to
comparative advantage.
Subsidies ✔Correct Answer-Financial aid the government gives to businesses or organizations to
help them compete and stay viable.
Balance of trade ✔Correct Answer-The difference between a country's total imports and exports.
Answers| Guaranteed to Pass
International business ✔Correct Answer-Business activities that occur between two or more
countries.
World Trade Organization ✔Correct Answer-An international organization that creates and
enforces the rules governing trade between countries. Trade agreements negotiated under the
authority of the WTO have led to huge cuts in tariffs.
Tariff ✔Correct Answer-Tax or duty placed on imports or exports
Trading bloc ✔Correct Answer-A group of two or more countries that agree to remove all
restrictions on sales of goods and services between them while imposing barriers to trade on
countries that are not part of the bloc.
North America Free Trade Agreement ✔Correct Answer-Agreement created the world's largest
trading bloc in 1992 by removing tariffs and other barriers to trade for Mexico, Canada and the
United States.
European Union ✔Correct Answer-Trading bloc made up of 27 European countries
International Monetary Fund ✔Correct Answer-and the World Bank-IMF help countries facing
serious financial difficulties in paying for imports or repaying loans
WTO from 1970-2004 ✔Correct Answer-the volume of world merchandise trade has increased 26-
fold.
Protectionism countertrends ✔Correct Answer-Arguments that reinforce the idea that there are
negative consequences to globalization.
Protectionism ✔Correct Answer-The idea that a countries resources and business should be
protected from global competition.
Multinational firm ✔Correct Answer-A firm that owns or controls production or service facilities in
more than one country.
Embargo ✔Correct Answer-A government barring companies from doing business with particular
countries.
Comparative advantage theory ✔Correct Answer-A country should specialize in products that it
can produce more efficiently. Labor, climate and resources are three factors that could lead to
comparative advantage.
Subsidies ✔Correct Answer-Financial aid the government gives to businesses or organizations to
help them compete and stay viable.
Balance of trade ✔Correct Answer-The difference between a country's total imports and exports.
