QUESTIONS AND ANSWERS COMPLETE
STUDY GUIDE VERIFIED
●● Gross domestic product.
Answer: the total market value of all final goods and services produced
in a country for a given period
●● Top 5 import partners 2019.
Answer: china
canada
mexico
japan
germany
●● Top 5 export partners 2019.
Answer: mexico
canda
china
japan
germany
, ●● Culture.
Answer: "the collective programming of the mind distinguishing the
members of one group or category of people from others"
●● Ethnocentrism.
Answer: viewing outside others and their cultural traditions through the
lens of our own culture
●● Multinationals.
Answer: firms that engage in international trade beyond exporting and
importing
●● Tariff.
Answer: tax on particular class of product or service to protect domestic
competition
●● Absolute quota.
Answer: maximum number of products that can be imported in a given
time period
●● Tariff rate quota.
Answer: maximum number of products that can be imported at a
reduced tariff