BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE
LDCs
lesser developed countries
OPEC
Organization of Petroleum Exporting Countries
GATT
General Agreement on Tariffs and Trade
WTO
World Trade Organization
NAFTA
North American Free Trade Agreement
EU
European Union
APEC
Asia-Pacific Economic Cooperation
IPO
Initial Public Offering
absolute advantage
a monopoly that exists when a country is the only source of an item, the only producer
of an item, or the most efficient producer of an item
comparative advantage
ability to produce a good or service more efficiently or at a lower opportunity cost than
competitors
infrastructure
physical facilities
Outsourcing
Hiring workers in other countries to do a set of jobs
Re-shoring
the reversal of offshore outsourcing, i.e. the transfer of business operations back to its
country of origin
import
to carry into the country
export
to carry out of the country
import tariff
a tax levied by a nation on goods imported into the country
exchange controls
regulations that restrict the amount of currency that can be bought or sold
Quota
restrictions on number of units that can be imported
Embargo
a prohibition on trade in a particular product
Dumping
sell for less that cost of production
LDCs
lesser developed countries
OPEC
Organization of Petroleum Exporting Countries
GATT
General Agreement on Tariffs and Trade
WTO
World Trade Organization
NAFTA
North American Free Trade Agreement
EU
European Union
APEC
Asia-Pacific Economic Cooperation
IPO
Initial Public Offering
absolute advantage
a monopoly that exists when a country is the only source of an item, the only producer
of an item, or the most efficient producer of an item
comparative advantage
ability to produce a good or service more efficiently or at a lower opportunity cost than
competitors
infrastructure
physical facilities
Outsourcing
Hiring workers in other countries to do a set of jobs
Re-shoring
the reversal of offshore outsourcing, i.e. the transfer of business operations back to its
country of origin
import
to carry into the country
export
to carry out of the country
import tariff
a tax levied by a nation on goods imported into the country
exchange controls
regulations that restrict the amount of currency that can be bought or sold
Quota
restrictions on number of units that can be imported
Embargo
a prohibition on trade in a particular product
Dumping
sell for less that cost of production
