18 Questions
What is the estimated number of U.S. jobs generated by every $1 billion in U.S. exports?
7,000
What percentage of total U.S. exports are accounted for by small businesses?
30%
What is the term for a country's exports being more valuable than its imports?
Trade Surplus
What is the term for a country's ability to produce a product more efficiently than all other countries?
Absolute Advantage
What is the main goal of President Obama's initiative to support small businesses in exporting?
To double exports by 2015
What motivates some students to become importers while studying abroad?
The inability to find products they're used to in their new country
Which type of strategy for reaching global markets involves a fee for the use of a trademark or product?
Licensing
What is dumping in the context of global trade?
Selling products below their market value to gain a competitive advantage
What is a disadvantage of licensing in global trade?
The bulk of revenues going to the licensee
What is the main function of Export Assistance Centers (EACs)?
To provide hands-on exporting assistance and trade-finance support
What is exporting in the context of global trade?
Selling products to another country
What is a potential advantage of licensing in global trade?
Gaining additional revenues from a product that would not have been produced domestically
What occurs when a country's exports are less valuable than its imports?
Unfavorable trade balance
What is the difference between the money coming into a country and the money leaving the country called?
Balance of payments
What is the term for selling products in a foreign country at lower prices than in the producing country?
Dumping
What is the goal of a country's balance of payments?
To have more money flowing into the country
What happens when a country has a favorable balance of payments?
More money flows into the country
What is the term for the difference between a country's exports and imports?
Balance of trade
Learn about the advantages of global trade, small businesses going global, and the importance of exporting. Understand the role of small businesses in global job growth and the efforts to increase exports.
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