Untitled Quiz

<p>Higher value of exports than imports</p> Signup and view all the answers

<p>It typically raises prices of imports</p> Signup and view all the answers

<p>Accumulation of gold through trade</p> Signup and view all the answers

<p>Gold flows and trade imbalances</p> Signup and view all the answers

<p>It enhanced the economic power of states</p> Signup and view all the answers

<p>Development of agriculture as the basis of wealth</p> Signup and view all the answers

<p>Maintaining a favorable balance of trade through raw material imports</p> Signup and view all the answers

<p>Imports should be limited to products not available locally</p> Signup and view all the answers

<p>Agriculture is the source of all wealth and should be prioritized.</p> Signup and view all the answers

<p>A country can produce a good or service more efficiently than others.</p> Signup and view all the answers

<p>Maximize imports of raw materials while limiting finished goods.</p> Signup and view all the answers

<p>Local production should be prioritized to diminish imports.</p> Signup and view all the answers

<p>To maximize the wealth of the kingdom through foreign trade.</p> Signup and view all the answers

<p>Most trade in manufactured goods occurs between countries with similar per capita income.</p> Signup and view all the answers

<p>Cultural differences</p> Signup and view all the answers

<p>Exchanging goods produced in the same industry</p> Signup and view all the answers

<p>Cuba exporting sugar to the United States</p> Signup and view all the answers

<p>Political and economic interests foster more trading relationships.</p> Signup and view all the answers

<p>Power distance</p> Signup and view all the answers

<p>Products produced in the same industry but in different countries</p> Signup and view all the answers

<p>Political ideological differences limit trade opportunities.</p> Signup and view all the answers

<p>Reducing marketing efforts to maximize the product's remaining life</p> Signup and view all the answers

<p>Obstacles that new firms may face when entering a market</p> Signup and view all the answers

<p>To retain loyal customers while disposing of a low-profit product</p> Signup and view all the answers

<p>How firms can gain a competitive advantage through decision-making</p> Signup and view all the answers

<p>Access to existing market customers</p> Signup and view all the answers

<p>By enabling the exploitation of the experience curve</p> Signup and view all the answers

<p>To invent new products and services to remain competitive</p> Signup and view all the answers

<p>Sales drop as the product becomes less relevant</p> Signup and view all the answers

<p>To grant exclusive rights for a new invention</p> Signup and view all the answers

<p>Franchise</p> Signup and view all the answers

<p>Lower average cost due to unique firm efficiencies</p> Signup and view all the answers

<p>They benefit the entire industry rather than a single firm.</p> Signup and view all the answers

<p>It allows firms to lower production costs consistently.</p> Signup and view all the answers

<p>Distinguish goods or services from competitors.</p> Signup and view all the answers

<p>Proportionate saving in costs with increased production</p> Signup and view all the answers

<p>A legal right to reproduce and distribute artistic works</p> Signup and view all the answers