Match each term with the correct statement below.

Question

a. direct ownership
b. joint venture
c. absolute advantage
d. nationalism
e. quota
f. World Bank
g. GATT
h. World Trade Organization

1. An agreement to reduce or eliminate tariffs and other trade barriers
2. Partnerships between a domestic firm and a foreign firm
3. An organization purchases one or more business operations in a foreign country
4. The ability to produce a product more efficiently than anyone else
5. A sense of national awareness of values, culture, and interests
6. A limit on the amount of a product that can leave or enter a country
7. An organization formed to lend money to underdeveloped countries
8. A global mediation and service resource for trade disputes

Answer 1

1. G) GATT
2. B) joint venture
3. A) direct ownership
4. C) absolute advantage
5. D) nationalism
6. E) quota
7. F) World Bank
8. H) World Trade Organization