2. The level of economic development where most people engage in agriculture and where per capita income is low is called

newly industrialized economy

industrialized economy

subsistence economy

none of the above

3. The ______ makes it illegal to bribe a foreign official in an attempt to solicit new or repeat sales abroad.( although illegal many companies view bribes as simply a cost of doing business)

NAFTA the North American Free Trade agreement

the GATT ( general agreement on Tariffs and Trade)

the web pomerene Export Trade act of 1918

the foreign corrupt practices act of 1977

4. A ____ is a complete ban on the import or exportof certain products . In 1980 Jimmy Carter, the US president at the time, placed an ____ on the export of US soybeans to the Soviet Union in retaliation for the invasion of Afghanistan.

quota

embargo

exchange control

dump

5. The simplest and least risky way to enter a foreign market is called ____.

licensing

exporting

franchising

joint venture