The U.S. economy is so big it can provide all of the goods American consumers want without doing business with other countries.

When imports are greater than exports, a country has a positive balance of trade.

Exchange rates are relatively stable and rarely change.

Higher tariffs lead to decreased demand for the imported product.

The embargo is by far the most frequently used trade barrier.

A contract is not enforceable if the parties are not of legal age.

Once it is signed, a written contract binds both parties to what is in the agreement.

The illegal use of intellectual property is called hijacking.

If you buy municipal bonds, you are lending money to the government that issued the bond.

Municipal bonds are considered one of the most risky investments.

A code of ethics is a set of rules for guiding the actions of employees or members of an organization.

It can be difficult for a company to behave ethically while maintaining a competitive edge and earning a reasonable profit.

Socially responsible businesses that cause pollution of lakes and rivers have taken action to eliminate or correct those operations.

U.S. companies should always follow American customs and standards, even when they conduct business internationally.

Social responsibility often involves costs that can reduce a business’s profits.

U.S. exports that are popular in other countries include which of the following?

When U.S. currency is valued lower than the currency of the country the United States is trading with,

Completely stopping the import and export of goods and services to and from another country is called a(n)

The element of consideration in a contract means that

The creative work of authors, composers, and artists is protected by

The single largest employer in the American economy is

Which of the following guidelines should a business NOT follow when developing a code of ethics?

This federal law prohibits employers from using age as a basis for decisions in employment, promotions, or terminations.

Being socially responsible benefits businesses because

Goods and services that American companies buy from other countries are called ____________________.

A country’s ____________________ of trade is the difference between its exports and its imports.

A(n) ____________________ is a tax a government places on certain imported products to cause the price of that product to increase in the country’s markets.

A(n) ____________________ is an agreement to exchange goods and services for something of value.

A(n) ____________________ gives the inventor of a product the exclusive right to make, use, or sell that item for a period of 20 years.

Government income is referred to as ____________________.

____________________ are the principles of conduct governing an individual or group.

A(n) ____________________ is a forced payment of money or a favor required before an official or decision maker will make a favorable decision.

____________________ is preserving scarce natural resources.

Employment barriers that women and minorities face are sometimes referred to as ____________________ceilings.