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Business Studies

Definition and Scope of International Business

When somethin...

Question

When something that is produced in one country is sold to another country in exchange for money, it is called .

A

export

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B

import

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C

intra trade

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Solution

The correct option is A export
When something that is produced in one country is sold to another country in exchange for money, it is called export.

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An export is a function of international trade whereby goods produced in one country are shipped to another country for future sale or trade.

S_{1}

: Payment for imports and exports is made through a system called foreign exchange.
P: The value of the money of one country in relation to the money of other countries is agreed upon.
Q: These rates of exchange vary from time to time.
R: For instance, an American dollar or a British pound sterling is worth certain amounts in the money of other countries.
S: Sometimes a United States dollar is worth 12 pesos in Mexico.

S_{6}

: Another time it may be worth eight pesos.
The proper sequence should be:

Q. Arrange the sentences in a logical sequence.
A. Payment for imports and exports is made through a system called foreign exchange. The value of the money of one country in relation to the money of other countries is agreed upon.
B. The rates of exchange vary from time to time.
C. For example, an American dollar or a British pound sterling is worth certain amounts in the money of other countries.
D. Sometimes a US dollar is worth 60 rupees in India.

Q. is a contractual arrangement in which one firm grant access to its trade secrets to another firm in a foreign country for a royalty.

Q. Trade within the country is called ______ trade.

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