ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
CULTURAL DIFFERENCES AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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technology and reduction in trade tariffs.
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importing and currency.
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trade barriers and technology.
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cultures and trade barriers.
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Detailed explanation-1: -The five main reasons international trade takes place are differences in technology, differences in resource endowments, differences in demand, the presence of economies of scale, and the presence of government policies.
Detailed explanation-2: -Trade barriers such as tariffs raise prices and reduce available quantities of goods and services for U.S. businesses and consumers, which results in lower income, reduced employment, and lower economic output.
Detailed explanation-3: -Trade barriers are often enacted to protect industries and workers within a country. This is referred to as protectionism. For example, tariffs, quotas and embargoes make foreign goods more expensive and less available.
Detailed explanation-4: -There are three main types of barriers to international trade that you should know: tariffs, quotas, and other non-tariff barriers. Tariffs: taxes that a government adds on imported goods. The higher the tariff, the less international trade between countries.