1) Which of the following best defines international business? A) It includes all economic flows between two or more countries. B) It includes all private economic flows between two or more countries. C) It includes all business transactions involving two or more countries. D) It includes all business transactions in countries other than your home country. Answer: C AACSB: Application of knowledge Skill: Concept Difficulty: Easy LO: 1.1: Identify the types of companies active in international business. 2) Goods and services purchased abroad and brought into a country are called ________. A) gross domestic products B) exports C) gross national products D) imports Answer: D AACSB: Application of knowledge Skill: Concept Difficulty: Easy LO: 1.1: Identify the types of companies active in international business. 3) ________ are all goods and services sold abroad and sent out of a country. A) Net national products B) Exports C) Gross domestic products D) Imports Answer: B AACSB: Application of knowledge Skill: Concept Difficulty: Easy LO: 1.1: Identify the types of companies active in international business. 4) Olive oil prepared in a small Italian oil press factory and sold by large supermarkets in the United States is an example of a ________. A) net national product B) U.S. export C) U.S. import