1
What invention allows customers to purchase products from all around the world?
A. internet B. ship C. cotton gin D. airplane
a. internet
10. A good is a _____________ product that you can see and touch.
A. physical B. imaginary C. imitation D. spiritual
A. physical
A sales clerk is an example of what type of resource
a. land b. labor c. capital
b. labor
An office computer is an example of what type of resource
a. land b.labor c. capital
Livestock is an example of what type of resource
a. land b. capital c. labor
a. land
_________________ refers to a world economy with movement of products and labor across international borders.
A. Global economy
B. International business
C. Domestic business
A. Global economy
14. Business attire should be
A. well-fitted and neat. B. bright and make a statement. C. tight and revealing. D. loose and wrinkled.
A. well-fitted and neat
all activities needed to create, ship, and sell products across international borders is considered
a. international business b. global business c. global economy
a. international business
products sold to another country are
exports
products purchased from another country are
imports
If a country's educational system is improving, it is increasing its level of technology, and its industries are expanding, the country is considered to be:
a. Industrialized
b. Developing
c. Less-developed
B. Developing
20. A name, symbol, or design used to define a product is an example of a ________________.
A. brand B. retailer C. corporation D. wholesaler
a. Brand
What is the process of converting the currency of one country into the currency of another country?
A. Exchange rate B. Foreign exchange
B. Foreign exchange
26. What is the amount of currency of one country that can be traded for one unit of currency of another country?
A. Foreign exchange B. Exchange rate
B. Exchange rate
Taxes a country places on products as they cross its borders. Tariffs primarily target products being brought into a country and cause prices to be higher for customers.
a. tariff b. quotas c. laws
a. tariff
22. Steve owns a small printing shop in his hometown. What type of business does Steve own?
A. Sole Proprietorship B. Partnership C. Corporation
A. Sole Proprietorship
23. Resources are considered to be natural, human or ________________ resources.
A. capital B. personal C. land D. money
a. capital
24. What is it called when a company monitors raw materials and completed goods on hand.
A. Forecasting B. Inventory control C. Scheduling D. Outsourcing
B. Inventory control
29. Pricing a product as low as possible is called ____________ pricing.
A. Penetration B. Competitive C. Skim
A. Penetration
_______ measures the difference between what a country sells versus what a country buys from other countries.
a. Gross Domestic Product (GDP)
b. Balance of Trade
c. Foreign Debt:
d. trade deficit
b. Balance of Trade
5. If a country trades with other countries because it has more than it needs of a certain product, the trade reason is:
A. Increased competition B. Surplus C. Political/Historical D. Specialization
B. Surplus
9. What is the trade reason when a country has to purchase products from another country because it cannot or will not produce the product on its own?
A. Surplus B. Political/Historical C. Specialization D. Increased competition
C. Specialization
27. Select a disadvantage of a corporation:
A. Minimum liability B. More resources to access C. Easier to raise money D. Meeting complex government requirements
D. Meeting complex government requirements
Which of the following countries is NOT a top 4 trade partner with the United States
a. Japan b. Canada c. China d. Mexico e. Germany
e. Germany
When a country can produce a good or service at a lower cost than other countries. Usually a result of natural resources
a. absolute advantage b. comparative advantage
c. international advantage
a. absolute advantage