Vocat
Questions
Unit
1.00
P.O.B
100
42. A convenience store gave the rights to a company in Mexico to sell its products and services. This is an example of which global marketplace main entry mode? A. Chain B. Franchising C. Joint venture D. Licensing
B. Franchising
100
21. Department stores report monthly to the state commerce office its total sales of goods and services. This information would be useful for which measurement of economic activities? A. Borrowing B. Consumer spending C. Investment activities D. Labor activities
B. Consumer spending
100
6. Tony is trying to decide on which cars to sell at his dealership. He completed a spreadsheet to compare the options of cars. Which part of economic decision-making process has he performed? A. Defining the problem B. Evaluating the advantages and disadvantages of each choice C. Choosing one choice D. Acting on a choice
B. Evaluating the advantages and disadvantages of each choice
100
22. Mary is proud of saving over $43,000 in a bank. She knows that her saving money at the bank will provide funds for others to borrow money. This information would be useful for which measurement of economic activities? A. Borrowing B. Consumer spending C. Investment activities D. Labor activities
C. Investment activities
100
41. Several Prime Ministers of East African countries are negotiating the trade of products and services throughout the Eastern region. This is an example of which encouragement of international trade? A. Common markets B. Embargo C. Free-trade zone D. Tariff
A. Common markets
200
38. Syria is banned from selling products within other countries. This is an example of which international trade barrier? A. Embargoes B. Free-trade zones C. Quotas D. Tariffs
A. Embargoes
200
19. Due to decreasing enrollment in a local school system, fewer teachers as employees are needed. As a result, over 100 teachers were released from their commitments. This information would be useful for which measurement of economic activities? A. Consumer spending B. GDP C. GDP per capita D. Labor activities
D. Labor activities
200
2. Jane’s Steakhouse offers several dishes that may include whole wheat, corn, or beef. Which type of resource is included in the dishes? A. Capital B. Human C. Natural D. Service
C. Natural
200
17. When a government agency reports annually the total amount spent to pay employees, this information is useful for which measurement of economic activities? A. Consumer spending B. GDP C. Investment activities D. Labor activities
B. GDP
200
40. The North American Free Trade Association (NAFTA) eliminates tariffs and embargoes among its members while trading goods and services. This is an example of which encouragement of international trade? A. Embargo B. Free-trade agreement C. Free-trade zone D. Tariff
B. Free-trade agreement
300
33. Laos has limited infrastructure that will hinder international businesses to conduct transactions in it. This country depends heavily on the agricultural industry. Which main factor of the international business environment is this information about this country classified? A. Cultural influences B. Economic development C. Geography D. Political and legal concerns
B. Economic development
300
15. Which is an example of a company establishing supply? A. Ann Jones Clothing Store upgrades its equipment regularly. B. Reebok footwear company is trying to attract more middle-aged customers. C. Sears Department Store displays fewer lawn mowers. D. Walmart sends only five touch screen computers to each store.
D. Walmart sends only five touch screen computers to each store.
300
10. Which is an example of consumers establishing demand? A. The department store changing its staff B. The footwear company moving in its new building C. The purchase of iPhone applications increasing daily D. The wait to return recalled equipment decreasing daily
C. The purchase of iPhone applications increasing daily
300
24. A report covering several quarters about the economy includes that more companies are experiencing record high production and adding new employees. Also, wages and the rate of GDP are increasing significantly. Which phase of the business cycle does this report describe? A. Depression B. Prosperity C. Recession D. Recovery
B. Prosperity
300
5. Tina needs to find employment to earn an income. She applied for positions as a teacher, contractor, and coordinator. Which part of the economic decision-making process has she performed? A. Defining the problem B. Identifying choices C. Evaluating the advantages and disadvantages of each choice D. Choosing one choice
B. Identifying choices
400
30. If China has rising interest rates and inflation occurring across the country, this is an example of which factor that influences international currency exchange? A. Balance of payments B. Balance of trade C. Economic conditions D. Political stability
C. Economic conditions
400
13. Jewel Manufacturing Company changed its production line to include more workers and decrease production time. Which economic question does this address? A. For whom to produce? B. How to produce? C. What to produce? D. When to produce?
B. How to produce?
400
14. Which is an example of consumers setting the demand? A. Consumers bought less of the old version of a video game once the new one was released. B. The department store changing its staff. C. The wait for employees returning equipment decreased. D. The footwear company moving in its new building.
A. Consumers bought less of the old version of a video game once the new one was released.
400
36. India limits the amount of imported wheat products to protect its own industry. This is an example of which international trade barrier? A. Embargoes B. Free-trade zones C. Quotas D. Tariffs
C. Quotas
400
8. An example of a value for a command economy is: A. a central leadership group expecting all the profit from production. B. a local company choosing to produce 10,000 televisions. C. a local group producing televisions the same way through the years. D. an individual deciding to purchase three new televisions.
A. a central leadership group expecting all the profit from production.
500
25. Aruba has become globally known for its white sandy beaches. It is relied upon by many travelers from other countries to enjoy its beaches at a reasonable cost. This is an example of what type of ADVANTAGE? A. Absolute B. Comparative C. Competitive D. Dual
A. Absolute
500
9. An example of a value for a market economy is a: A. central leadership group expecting all the profit from production. B. local company choosing to produce gaming software. C. local group believing in following traditions at work. D. local group producing televisions the same way through the years.
B. local company choosing to produce gaming software.
500
18. In a hypothetical economy, only 40 people were included and 15 pizzas were produced last year at $7 dollars each. This information would be useful for which measurement of economic activities? A. Consumer spending B. GDP C. GDP per capita D. Labor activities
C. GDP per capita
500
37. Cuba bans American products to be sold within its country. This is an example of which international trade barrier? A. Embargoes B. Free-trade zones C. Quotas D. Tariffs
A. Embargoes
500
23. A report covering four quarters about the economy includes that more companies are experiencing less production and reducing the number of employees. Which phase of the business cycle does this report describe? A. Depression B. Prosperity C. Recession D. Recovery
C. Recession
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