Questions 1-5
Questions 6-10
Questions 11-15
Questions 16-20
Questions 21-25
100
What is an example of a company establishing supply? a. Ann Express Shipping Company trains all new managers at its district offices b. Pamolive Detergent Company produces fewer products. c. Reebok Footwear Company trying to lease a warehouse. d. Sears Department Store promotes a family-oriented atmosphere
(1) B. Pamolive Detergent Company produces fewer products.
100
A cosmetic company purchased an automatic wrapping machine that wraps a pallet of boxes in 30 seconds. To complete the same task manually, it would take an employee almost 3 minutes. This information would be useful for which measurement of economic activities? a. Consumer spending b.GDP c.GDP per capita d.Labor activities
(6) d.Labor activities
100
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
(11) A. Absolute
100
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
(16) C. Economic conditions
100
While conducting business in Japan, Shari adjusted her gift-giving practices to accommodate her Japanese business-partners. Which main factor of the international business environment did Shari consider? A. Cultural influences B. Economic development C. Geography D. Political and legal concerns
(21) A. Cultural influences
200
If an economist researches annually the total value of homes built, this information would be useful for which measurement of economic activities? a. Consumer spending b. GDP c. Investment activities d. Labor Activities
(2) B. GDP
200
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
(7) b. Consumer spending
200
United States has become globally known for its production of wheat more resourcefully. It can produce the product with less human resources. This is an example of what type of ADVANTAGE? A. Absolute B. Comparative C. Competitive D. Dual advantage
(12) B. Comparative
200
India’s terrain allows for its major production of rice, cotton, and wheat. Which main factor of the international business environment is this information about India classified? A. Cultural influences B. Economic development C. Geography D. Political and legal concerns
(17) C. Geography
200
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
(22) C. Quotas
300
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
(3) C. Investment activities
300
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
(8) c. Investment activities
300
Alaska produces more salmon by the pound than any other state that exports salmon. This is an example of what type of ADVANTAGE? A. Absolute B. Comparative C. Competitive D. Dual
(13) A. Absolute
300
The government of the United States allows consumers to make decisions about goods and services consumed. 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
(18) D. Political and legal concerns
300
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
(23) A.Embargoes
400
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
(4) C. GDP per capita
400
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
(9) c. Recession
400
Which statement is true about balance of payment? A. Balance of payments is favorable when a company pays more money out of it than it receives in it. B. Balance of payments is favorable when a company receives more money into it than it pays out. C. Balance of payments is favorable when a country pays more money out of it than it receives in it. D. Balance of payments is favorable when a country receives more money into it than it pays out.
(14) D. Balance of payments is favorable when a country receives more money into it than it pays out.
400
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
(19) B. Economic development
400
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
(24) A. Embargoes
500
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
(5) d. Labor Activities
500
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
(10)b. Prosperity
500
If a country is in a civil war and its government changes abruptly, 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
(15) D. Political stability
500
Before arriving at meetings in other countries to negotiate contracts for a company located in the United States, Stacy learns about appropriate business behavior of the other countries. Which main factor of the international business environment is this information she learns classified? A. Cultural influences B. Economic development C. Geography D. Political and legal concerns
(20) A. Cultural influences
500
Due to the high volume of travelers visiting the United Kingdom, the country has set up duty-free shops in highly visited areas. This is an example of which encouragement of international trade? A. Embargo B. Free-trade agreement C. Free-trade zone D. Tariff
(25) C. Free-trade zone
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