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______ is the the making, buying, and selling of products within a country.
A. International Business B. Global Economy
C. Domestic Business
What is Domestic Business?
A Customer Service Representative is a product of this type of resource
A. Land B. Capital
C. Labor
What is Labor?
A(n) ____ is The amount of one country's currency can be traded for one unit of currency of another country
A. Foreign exchange
B. Exchange rate
What is Exchange rate?
If a person communicates indirectly and attaches little value to the literal meaning of words, their communication is
A. low-context.
B. high-context.
What is high-context?
Brazilians, like the US, communicate directly and you have to be careful with the use of their slang. Their communication style is
A. high-context
B. low-context
What is low-context?
There is 20 owners for McJellies, Inc. None of these owners are personally financially liable for the company. This business is a
A. Corporation B. Sole Proprietorship
C. Partnership
What is Corporation?
An office building is a product created by this type of resource
A. Land B. Capital
C. Labor
What is Capital?
When the U.S. purchases oil from man other countries, for the U.S., in this case, is considered as a(n)
A. Export
B. Import
What is Import?
_______ is the process of converting the currency of one country into the currency of another country
A. Foreign exchange
B. Exchange rate
What is Foreign exchange?
______ is any activity needed to create, ship, and sell products across national borders.
A. Global economy B. Domestic business
C. International business
What is International business?
If a country trades with other countries because it has more eeds of a certain product, the trade reason is a(n)
A. Surplus B. Political/Historical
C. Specialization D. Increased competition
What is Surplus?
Resources are considered to be natural, human or _____ resources
A. personal B. land
C. money D. capital
What is capital?
A name, symbol, or design used to define a product is classified as a
A. wholesaler B. brand
C. retailer D. corporation
What is brand?
Business Attire should be
A. well-fitted and neat.
B. bright and make a statement
C. lose and wrinkled D. tight and revealing
well-fitted and neat
Timeliness is considered important in every country
A. True B. False
False
Wendy owns a small diner in her hometown this is an example of a
A. Sole Proprietorship B. Corporation
C. Partnership
What is Sole Proprietorship?
A customer service representative is a product created by this resource
A. Land B. Capital
C. Labor
What is Labor?
Pricing product as low as possible is ______ pricing.
A. Competitive B. Penetration
C. Skim
Penetration
When a country can create products lower cost than other countries, this is a(n) ________ advantage.
A. comparative
B. absolute
absolute
If a country has improving educational systems, increasing technology and expanding industries, that country is considered to be a ______ country.
A. Less-developed B. Developing
C. Industrialized
Developing
This is a disadvantage of a corporation
A. More resources to access B. Minimal liability
C. Easier to raise money
D. Meeting complex government requirements
What is Meeting complex government requirements?
Silk is made from this type of resource
A. Capital B. Land
C. Labor
What is Land?
Taxes a country places on products as they cross its borders is known as
A. Quotas B. Laws
C. Tariffs
What is Tariffs?
_____ 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. Specialization
C. Increased competition D. Political/Historical
Specialization
The definition of Gross Domestic Product (GDP) is
A. The measure of the difference between what a country sells versus what the country buys from other countries.
B. The measure of the output of products created within a country.
C. The measure of the amount of money a country owes to other countries.
the measure of the output of products created within a country