Chapter 1 2 3 BUS 124

A _____________ is a tax of a charge assessed against imports.

Tariff

A trade deficit occurs when?

A country imports more than it exports

All of the following would be traits of professionalism EXCEPT

Ethical Lapses

_________ are regional organizations that promote trade among their member nations in order to ensure the economic growth and benefit of members.

Trading Blocs

Equilibrium

What is the point at which the quantity supplied equals the quantity demanded?

Competition

__ is rivalry among businesses for the same customers.

Demand

__________ is the willingness and ability of customers to buy a product or services at a given price.

The total value of a country's exports less the total value of its imports over a specified period of tie referred to as its?

Balance Of Trade

Profit and Revenue are the same thing.

False

Profit

Last year, Jackson Tooling had revenue of $740,000. Its business expenses were 505,00. What is this term used to describe the difference between revenue and expenses?

All internal and external groups affected by a company's activies are referred to as its ___.

Stakeholders

The Foreign Corrupt Practices Act applies to ______________.

All U.S. Companies

Not- For- Profit Organization

An Organization that seeks to operate efficiently and effectively to achieve its goal without a profit motive is a ______________?

What is the term that describes two or more suppliers in pursuit of the same customers?

Competition

When the U.S. Dollar is "Strong", U.S. exports will likely _______________

Cost more in other countries.

The European Union has created its own currency, know as the ____________.

Euro

The time, effort, talents, capabilities and labor of the employees of an organization would be classified as:

Knowledge

The ____________ function of an organization coordinates the incoming flow of materials and the outgoing flow of finished products.

Logistics

Matt has a small landscaping business and mows lawns and trims bushes for several families in the neighborhood. Matt has what type of business?

Service Business

The means by which a society distributes its resources in order to satisfy they needs of its citizens in a

economic system

Business Model

A ________ framework of how a business intends to generate revenue.

Opportunity Cost

A business owner has to decide whether the company should purchase new manufacturing equipment, open a new retail store in another city, or invest in a major advertising campaign. The Value of the Attractive option that the business owner did not choose is its?

Deregulation

All of the following can be used to restrict international trade EXCEPT?

Large amounts of capital to start and continue operations

All of the following would be considered barriers to entry for a firm EXCEPT _____________.

Laying off workers in an economic downturn

All of the following would be potentially negative effects that a business can have on society EXCEPT

Free-Market System

An economic system where individuals own and operate the majority of business with limited economic intervention by the government is characteristic of a _____________ Economic?

Competitively-advantaged service sector

Business that need very large amounts of money, equipment, land and other material resources in order to get started and continue to operate are ______________ business.

"CHAPTER 2" Buildings, equipment and money that a business needs in order to produce its good and services are called

Capital

Brazil is said to have a ______________ in coffee beans because its climate and topography makes it one of the top procedures in the world.

Comparative Advantage

A seller may decide to lower prices for its goods or services in order to stimulate____________.

Demand

Consumer income and the prices of substitute and complementary products are factors that can affect the:

Demand Curve

All of the following would be included in the definition of culture EXCEPT a society's ____________.

Demographics

____________ is the exportation of large quantities of a product to another country at a price lower than the price of the same product in the home market.

Dumping

The conditions and forces that affect the cost and availability of goods, services and labor and shape the behavior of buyers and sellers are BEST described as the _______ environment.

Economic

The average cost of goods goes down as production levels increase. This demonstrates the concept of:

Economies of Scale

Business Cycle

Economists refer to the continuous contraction and expansion of an economy as the.

The expected norms of behavior in a particular situation are referred to as _______________

Etiquette

Its Competitors

Every company operates within a market environment composed of three important group: Its target customers, buying influences, and _______________________

The ______________ is the conversion of one currency into an equivalent amount of another currency.

Exchange Rate

Jill, a jewelry maker in Montana, set up a website and soon got orders form buyers in Italy, Argentina and Japan. When she shipped these orders, she was _____________________ her products?

Exporting

If a company's expenses exceed its revenue for the year, the company has made a profit.

False

A _____________ is the value of a nation's currency as determined by market forces.

Floating Exchange Rate

The movement of goods and services between countries without political or economic restrictions is:

Free Trade

In the country of Lindh, the government owns many of the key industrial sectors, such as banking telecommunications and utilities, but private ownership of businesses in less-vital industries is allow What type of Economic system does Lindh have?

Free-Market Economy

The economic system in which individuals and businesses make the decisions about what products or services to produce, how to produce them, to whom to sell them and at what prices would BEST be described as a ?

Free-Market System

CHAPTER 3 The World economy is becoming a single, interdependent system. This is know as ?

Globalization

The ________ function of a business involves the recruiting, hiring and support of its personnel.

Human Resources

The U.S. restricts the import of peanuts to 1.7 million pounds per year in order to protect the price that domestic producers can charge. This is an Example of a ?

Import Quota

Dell Computers purchased many of the components used in its computer systems from other countries, This is?

Importing

All of the following are fundamental reasons that help explain why countries and companies trade internationally EXCEPT.

Income Tax Advantages

When the average price of goods and services throughout the economy experiences a steady increase this is know as ?

Inflations

A business that relies on human resources more than on building, machinery, material resources and land would be a ___________ business

Labor- Intensive

The policies and practices of government bodies would shape the _________environment for a business.

Legal and regulatory

The study of a regional, national or global economy, including such issues as the effects of government policies, competitive behavior among firms, and how that economy allocates its scare resource is

Macroeconomics

There are 24 pizza restaurants in the same small city. Each restaurant claims to have the "best pizza in town" and advertises the ways in which its pizza is different - and better- that their competitors' pizza. This would be an example of ?

Monopolistic Competition

The U.S. government's use of Blackwater Security Consulting, a military security company, to guard officials and military installations in Iraq is an example of _______________?

Nationalization

In 1994, the United States, Canada and Mexico formed a powerful trading bloc known as ?

North American Free Trade Agreement (NAFTA)

Risk

One of the tenets of doing business in a competitive business is, Without _________there is no reward.

Doing your job to the best of your ability and conducting yourself with purpose and pride is called?

Professionalism

The economic policy of restraining trade between nations is referred to as?

Protectionism

Specialists in the area of marketing would likely NOT be involved in the _____ function of a business.

Quality Control

The period in the business cycle when consumers begin to buy more goods and services, manufactures begin to produce more goods, and employment is relatively high is know as ?

Recovery

Developing relationships with potential customers, designing promotional strategies, analyzing customer need and establishing after purchase support would fall under the ______________ function of a business.

Sales and Marketing

_____ refers to the quantities of products or services that producers are willing to provide at different prices at a specific time.

Supply

The _____________show the quantity of a given product that producers are willing to sell at different prices at a specific point in time.

Supply Curve

A trade surplus occurs when:

The value of a country's exports exceeds the value of its imports.

If consumer demand for a product decreases, the demand curve would move:

To the Left

A labor-intensive business relies on more human resources to operate than on buildings, machinery and equipment.

True

You arrive in Italy for a vacation, and you exchange $100.00 and Receive 70 Euros in return, which is significantly lower than what it was last year. This would be an indication of a:

Weak Dollar

The _________________is an international organization that has the primary responsibility trade disputes among nations.

World Trade Organization

Revenue

___________ is money that an organization brings in through the production and sale of its products and services.

Economics

______________ is the study of how a society uses its scarce resources to produce and distribute goods and services to its citizens.

Frictional

________________ Unemployment is the natural movement of worker into and out of jobs, such as a person quits one job without first lining up a new one.

Service Business

______create value by performing activities that deliver some benefit to the customer, such as automotive repair, banking, health care and massage therapy.

Monopoly

in nearly all U.S. Cities, there is only one provider of electric power in a given geographic area. This is an example of what type of competition?