Intro to Business

Consider an exchange rate situation in which 1 Indian rupee equals 0.40 Japanese yen. Given this information, which of the following statements is true?

A Japanese tourist in Japan can buy more goods and services in India.

The Government of Tadahiro, a Central American country, learns that low-priced mineral imports from Oda, a European country, are affecting the sales of domestic textile companies. The Tadahiro government decides to levy a 7% tax on all mineral goods important from other countries. In this scenario, which of the following trade restrictions does the Tadahiro government impose?

A tariff

The Federal Trade Commission ______.

Actively promotes fair competitive practices

When the government takes steps to reduce the risks of starting and running a business. It us most likely to result in ______.

An increase in free enterprises

In the context of globalization which of the following is the most challenging issue faced by companies and individuals that are involved in international business?

Bribery

Five individuals get food poisoning after consuming the carbonated drinks produced by a well-known company. Following this incident, the public demands an inquiry into the company's manufacturing process. This demand by the public represents ______.

Consumerism

Lakelyn and Sadler want to start a dance company that would provide local children with a space to learn and practice their talents. Lakelyn and Sadler are willing to invest their own resources in this project. In the context of the factors of production, the given scenario exemplifies the concept of __________

Entrepreneurship

Russia and China are both rich in natural and Human Resources, and both countries have a solid level of capital. Both China and Russia rank relatively low in terms of gross national income per person. The mission ingredient seems to be _________.

Entrepreneurship

Tadihiro, an employee at a technology company, is asked to do an evaluation of the company's adherence to its social and ethical standards. In this case, what should Tadahiro do first?

Establish the ethics and social responsibility goals that the company seek to achieve.

Tadita is struggling to run her start-up in her local area because local trade associations have established strict codes of conduct regarding the certification, acceleration, and insurance obligations for business. In the context of economic freeedom in a business environment, which of the following is adversely affecting Tahiti's start-up?

Excessive regulation

Omar is part of the Board of Governors that manages U.S. monetary policy. He has been elected by the president to serve a single 14 -years term. In addition to setting the monetary policy, he is responsible for performing banking services for commercial banks. In this scenario, Omar is most likely part of the ______.

Federal Reserve

What was created when Congress agreed to raise the debt ceiling during the economic meltdown in the United States in 2011?

Fiscal cliff

Which of the following is one of the more purposes of the Fed?

Influencing the size of the money supply

The ______ is an organization of 190-member nations that promotes global economic cooperation and stable growth.

International Monetary Fund (IMF)

In the context of fiscal policy, which of the following action by the government helps boost the economy in the long term?

Investing in public assets, such as a national renewable energy grid

Identify a true statement about the Federal Reserve.

It manages the monetary policy of the United States.

Gabe is a college student majoring in economics. As part of one of his classes, he has to collect data on the consumption patterns of the households in his hometown. In this scenario, Gabe is most likely involved in the study of ______.

Microeconomics

Which if the following statements is true of the World Trade Organization (WTO)?

Ministers of the WTO meet every two years ti address current world trade issues.

Which of the following refers to national policies designed to restrict international trade, usually with the goal of protecting domestic businesses?

Protectionism

Alroy, a Spanish manager in company based in Japan, is admired by his colleagues for the way he rests other people, his considerate nature, and his tolerance towards cultures. In the context of universal ethical standards, Alroy exhibits which core value?

Respect

Which of the following is an example of M2 form of money supply?

Savings account

The trade union of members of a wool manufacturing company are the company's ______.

Stakeholders

In the context of economic considerations when entering a foreign market, the communications infrastructure in a country most likely include ______.

Television

Sassy Turtle, a clothing boutique . offers personalized customer service in its store and engages in post-purchase surveys to take feedback from its customers. It also gives promo codes with customized messages to its customers on their birthdays. The company values the importance of building long-term customer relationships. In this context, which dimension of the business environment is affected the most?

The competitive environment

Pace and Palacios, a law firm, is infamous for influencing witnesses with the use of bribes. because of this corruption, the law firm has won many cases that it would have otherwise lost. In the context, which dimension of the business environment is affected the most?

The economic environment

When Tabitha wanted to start a new online car rental services, she was skeptical about investing in it because of the financial crisis in her country. However, she was put at ease after learning about the government's policy of levying low federal taxes on startup business. In this context, which dimension of the business environment is affected the most?

The economic environment

Which of the following dimensions of a business environment is specifically highlighted when stock markets lose a major portion of their value and when huge, venerable institutions collapse financially?

The economic environment

In the context of the dimensions of the business environment, which of the following is true of the competitive environment?

Vocal promotes of a firm's products can get the firm new customers effectively.

______ are limitations on the amount of specific products that one nation will sell to another nation.

Voluntary export restraints

The ______ is an international cooperative of 188-member countries, working together to reduce poverty in the developing world.

World Bank

In the context of monitoring ethics and social responsibility, when firms monitor themselves, the process is referred to as ______.

a social audit

In 1995, the total expenditure of the government of Kyung, an Asian country, exceeded its revenue by a substantial amount. This forced the government of Kyung to borrow its funds to meet its legal obligations. In this scenario, the government of Kyung incurred a ______ in 1995.

budget deficit

The government of Antonella, a European nation, earned more revenue than its total expenditure in the last fiscal year. Given this information, the government of Antonella incurred a ______.

budget surplus

The most socially responsible companies establish ______ for their vendors, setting clear policies for human rights, wages, safety, and environmental impact.

codes of conduct

The nonprofit, nonpartisan Character Counts organization has worked with various groups of educators and community leaders to establish a set of ______.

core ethical values that transcend political, religious, class, and ethnic divisions

Gagan and Damara, two developing countries, bartend steel for wheat rather than fro currency. In this scenario, the two countries engaged in ______.

countertrade

If the newly appointed government in the United States requests for Congress to raise the amount of money the government can borrow, the government has asked Congress to hike its ______.

debt ceiling

In the context of the competitive environment of business, customer satisfaction comes in large part from ______.

delivering unsurpassed value

Cornell Health Care, a renowned American hospital, regularly collaborates with other heath-care centers to provide small medical clinics in low-income countries drugs and medical services at lower than normal prices. In this scenario, this practice of collusion by Cornell Health Care is ______.

illegal but ethical

Sadiya Co., a South American international company, wants to import raw materials from Nakos, a European country. However, the company can import inly a certain quantity of raw materials because of trade restrictions imposed by Nakos. In this scenario, Sidaya Co. is most likely facing the barrier of ______.

legal differences

When the Federal Reserve makes decisions that she the economy by influencing interest rates and the supply of cash this is called ______.

monetary policy

Despite the economic crisis caused by the COVID-19 pandemic, research suggests that _______.

most budding entrepreneurs still plan to launch their firms in the next three years

In the context of key economic considerations when entering a foreign market, the energy infrastructure in a country most likely includes ______.

power plants

Trade restrictions were created to

protect domestic industry

In the context of the factors of production, which of the following is an entrepreneurial "must"?

protection from corruption

With and increasing number of workers facing challenges such as raising kids and caring for elderly parents, responsible companies are stepping in wit programs such as on-site day care, company-sponsored day camp, and referral services for elder care. These actions show that these companies are fulfilling their ______.

social responsibility

In the year 2002, Fat wanted to purchase a house. As he did not have adequate funds, he decided to tale a loan. given his low credit score, it was unlikely that he would be able to repay the borrowed money. However, he was able to secure a loan despite his reduced ability to repay the loan. Fat most likely applies for a ______.

subprime mortgage loan

Aparawa, an East African country, was plagued by a disease for several years. This led to poor economic conditions, and the government was compelled to borrow funds from other nations. Because of the slow economic growth in the country, the government could repay on 20% of its debts. In this scenario, the amount that the government is yet to repay is known as ______.

the federal debt

To bring a code of ethics to life experts advocate a forceful, interrogated approach t ethics. According to this ______.

when people violate ethical norms, companies must respond publicly to retain employee trust

Kaholo, an employee at an online magazine, learns that the reason his colleagues was asked not to pursue an article further was because the editor of the magazine was bribed by the concerned party to suppress the matter. Kaholo reveals this information to the chief editor and his colleagues and also reports it to the news. In this scenario, Kaholo is a ______.

whistle-blower