business final

A group of countries that have eliminated tariffs and harmonized trading rules to facilitate the free flow of goods among the member nations

A: Common market

During a period of grave financial crisis in the US, Congress is pressured to raise the limit on the maximum amount of money the government can borrow. Congress increases the limit on the condition that is will implement sharp tax hikes across-the-board spending cuts to compensate for the raise and to ensure that the overall budget deficit decreases. In this scenario, the measures implemented by congress will most likely create:

A: Fiscal cliff

The economy of Sutanvia is under severe financial distress. However, over the last few months, the economy has gradually picked up, and employment levels are slowly rising back to normal levels. Consumers are also beginning to engage in regular buying in the ___ phase of its business cycle.

A: Revorery

When the industries in a country tend to produce products that have the lowest opportunity cost relative to other countries, the country most likely has a __

A: comparative advantage

Susie's spa, a beauty therapy center, focuses on customer satisfaction and creating long-term relationships with customers. The firm ensures that customers are provided with high-quality services, and feedback is collected after every customer visit. It also provides its members with seasonal discounts and points every time they use any of the center's services. In this context, which dimension of the business environment affected the most?

A: competitive environment

Companies typically engage in ___ to meet the needs of customers that don't have actress to hard currency or credit.

A: countertrade

In the context of factors of production, which of the following is a natural resource?

A: land

The action or business or promoting and selling products or services, inflicting market and research advertising

A: marketing

The term ___ refers to a market structure with many competitors selling differentiated products; the barriers to enter such a market structure are low.

A: monopolistic competition

Consumers begin to engage in normal buying behavior. In this scenario, the economy of Lanceberg in currently in the ___

A: recovery phase

Norman Phone Inc. is a leading cell phone manufacturer who recently launched the Omn-1 model. Even before the sales of the Omn-1 model could reach its peak, the company launched the next version, Omn-2. Omn-2 overtook the sales of the Omn-1 model and also of its competitors' products. This helped Norman Phone Inc. To maintain its position as a leading-edge cell phone manufacturer. This scenario demonstrates the importance of ___ as a key source of competitive advantage.

A: speed to market

Nemiskam, an Arab country, is renowned for its rich oil reserves, approximately $1.3 billion annually by selling crude oil to other countries. Given this information, Menski is most likely involved in

B. exporting

in context

B. relative something

Which of the following is a character of entrepreneurs?

B. they risk their time, money and other resources to start and manage their business

Troboli is a North American country. The total value of all final goods and services produced in Troboli in the last fiscal year was 3.3% more than the year before that. The growth placed Troboli in a better position than most of its allies. In this scenario, the total value of all final goods and services through which the economic condition of Troboli was assessed is known as ___.

B: Gross domestic product

Walmart, Target, and Apple are examples of what

B: corporations

In the context of global trade, the ___is the measurement of the value of one nation's currency relative to the currency of other nations.

B: exchange rate

The country of Ukanturk has been facing an economic downturn for two consecutive years. To revive the financial condition of the country, its government tries to influence the economy through taxation and spending decisions that are designed to encourage growth and increase employment. In this scenario, the government of Ukanturk is implementing its __

B: fiscal policy

__ is the authority granted by a domestic firm to an overseas firm for the rights to produce and market its product or to use its trademark/patent rights in a defined geographical area.

B: foreign licensing

Verti, a North American country, engages in business with Jerg, a South American country. Ventri imports agricultural products from Jerg, whereas Jerg outsources its technological operations to workers in Verti. The two nations are able to carry out these business transactions with minimal tax implications. The given scenario most likely exemplifies the concept of ___.

B: free trade

Irkholm, a South American nation, experiences an economic downturn that leads to an increase in average prices across the country. The situation becomes more serious when average prices increase more than 50% per month. In the given scenario, Irkholm is experiencing ___.

B: hyperinflation

Which statement is true about Federal Reserve:

B: it manages the monetary policy of the US

To achieve its basic mission of promoting international economic cooperation and stable growth, the International Monetary Fund (IMF) ___.

B: lends money to member nations

When a business brings in less money than it needs to cover expenses, it incurs a ___

B: loss

Which is the part of economics concerned with single factors and the effect of individual decisions?

B: microeconomics

When a country produces more of one good, it must produce less of another good (assuming the resources are finite). The value of the second -best choice0 the value of the production ?????

B: opportunity cost

In the context of international trade restrictions, ___ are limitations on the amount of specific products that many be imported from certain

B: quote

To bring inflation under control, the Fed:

B: reduces the money supply

Carpet cleaners, Hair Salons, and Coffee Shops are examples of what type of business?

B: service business

A __ is a chaty phrase of a few words that gets your message across. It can be used on your website, business cards, or in an advertisement to make a big impact.

B: slogan

A business that is owned and controlled by one individual is called a __

B: sole proprietorship

When the total value of a nation's exports is higher than the total value of its imports, then country has a __

C. Trade surplus

Which of the following countries is involved in countertrade?

C: An asian country that provides sugarcane to an African country in exchange for jute

Bram, a packaged food company, solely manufactures food products that catered specifically to the Islamic community in the United States. However, after facing a stagnation in its sales, the company started manufacturing other products that contain pork to cater to the whole community. Which of the following dimensions of the social environment does this scenario exemplify.

C: Diversity

Which of the following is an example of a nonprofit organization?

C: Hollorg, a community museum that is funded by a trust and is free for public use

Afform of business here tow or more people share ownership as well as the responsibility for managing the company and the income or losses of the business is called a __

C: Partnership

In the context of economic systems, the two key phases of business cycle are

C: contraction and expansion

In the context of international trade restrictions, a __ is a total ban on the international trade of a certain item

C: embargo

Melina and Carl want to start an event management company that would provide local artists with a platform to showcase their talent and gain an audience. Melina and Carl are willing to invest their own resources in this project. In the context of factors of production, the given scenario exemplifies the concept of ____.

C: entrepreneurship

Lewis Graham the owner of a small radios company in the 1860s started gaining more influence on money and his business started to flourish to a point where he began controlling the entire northern half of railroad services Hr and decimating the:

C: entrepreneurship era

Rubicon Inc., an American guitar manufacturing company, signed a contract with a supplier in Umbria, an Asian country, to manufacture guitars. Rubicon then imported these

C: foreign outsourcing

___ refers to the unrestricted movement of goods and services across international border

C: free trade

Inicell INc, an American camera manufacturing company, wanted to imprta a few camera parts from Uralla, an Asian company. However, the AMerican government passed a taxation law that states that a tax of 4% would b levied all electronic imports.

C: imports

A __ is one or two lines that stake your claim in the market. It isn't necessarily something that you put on a binsres card or on your website, but it gives direction and helps you answer the right questions about your business

C: positioning statement

Black Marbles Resort is a resort in Miami. The members of the marketing department of the resort make it hard to develop long-term associations with the resort's customers. They call them to receive feedback about their recent visits to the resort and offer huge discounts on their next visit. In the context of the history of American business, the marketing department is most likely using concept that were popularized during the:

C: relationship era

The central banking system in the country of Darmos issues a notice to all its commercial banks stating that they must hold funds that are equal to 48% of the deposits held by their customers. In the given scenario, the central banking system's notice exemplifies ___.

C: reserve requirement

Economics is:

C: study of choices made by people, companies, and governments to allocate society resources

Spearhead Flight Academy uses flight simulation games to train its students in the basics of aviation. It uses these games to make its students more effective and efficient. In addition it also offers six months of flight training In this context, which of the following dimensions of the business environment is affected the most?

D. the technologist environment

Which of the following statements is true of nonprofits organizations?

D: They employ people and take in revenue

A ___ refers to the overage that occurs when more money flows into a nation than out of that nation?

D: balance of payments surplus

A __ is a business and marketing concept that helps people identify a particular company, product, or individual. As such, they help shape people's perceptions of companies and their products.

D: brand

In the context of monetary policy, when the economy is weak, the Fed:

D: buys government securities on the open market

A business entity that is owned by its shareholders, who elect a board of directors to oversee the organization;s activities is called a __

D: corporation

Proxy was the first automobile company in the world to intricate child safety clocks in its vehicles, This feature soon became a major selling point for consumers all over the world. As a result, other automobile companies began providing a similar feature in their vehicles, in this scenario

D: inflow of innovation

In the context of the fundamental principles of a free market system, which of the following statements is true of the equilibrium price?

D: it refers to the price at the point where the supply curve and the demand curve intersect

Prior to formulating its annual budget, the government of the Asian country of Florenesia employs a number of individuals to look into the overall productivity of the country. These individuals are also responsible for studying and revising some of the taxation policies and gauging the employment rate. Given this information, these individuals are studying.

D: macroeconomics

In the context of barriers to international trade, including differences among countries in language, attitudes and values.

D: sociocultural differences

In the content of the business environment, the creation of the World Wide Web is considered a component of the __

D: technological environment