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?