BA exam 1

Import quota

Do US government announced a 13 million pound annual limit on diamontite imported from Taubestan. This type of trade restriction is called a(n) ___

The trend of mostly capitalist nations to move towards socialism

During a recession, the government of Cashland flooded several banking, financial services, and insurance firms with government funds in exchange for Government ownership rights. This move signaled the governments concerned that the global banking system might collapse if these firms ended up in bankruptcy. This decision for government involvement in these firms demonstrates ___

Employees resources to produce goods and services and distribute them among competing groups and individuals

Economics is the study of how a society ___

You believe your culture is superior to others

Ethnocentricity means

Connect sellers in the United States with buyers in other nations, and help with customs, documentation, and payments

Export-trading companies

Government spending and taxes

Fiscal policy involves increases or decreases in ___

Microeconomics

Freddy, and economist, has been tasked with answering the question, why do small business owners buy more fleet vehicle's when gas prices are down? Freddy is answering a question in ___

Mutually beneficial exchange relationships

Free trade between nations generally results in

Establishment of restrictive quality standards requiring foreign firms to make expensive modifications to their products before they can be exported to hasalot

Hasalot is a small nation that has followed protectionist policies for many years. Which action is an example of a non-terriff barrier that may have been established by Hasalot

Monopolistic competition

There's a large number of bakeries in the United States and each of these bakeries produces similar, but not identical, products. Some bakeries will claim to have the best cupcakes in town, while others will brag about other items like cookies or specialty breads. The bakery market is an example of ___

Mixed economies

Today, the economic systems of most nations could most accurately be classified as ___

Imports is less than the value of exports

A favorable balance of trade occurs when the value of

Foreign corrupt practices

A highly powerful foreign government official approaches your company and request a large sum of money. In return for this bribe, he promises your company will receive preferential treatment in all future government contracts. You quickly refuse his request, explaining that the ___ act of the United States prohibits you from making such payments

Loss of jobs in the US economy

A major concern voiced by U.S. critics of the North American Free Trade Agreement (NAFTA) is that it would result in

Comparative advantage

A nation has a ___ in the production of a good or service if it can produce that good or service more effectively or efficiently than it can produce other goods

Multinational corporation

A(n) ___ is a firm that has made sizable investments and has a physical presence in several foreign countries as a manufacturer and marketer of products and services

Ethnocentric

Although he is confident of success, Rhett is concerned that social, cultural, and economic differences in other nations may create some problems. He believes he should adapt his approach to these differences rather than trying to force the American way on foreign customers. Rhetts attitude suggests that he wants to avoid a(n) ___ approach to business

It is a good strategy for entering new markets where you have never had a presence

An advantage of forming a joint venture is

Find a need in the global market and fill it

An important principle for firms desiring to export is

The price of diamontite to be above the equilibrium price for this rare gem

An incredibly rare stone known as diamontite is used in many consumer products, including watch faces, smart phones, computer monitors, and tablets. In one year, the price of diamontite has gone from $8 to $107 a pound. Under these circumstances and the fact that more companies are looking to use diamontite in their products, a graph of the supply and demand for this product would show

A few large sellers who dominate the market

An oligopoly is a market that is characterized by

Imports exceeds the value of exports

An unfavorable balance of trade occurs when the value of

A trade surplus

Current trade data shows that the country of hasalot exports far more to other nations than it imports. Hasalot has ___

Nontariff barrier

Denmark requires foreign companies that sell butter in Denmark to sell it in cubes, not tubs. This type of requirement is known as a ___

Cut spending

One way to lessen the U.S. government budget deficit is to ___

Greater the potential reward

Often in business The greater the risk, the ___

The increase in older citizens may impact and employees take home pay if programs such as Social Security will need to be funded at a higher level. Skilled employees may require higher wages to make up the shortfall

If you were to discuss and analyze the social changes affecting the future of business, which of the following statements should be part of that conversation?

Information technologies

In recent years, businesses in general have experienced a lasting impact due to the emergence of ___

Federal reserve bank

In the United States, the ___ has the role of managing the money supply and interest rates

Create a customer driven environment where we constantly try to create customer value

Jenna is working as a marketing trainee for a streaming video company. Her boss called a meeting for next week with one thing on the agenda, bring with you your ideas about how we can gain a competitive advantage. Gina plans to provide the following response

Short term increases in government spending to stimulate the economy

Keynesian economic theory suggests

The licensee has incentive to work hard and succeed because they have borne the cost

Licensing is a popular strategy because

Adam Smith

Louisa is a gifted baker. She plans to open a small café in which she will be the head pastry chef. Louisa is willing to work the long hours because she believes that hard work will allow her business to succeed and earn her sizable profits. Louisa's efforts are most consistent with the economic theory developed by ___

Capital

Mary Kay owns a nursery. The trucks, hand carts, and forklift she purchased for the business are called ___

Do not seek to earn a profit

Public schools, charities, and government agencies generally ___

Importer

Shortly after graduating college, Roberto took his place in his family's company in Miami. Roberto's father and uncle started a company that buys bauxite, copper, and other minerals from Chile, and brings them back into the United States. Roberto brokers trades with mines in Chile. Roberto is a(n) ___

Export assistance centers

The federal government created ___ to help small and medium sized businesses get involved in exporting

The right to own private property

The freedom for people to buy, sell, and use land, buildings, machinery, and inventions are basic capitalist rights under ___

Moving skilled service jobs such as those in accounting offshore

The second wave of offshore outsourcing refers to

No nation can produce all the products it's people want and need

The theory of comparative advantage exists because

United States copyright laws do not necessarily apply globally

US recording studios are feeling the pinch in profits due to the fact that artists music is copied and sold overseas within 24 hours of the music selling in the US market. As a student who is now aware of the challenges businesses face in global trade, which statement do you think is an accurate representation of the situation?

Companies can create efficiencies by hiring low wage employees

What is an advantage of offshore outsourcing

National deficit

When the federal governments collection of tax revenues is less than what it spends in a given year, it results in a ___

China

Which nation joined the US, Japan, and the EU as a key driver of the world economy?

With the strong growth in technical talent globally, offshore outsourcing should continue to increase

Which statement is a good prediction of future occurrences in global markets

Profit

___ is the amount of business earns after deducting what it spins for salaries and other expenses

The business environment

___ is/are The external and internal circumstances that surround the business

Microeconomics

___ looks at the behavior of individual people and organizations in specific markets

Inflation

___ refers to a general rise in the price level of goods and services over time

Entrepreneur

a(n) ___ is a person who assumes the risk of starting a business