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121.As productivity increases, the cost of producing goods and services

  121.As productivity increases, the cost of producing goods and services is likely to fall.  122.In the service sector of the economy, the influx of machinery such as computers increases output per worker, but does little to improve the quality of services.  123.Current measures of productivity in the service sector provide an accurate.
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121.As productivity increases, the cost of producing goods and services
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151.If the national debt $14 trillion, the national deficit will

  151.If the national debt is $14 trillion, the national deficit will be considerably higher.  152.Government spending on defense decreases the national deficit.  153.To jump-start the economy, the Fed is likely to lower interest rates, in order to encourage individuals and businesses to spend money.  154.The best way to avoid national budget deficits is.
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151.If the national debt $14 trillion, the national deficit will
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261.__________ unemployment results when the demand for labor varies during

  261.__________ unemployment results when the demand for labor varies during the year.  A. Frictional B. Structural C. Cyclical D. Seasonal 262.The _________ is a statistic used to compute the pace of inflation or deflation.  A. consumer price index B. gross domestic product C. index of leading indicators D. index of inflationary trends 263.The measure used to report price changes at the wholesale level is the:  A. gross domestic product (GDP). B. consumer.
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261.__________ unemployment results when the demand for labor varies during
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True / False Questions 1.Today, over 90% of the companies doing

  True / False Questions 1.Today, over 90% of the companies doing business globally believe it is important for their employees to have experience working in other countries.  2.Importing is the selling of products to another country.  3.Exporting is the selling of products to another country.  4.The United States imports more products and services than.
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True / False Questions 1.Today, over 90% of the companies doing
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11.Thomas Malthus believed that overpopulation was a major cause of

  11.Thomas Malthus believed that overpopulation was a major cause of poverty.  12.In developing nations of the world, population has leveled off and is not expected to increase dramatically in the future.  13.Studies about the effects of population growth on the economy are part of macroeconomics.  14.Economic progress can occur when business owners provide.
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11.Thomas Malthus believed that overpopulation was a major cause of
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301.Lance owns Lance Lawns Irrigation Systems, LLC, a company that

  301.Lance owns Lance Lawns Irrigation Systems, LLC, a company that installs and maintains underground lawn irrigation systems. Business is down due to new housing starts being negatively impacted by a deep recession. To make things worse, his bank called yesterday to inform him that his credit limit (interest fee of.
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301.Lance owns Lance Lawns Irrigation Systems, LLC, a company that
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51.In the United States, laws prohibit the creation of most

  51.In the United States, laws prohibit the creation of most types of monopolies.  52.One strength of a free-market economic system is that it emphasizes the fair and humane treatment of the less fortunate in society.  53.The greed of businesspeople represents one of the greatest dangers to the operation of a free-market system.  54.Fatima.
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51.In the United States, laws prohibit the creation of most
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191.Which of the following a basic right under capitalism? A. Freedom of

  191.Which of the following is a basic right under capitalism?  A. Freedom of collusion. B. Freedom from taxation. C. The right to vote. D. The right to compete. 192.The freedom of people to decide where they want to work and live and what they want to buy or sell are basic capitalist rights under:  A. eminent domain. B. freedom of expression. C. freedom of choice. D. freedom.
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191.Which of the following a basic right under capitalism? A. Freedom of
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21.Products made in Canada sold in the U.S. because these

  21.Products made in Canada are sold in the U.S. because these two nations agree to eliminate economic and political barriers between nations. They participate in free trade.  22.After finishing college, Nathan joined his uncle's company in Miami, FL, a company that buys bauxite, copper, and other minerals from the country of.
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21.Products made in Canada sold in the U.S. because these
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111.Deflation means prices declining. 112.The consumer price index (CPI) measures what

  111.Deflation means prices are declining.  112.The consumer price index (CPI) measures what is happening to prices at the wholesale level.  113.The CPI measures the pace of inflation or deflation.  114.The CPI is based on the prices of a carefully selected market basket of goods, all of which consumers can purchase at a supermarket.  115.Some.
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111.Deflation means prices declining. 112.The consumer price index (CPI) measures what
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201.When the supply curve and demand curve for a particular

  201.When the supply curve and demand curve for a particular good are shown together on a single graph, the point at which the two curves intersect identifies the:  A. total profit earned by producers. B. total amount of labor that will be employed in that market. C. amount of time it takes to bring together the.
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201.When the supply curve and demand curve for a particular
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221.Reality Entertainment, Inc., a major producer of reality TV programming.

  221.Reality Entertainment, Inc., is a major producer of reality TV programming. The company faces fierce competition from three other major producers of similar shows. Together, Reality Entertainment and its three rivals control almost the entire reality TV programming. Their market environment is called:  A. an oligopoly. B. a duopoly. C. monopolistic competition. D. a quasi-monopoly. 222.On its website, Papa.
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221.Reality Entertainment, Inc., a major producer of reality TV programming.
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31.A favorable balance of trade occurs when the value of

  31.A favorable balance of trade occurs when the value of a country's imports exceeds the value of its exports.  32.A favorable balance of trade occurs when the value of a country's exports exceeds the value of its exports.  33.The balance of payments measures the inflows and outflows of money from tourism, foreign.
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31.A favorable balance of trade occurs when the value of
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81.When Nestlé, a Swiss company, purchased Ralston Purina, a U.S.

  81.When Nestlé, a Swiss company, purchased Ralston Purina, a U.S. company, Ralston Purina became a foreign licensee.  82.A firm may export everything it produces overseas and yet not be considered a multinational.  83.Contract manufacturing is a low-cost way for GAP to outsource the production of its clothing designs.  84.Strategic alliances almost always result.
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81.When Nestlé, a Swiss company, purchased Ralston Purina, a U.S.
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251.The prime minister of the nation of Urbania has called

  251.The prime minister of the nation of Urbania has called for Urbania's legislature to enact new legislation designed to shift his country away from socialism toward a more capitalistic system. The Prime Minister acknowledges that such a radical change will entail some hardships, and that some citizens will be unhappy.
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251.The prime minister of the nation of Urbania has called
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61.Export trading companies assist businesses in reaching buyers, and dealing

  61.Export trading companies assist businesses in reaching buyers, and dealing with customs, documentation, and payment.  62.One advantage of licensing is the relatively low cost of entering a foreign market.  63.One advantage of licensing as a strategy to enter the global market is the sharing of trade secrets.  64.While franchising is popular in the.
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61.Export trading companies assist businesses in reaching buyers, and dealing
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101.In the past, foreign companies have adapted to U.S. culture

  101.In the past, foreign companies have adapted to U.S. culture more easily than U.S. firms have adapted to foreign cultures.  102.Effective human resource management styles are transferable from one culture to another.  103.Effective marketing strategies focus on the product and ignore the sociocultural differences in the global environment.  104.Many U.S. companies fail to.
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101.In the past, foreign companies have adapted to U.S. culture
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111.Bartering the exchange of goods or services for other goods

  111.Bartering is the exchange of goods or services for other goods or services with no exchange of money traded.  112.Countertrading is a form of exchange where firms will put certain products "on the counter" offering them to foreign customers at a cheaper price than what they would offer them to domestic.
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111.Bartering the exchange of goods or services for other goods
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291.Efforts by the Federal Reserve Bank (the Fed) to control

  291.Efforts by the Federal Reserve Bank (the Fed) to control the money supply and interest rates are known as:  A. fiscal policy. B. incomes policy. C. monetary policy. D. securities policy. 292.The Federal Reserve Bank operates:  A. as a semi-private organization not under the direct control of the government. B. under the direct control of the executive branch of the government. C. under the direction.
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291.Efforts by the Federal Reserve Bank (the Fed) to control
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41.If the quantity supplied in a market exceeds the quantity

  41.If the quantity supplied in a market exceeds the quantity demanded, a shortage will exist.  42.If a shortage exists in a market for a good, the price of that good will tend to fall.  43.The point of intersection between the supply and demand curves is called the stress point.  44.In the long run,.
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41.If the quantity supplied in a market exceeds the quantity
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211.The markets for laundry detergents, soft drinks, and automobiles dominated

  211.The markets for laundry detergents, soft drinks, and automobiles are dominated by just a few sellers. Economists would classify these markets as examples of:  A. monopolistic competition. B. perfect competition. C. oligopolies. D. monopolies. 212.In most large cities there are a large number of bakeries. These bakeries produce similar, but not identical, products. Some bakeries claim to have the.
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211.The markets for laundry detergents, soft drinks, and automobiles dominated
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61.Glamour Gal a popular cosmetics company. Although it gaining in

  61.Glamour Gal is a popular cosmetics company. Although it is gaining in popularity among younger women, its promotional strategy continues to focus on the shadow-free finish that it produces on almost any skin type. Due to the fact that its industry faces monopolistic competition, the company knows that it must.
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61.Glamour Gal a popular cosmetics company. Although it gaining in
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271.____________ in the service sector has not shown the significant

  271.____________ in the service sector has not shown the significant improvement that it has in the manufacturing sector. There are significant advances in the quality of service, but workers in this sector are unable to increase the number of persons served in a given time period.  A. The CPI B. Technology C. Productivity D. The growth 272.Which of the.
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271.____________ in the service sector has not shown the significant
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51.Japanese auto manufacturers, such as Toyota and Nissan, have invested

  51.Japanese auto manufacturers, such as Toyota and Nissan, have invested billions of dollars in the United States by building new factories, warehouses, and offices. These investments increase favorably the balance of payments for the United States.  52.When the U.S. provides foreign aid to Israel and Egypt, a balance of payments outflow.
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51.Japanese auto manufacturers, such as Toyota and Nissan, have invested
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91.There general agreement in the United States the degree to

  91.There is general agreement in the United States on the degree to which the government should be involved in the economy.  92.Subtle differences such as the right to one's religious preference make the command economic system known as communism more like a mixed economy than a socialistic system.  93.In the past, socialist.
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91.There general agreement in the United States the degree to
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31.State capitalism the combination of free markets and government control. 32.The

  31.State capitalism is the combination of free markets and government control.  32.The most fundamental of all rights in capitalism is the right to private property.  33.Under capitalism, the government prohibits people and businesses from competing with each other.  34.A basic right under capitalism is the right of businesses to receive government funding.  35.Free-market capitalism.
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31.State capitalism the combination of free markets and government control. 32.The
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71.The purpose of forming strategic alliances to share the costs

  71.The purpose of forming strategic alliances is to share the costs of marketing new products and services to several countries.  72.A disadvantage of creating a foreign subsidiary is the loss of control over technology and expertise used in the production of the product.  73.Foreign direct investment refers to the buying of goods.
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71.The purpose of forming strategic alliances to share the costs
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41.Compared to many other industrialized countries, the United States has

  41.Compared to many other industrialized countries, the United States has historically exported a lower percentage of its products than other countries do.  42.Compared to many other industrialized countries, the United States has historically exported a much higher percentage of its products than other countries do.  43.The United States currently enjoys a favorable.
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41.Compared to many other industrialized countries, the United States has
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241.Today, the economic systems of most nations could most accurately

  241.Today, the economic systems of most nations could most accurately be classified as:  A. pure capitalism. B. pure socialism. C. command economies. D. mixed economies. 242.Both socialism and communism are variations of:  A. command economies. B. competitive economies. C. free-market economies. D. plutocratic systems. 243.A major trend in the world today is that:  A. free-market economies are moving more toward socialism and socialist economies are moving more toward capitalism. B. productivity in.
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241.Today, the economic systems of most nations could most accurately
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231.In recent years, countries with communist economic and political systems

  231.In recent years, countries with communist economic and political systems have:  A. enjoyed periods of great prosperity. B. experienced severe economic depression. C. placed even more importance on individual ownership of businesses. D. grown very slowly, but have avoided the severe problems that have plagued some capitalist economies in Asia and Europe. 232.The economic and political system in which.
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231.In recent years, countries with communist economic and political systems
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181.Jake considers himself to be a follower of Thomas Malthus.

  181.Jake considers himself to be a follower of Thomas Malthus. Which of the following statements would Jake be most likely to make?  A. The key to economic growth is to keep taxes and government regulations to a minimum. B. Command economies are more likely to encourage economic growth than free-market economies. C. Allowing people to follow.
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181.Jake considers himself to be a follower of Thomas Malthus.
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81.A major distinction between capitalism and socialism concerns the distribution

  81.A major distinction between capitalism and socialism concerns the distribution of income.  82.Countries that wish to avoid shortages and surpluses of goods should adopt a communist system.  83.Workers in nations who are strong proponents of communism work much harder and longer hours.  84.In the small nation of Equalia, the government owns several of.
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81.A major distinction between capitalism and socialism concerns the distribution
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91.The Tsingtao Brewing company pays a fee to AB-InBev for

  91.The Tsingtao Brewing company pays a fee to AB-InBev for the right to brew and distribute Budweiser in China. Tsingtao is the licensor and the fee paid is a royalty.  92.The purchase of U.S.-based Anheuser-Busch by Belgian brewer InBev is an example of foreign direct investment.  93.An example of foreign direct investment.
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91.The Tsingtao Brewing company pays a fee to AB-InBev for
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141.When the government attempts to stabilize the economy by changing

  141.When the government attempts to stabilize the economy by changing taxes or government expenditures, it is using fiscal policy.  142.The national deficit is the difference between our nation's exports and its imports.  143.The size of the national debt increases when the federal government runs a deficit.  144.The U.S. national debt equals the sum.
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141.When the government attempts to stabilize the economy by changing
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71.Socialists believe that wealth should be more evenly distributed than

  71.Socialists believe that wealth should be more evenly distributed than what actually occurs in a free-market capitalistic system.  72.Workers in socialist countries often get longer vacations and more social benefits than workers in free-market economies.  73.Over the past decade, socialist economies have proven to be more successful at creating wealth and jobs.
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71.Socialists believe that wealth should be more evenly distributed than
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171._________ considered by some to be the father of modern

  171._________ is considered by some to be the father of modern economics.  A. John Maynard Keynes B. Adam Smith C. Thomas Carlyle D. Thomas Malthus 172.Which of the following is an important premise of Smith's conclusions about economic prosperity?  A. Individual freedom is necessary if a society is to prosper. B. Understanding the concept of survival of the fittest will lead to prosperity. C. Determining.
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171._________ considered by some to be the father of modern
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True / False Questions 1.America's business success largely due to an

  True / False Questions 1.America's business success is largely due to an economic and social climate that allows businesses to operate freely.  2.Global economics and politics have no significant influence on businesses in the United States.  3.The IMF has recently proposed a one-time global wealth tax to help bring the debt of nations.
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True / False Questions 1.America's business success largely due to an
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11.Absolute advantage the basis for most global trade today. 12.Comparative advantage

  11.Absolute advantage is the basis for most global trade today.  12.Comparative advantage theory states that a country should sell to other countries those products that it produces most efficiently and buy from other countries those products it cannot produce as efficiently.  13.A country has an absolute advantage if the production of a.
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11.Absolute advantage the basis for most global trade today. 12.Comparative advantage
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21.Thomas Malthus believed that people in most countries would never

  21.Thomas Malthus believed that people in most countries would never be able to achieve high standards of living unless the problems of overpopulation were addressed.  22.Adam Smith believed that since businesspeople are motivated to improve their own prosperity, their actions are unlikely to benefit society as a whole.  23.Adam Smith believed that.
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21.Thomas Malthus believed that people in most countries would never
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