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Study Resources (Business Management)

  261.__________ unemployment refers to loss of jobs due to a recession or a similar downturn in the economy. A. FrictionalB. StructuralC. CyclicalD. Seasonal 262.__________ unemployment results when the demand for labor varies during the year. A. FrictionalB. StructuralC. CyclicalD. Seasonal 263.The _________ is a statistic used to compute the pace of inflation or deflation. A. consumer price indexB. gross domestic productC. index of leading indicatorsD. index of.
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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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  81.Countries that wish to avoid shortages and surpluses of goods should adopt a communist system.   82.Workers in nations who are strong proponents of communism work much harder and longer hours.   83.In the small nation of Equalia, the government owns several of the key businesses and provides a wide range of social services..
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  151.Monetary policy is implemented to ease the up and down swings of business cycles, while fiscal policy is implemented to create swings when the cycle is stalled in an economic boom.   152.If the national debt is $14 trillion, the national deficit will be considerably higher.   153.Government spending on defense decreases the national.
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  191.__________ occurs when a country has a monopoly on producing a product or is able to produce it at a cost well below that of all other countries. A. Comparative advantageB. Absolute advantageC. Complete advantageD. Dumping advantage 192.The theory of comparative advantage exists because: A. there are too many products and services to choose from today.B. customers are always.
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  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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  51.A Chinese steel manufacturer is selling certain types of steel in the United States at a price significantly lower than it sells the same steel in its home market. This practice may be a violation of U.S. law.   52.Japanese auto manufacturers, such as Toyota and Nissan, have invested billions of dollars.
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  181.Telewhiz, Inc. just contracted with a firm in the Philippines to provide customer service for its cell phone customers. Although there were cheaper labor markets that Telewhiz could have tapped, customers have reported that they understand English speaking Filipino people better than English speaking people in other countries. As an.
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  71.Workers in socialist countries often get longer vacations and more social benefits than workers in free market economies.   72.Over the past decade, socialist economies have proven to be more successful at creating wealth and jobs than capitalist economies.   73.One drawback of socialism is that it may result in a reduction in the.
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  291.In the U.S., the __________ has the role of managing the money supply and interest rates. A. United States TreasuryB. Federal Reserve BankC. State DepartmentD. Federal Deposit Insurance Corporation 292.On average, what percentage of the GDP does the U.S. government collects through taxes? A. 50%B. 10.5%C. 28.2%D. 33.33% 293.One way to lessen the U.S. government budget deficit is to: A. cut spending.B. increase spending.C. call-in government.
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  71.According to current U.S. laws, American firms are prohibited from participating in joint ventures with foreign firms. 72.The purpose of forming strategic alliances is to share the costs of marketing new products and services to several countries. 73.A disadvantage of creating a foreign subsidiary is the loss of control over technology and.
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  121.When it comes to ethics, successful American businesspeople are encouraged to follow the policy of "when in Rome, do as the Romans."   122.Since patent and copyright laws are the same in all nations, they are not of much impact to firms that compete globally.   123.If you travel to Mexico and the exchange.
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  151.The principle of mercantilism encouraged nations to keep economics separate from politics.   152.If a protective tariff is placed on an imported product, the added cost will go to the government.   153.The complete ban on the sale of Cuban cigars in the United States is an example of an import quota.   154.Imported wines such.
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  281.Which of the following statements about productivity in the service sector of the U.S. economy is most accurate? A. Productivity in the service sector has increased much more rapidly than productivity in the manufacturing sector.B. Improving productivity in the service sector is much less important than improving productivity in the manufacturing sector, because.
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  91.The All-Sports Gaming Company has avoided contract manufacturing abroad due to the significant start-up costs in buying land and setting up its own manufacturing plants.   92.The Tsingtao Brewing company pays a fee to Anheuser-Busch for the right to brew and distribute Budweiser in China. Tsingtao is the licensor and the fee.
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  241.Recently, Hugo Chavez, the Prime Minister of Venezuela, announced that he is standing behind the concept of state owned utilities, public schools, and the communications industry of his nation. Although not all industry is owned and managed by the government, his ideas would lead one to believe that he has.
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  141.The main goal of the General Agreement on Tariffs and Trade (GATT) was to reduce trade restrictions among world nations. 142.The World Trade Organization (WTO) was established to mediate trade disputes among nations. 143.One goal of the World Trade Organization (WTO) is to increase national subsidies on agricultural products. 144.A common market is.
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  311.Explain the difference between fiscal policy and monetary policy. Discuss how each of these approaches can be used to influence the state of the economy. Multiple Choice Questions  Mini-CaseGig Abite is a bright, hard-working engineer who once owned a successful engineering consulting firm in his native country of Frinezia. Gig became discouraged.
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  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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  21.In order to enjoy the highest standard of living possible, comparative advantage theory states that all nations should strive to become self-sufficient.   22.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.   23.After finishing college,.
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  211.A favorable balance of trade occurs when the value of: A. imports equal the value of exports.B. the cash inflows equal the value of the cash outflows.C. the value of imports is less than the value of exports.D. the value of the dollar is greater than the value of the Euro. 212.An unfavorable balance of trade.
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  41.When trading in global markets, most countries prefer to import more than they export. 42.Compared to many other industrialized countries, the United States has historically exported a lower percentage of its products than other countries do. 43.Compared to many other industrialized countries, the United States has historically exported a much higher percentage.
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  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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  231.Communism is an economic system in which: A. The government and private citizens own equal shares of the economic resources.B. Almost all of the productive resources are owned by private businesses.C. The government makes almost all of the major economic decisions.D. Individual consumers make all economic decisions. 232.In recent years, countries with communist economic and political.
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  211.When the market price of a good is below the equilibrium price, and all other determinants are unchanged: A. the quantity demanded will exceed the quantity supplied.B. the supply curve will be to the right of the demand curve.C. a surplus will exist in the market.D. the government will regulate the price of the good.
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  31.U.S. exports boost the U.S. economy. 32.A favorable balance of trade occurs when the value of a country's imports exceeds the value of its exports. 33.A favorable balance of trade occurs when the value of a country's exports exceeds the value of its exports. 34.The balance of payments measures the inflows and outflows.
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  171.Profitable opportunities in global markets are diminishing for small and medium sized businesses. 172.Offshore outsourcing is another term used to describe the act of U.S. firms selling their domestically manufactured goods to foreign customers. 173.A "second wave" of offshore outsourcing involves sizable numbers of skilled, well-educated, middle-income workers in service-sector jobs. 174.One advantage.
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  201.Peru and Bolivia account for almost 97% of the production of Quinoa seed (pronounced Keen-wa), and most of it is sold to the U.S., Japan, and other wealthy nations.  According to Duane Johnson, a former Colorado State agronomist who helped introduce the product into the U.S. several years ago, “This.
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  61.The U.S. government is reducing Export Assistance Centers due to businesses' lack of interest in their support. 62.Export trading companies assist businesses in reaching buyers, and dealing with customs, documentation, and payment. 63.One advantage of licensing is the relatively low cost of entering a foreign market. 64.One advantage of licensing as a strategy.
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  101.Sociocultural differences that affect global businesses include customs, language, and religion. 102.In the past, foreign companies have adapted to U.S. culture more easily than U.S firms have adapted to foreign cultures. 103.Effective human resource management styles are transferable from one culture to another. 104.Effective marketing strategies focus on the product and ignore the.
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  11.Global trade includes the exchange of art, sports, and cultural events. 12.Absolute advantage is the basis for most global trade today. 13.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. 14.A.
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  91.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.   92.In the past, socialist nations have realized that some of the government run businesses do not grow as quickly as businesses that operate for.
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  171.A key to economic growth and development is to: A. Locate more deposits of gold and other precious metals.B. Emphasize a fair and equitable distribution of income.C. Provide people with better education.D. Allow government planning to guide the allocation of resources. 172._________ is considered by some to be the father of modern economics. A. John Maynard KeynesB. Adam SmithC. Thomas.
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  81.A firm desiring to enter a foreign market with a limited investment should consider licensing.   82.When Nestlé, a Swiss company, purchased Ralston Purina, a U.S. company, Ralston Purina became a foreign licensee.   83.A firm may export everything it produces overseas and yet not be considered a multinational.   84.Contract manufacturing is a low cost.
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  191.The foundation of the U.S. economic system is based on: A. Capitalism.B. The ideas of Thomas Malthus.C. Equality.D. The saying, "from each according to ability, to each according to need." 192.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. 193.The freedom of people to decide where.
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  271.One reason the CPI is monitored very closely by government, businesses, and workers is that: A. It indicates whether we are running a budget surplus or a deficit.B. Some wages, interest rates, tax rates, and government benefits are tied to changes in the value of the CPI.C. It is the best measure of worker.
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  221.The price of iPhones™ is falling. In a free-market economic system where everything else is equal, the most likely explanation is: A. Suppliers are not producing enough product.B. Sellers cannot keep up with market demand.C. The government determined that the product was not worth the price tag that the producer was asking.D. The product has.
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  251.In an effort to promote rapid growth, the government of Goldinia has kept taxes low, done little to regulate business activities, and implemented only modest social programs. The government is now facing political pressure to do more to clean up the environment and to reduce the inequalities of income and.
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  201.A typical demand curve shows that: A. As people earn more income, they buy more of a good.B. As supply increases, the amount purchased decreases.C. People tend to buy more of a good than they really want.D. People tend to buy more of a good when its price decreases. 202.When the supply curve and demand curve.
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  111.Devaluation refers to a decline in the value of a nation's currency relative to other currencies. 112.Bartering is the exchange of goods or services for other goods or services with no exchange of money traded. 113.Countertrading is a form of exchange where firms will put certain products "on the counter" offering them.
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