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GB Unit 1 MC Part 1
Test Description: 21-35
Instructions: Answer all questions to get your test result.
1) A global dependency exists when
A
a country buys tools from another country because it does not have the technology to make the tools
B
all of the above
C
massive crop failures require buying food from another country
D
doctors travel to another country to provide healthcare because there is a shortage of medically-trained professional
2) All of the following are benefits of international business except
A
expanded business opportunities
B
decreased competition
C
improved political relationships
D
increased sources of raw materials
3) Free trade among countries can be restricted by
A
import quotas
B
trade barriers
C
all of the above
D
import taxes
4) An example of a cultural factor that can affect international business is
A
the weather is too hot for selling ice cream products without refrigeration units
B
none of the above
C
consumer protection laws require expensive packaging
D
the major religion prohibits the use of alcohol in any food products
5) Business activities that occur within one country are called
A
international business
B
domestic business
C
free trade
D
foreign trade
6) An example of exporting would be
A
products made and sold in Japan
B
products that were made in Poland and bought by Polish consumers
C
products sold by a company in Mexico for purchase by Italian consumers
D
a European country's tax on products made in other countries
7) An example of a trade barrier would be
A
consumers who prefer to buy products from domestic companies rather than foreign companies
B
a sales tax on products made and sold within a country
C
efforts by a government to encourage exporting among businesses in its country
D
a limit on the number of foreign automobiles a country allows to be imported
8) A cultural factor affecting international business activities would be
A
government policies toward business
B
the availability of natural resources
C
family relationships
D
stability of the money supply
9) A political factor affecting international business activities would be
A
religious beliefs
B
the general education level of a country's population
C
the type of government
D
a country's commonly used language
10) Economics is the study of how
A
decisions are made using six steps
B
limited resources are used to satisfy unlimited wants and needs
C
none of these
D
individuals make decisions about buying products
11) Capital resources include
A
none of these
B
buildings, money, and equipment
C
factories, mines, and talented personnel
D
gold, silver, and other minerals
12) An economy in which an individual may own and run a private business to make a profit, with little government involvement with business is a
A
communist economy
B
command economy
C
none of the above
D
mixed economy
13) South Africa has a large percentage of the world's diamond deposits. This is an example of
A
absolute advantage
B
comparative advantage
C
a developing country
D
none of these
14) Opportunity cost refers to the
A
wages paid to workers in factories and offices
B
things given up when a choice is made
C
products bought by one country from another country
D
rising prices in an economy
15) Of the following characteristics, a less-developed country is least likely to have
A
an emphasis on agriculture and mining
B
poor housing and healthcare
C
a highly educated population
D
low economic wealth
*select an answer for all questions
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