BML Chapter 2 Set 2: Question Preview (ID: 10318)

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Compares the prices of a group of selected items each year to some earlier year.
a) consumer price index (CPI)
b) retail sales
c) unemployment rate
d) GDP per capita

Domestic business refers to
a) business involving maids, cooks, gardeners, etc.
b) business that takes place between businesses in different countries.
c) business activities that involve selling products made in a different country.
d) business activities occurring completely within a single country's borders.

In the U.S., the labor force consist of all people above age ___ who are actively working or seeking work.
a) 14
b) 16
c) 18
d) 20

Drawbacks of MNCs include
a) the MNC often offers higher wages than existing businesses in the host countries.
b) the MNC makes available more employment opportunities in the host country.
c) the MNC sometimes controls the political process in the host country.
d) the MNC usually brings new products into the host country's markets.

Franchising is
a) two companies share product development, manufacturing and marketing on a particular project.
b) selling a particular process and knowledge of how to operate a specific business in a certain way.
c) allowing the use of a name, picture or logo in exchange for a fee or royalty.
d) sharing ownership of a business with others.

A(n) ________________ company is an organization that does business in several countries.
a) global
b) multinational
c) intergalactic
d) universal

The difference between a country's total exports and total imports is called
a) balance of trade
b) balance of payments
c) profits
d) foreign debt

The difference between the amount of money that comes into a country and the amount that goes out of it is called
a) balance of trade
b) balance of payments
c) profits
d) foreign debt

The goals of the World Trade Organization include
a) regulating currency exchange rates.
b) eliminating formal trade barriers.
c) offering expertise in economic development to impoverished countries.
d) maintaining quotas, tariffs and embargoes.

A decrease in prices and an increase in the buying power of the dollar
a) inflation
b) depression
c) trade deficit
d) deflation

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