GB Unit 1 MC Part 1: Question Preview (ID: 23328)

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Of the following characteristics, a less-developed country is least likely to have
a) a highly educated population
b) low economic wealth
c) poor housing and healthcare
d) an emphasis on agriculture and mining

Opportunity cost refers to the
a) things given up when a choice is made
b) products bought by one country from another country
c) wages paid to workers in factories and offices
d) rising prices in an economy

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

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) mixed economy
b) none of the above
c) communist economy
d) command economy

Capital resources include
a) buildings, money, and equipment
b) factories, mines, and talented personnel
c) gold, silver, and other minerals
d) none of these

Economics is the study of how
a) limited resources are used to satisfy unlimited wants and needs
b) individuals make decisions about buying products
c) none of these
d) decisions are made using six steps

A global dependency exists when
a) massive crop failures require buying food from another country
b) a country buys tools from another country because it does not have the technology to make the tools
c) doctors travel to another country to provide healthcare because there is a shortage of medically-trained professional
d) all of the above

All of the following are benefits of international business except
a) decreased competition
b) expanded business opportunities
c) increased sources of raw materials
d) improved political relationships

Free trade among countries can be restricted by
a) all of the above
b) import taxes
c) trade barriers
d) import quotas

An example of a cultural factor that can affect international business is
a) the major religion prohibits the use of alcohol in any food products
b) none of the above
c) the weather is too hot for selling ice cream products without refrigeration units
d) consumer protection laws require expensive packaging

Business activities that occur within one country are called
a) domestic business
b) international business
c) free trade
d) foreign trade

An example of exporting would be
a) products sold by a company in Mexico for purchase by Italian consumers
b) products made and sold in Japan
c) a European country's tax on products made in other countries
d) products that were made in Poland and bought by Polish consumers

An example of a trade barrier would be
a) a limit on the number of foreign automobiles a country allows to be imported
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) consumers who prefer to buy products from domestic companies rather than foreign companies

A cultural factor affecting international business activities would be
a) family relationships
b) the availability of natural resources
c) government policies toward business
d) stability of the money supply

A political factor affecting international business activities would be
a) the general education level of a country's population
b) religious beliefs
c) the type of government
d) a country's commonly used language

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