Midterm Review 1.0 - 2.0 Question Preview (ID: 30280)
Midterm Review.
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Aruba has become globally known for its white sandy beaches. It is relied upon by many travelers from other countries to enjoy its beaches at a reasonable cost. This is an example of what type of ADVANTAGE?
a) Absolute
b) Comparative
c) Competitive
d) Dual Advantage
Due to decreasing enrollment in a local school system, fewer teachers as employees are needed. As a result, over 100 teachers were released from their commitments. This information would be useful for which measurement of economic activities?
a) Consumer spending
b) GDP
c) GDP per capita
d) Labor activities
Due to the high volume of travelers visiting the United Kingdom, the country has set up duty-free shops in highly visited areas. This is an example of which encouragement of international trade?
a) Embargo
b) Free-trade agreement
c) Free-trade zone
d) Tariff
Eddie decided he would use real butter for his baked goods. Which economic question does this address?
a) For whom to produce?
b) How to produce?
c) What to produce?
d) When to produce?
The North American Free Trade Association (NAFTA) eliminates tariffs and embargoes among its members while trading goods and services. This is an example of which encouragement of international trade?
a) Embargo
b) Free-trade agreement
c) Free-trade zone
d) Tariff
Which statement is true about balance of payment?
a) Balance of payments is favorable when a company pays more money out of it than it receives in it.
b) Balance of payments is favorable when a company receives more money into it than it pays out.
c) Balance of payments is favorable when a country pays more money out of it than it receives in it.
d) Balance of payments is favorable when a country receives more money into it than it pays out.
Alaska produces more salmon by the pound than any other state that exports salmon. This is an example of what type of ADVANTAGE?
a) Absolute
b) Comparative
c) Competitive
d) Dual
John specializes in leasing commercial buildings to manufacturing companies. In which type of resource does he specialize?
a) Capita
b) Human
c) Natural
d) Service
If a country is in a civil war and its government changes abruptly, this is an example of which factor that influences international currency exchange?
a) Balance of payments
b) Balance of trade
c) Economic conditions
d) Political stability
Mary is proud of saving over $43,000 in a bank. She knows that her saving money at the bank will provide funds for others to borrow money. This information would be useful for which measurement of economic activities?
a) Borrowing
b) Consumer spending
c) Investment activities
d) Labor activities
India's terrain allows for its major production of rice, cotton, and wheat. Which main factor of the international business environment is this information about India classified?
a) Cultural influences
b) Economic development
c) Geography
d) Political and legal concerns
A report covering four quarters about the economy includes that more companies are experiencing less production and reducing the number of employees. Which phase of the business cycle does this report describe?
a) Depression
b) Prosperity
c) Recession
d) Recovery
Bryers Ice Cream Company plans to increase the quantity of ice cream sold per quarter. This is an example of which self-regulating principle of a market economy?
a) Consumers set demand
b) Producers establish supply
c) Supply and demand generated competition
d) Demand and supply factors influence market prices
Syria is banned from selling products within other countries. This is an example of which international trade barrier?
a) Embargoes
b) Free-trade zones
c) Quotas
d) Tariffs
Due to decreasing enrollment in a local school system, fewer teachers as employees are needed. As a result, over 100 teachers were released from their commitments. This information would be useful for which measurement of economic activities?
a) Consumer spending
b) GDP
c) GDP Per Capita
d) Labor activities
Which is an example of a company establishing supply?
a) Ann Express Shipping Company trains all new managers at its district offices.
b) Palmolive Detergent Company produces fewer products.
c) Reebok footwear company trying to lease a warehouse.
d) Sears Department Store promotes a family-oriented atmosphere.
Companies located in the Research Triangle Park reported that they have hired many graduates who have earned technology degrees from the local community college. Which resource will the graduates provide for the companies?
a) Capital
b) Human
c) Natural
d) Service
The government of the United States allows consumers to make decisions about goods and services consumed. Which main factor of the international business environment is this information about this country classified?
a) Cultural influences
b) Economic development
c) Geography
d) Political and legal concerns
An organization assisted two countries on settling a trade disagreement on the amount of bananas to be traded. This action is an example of assistance provided by which international trade organization?
a) International Monetary Fund
b) Joint Venture
c) World Bank
d) World Trade Organization
While conducting business in Japan, Shari adjusted her gift-giving practices to accommodate her Japanese business-partners. Which main factor of the international business environment did Shari consider?
a) Cultural influences
b) Economic development
c) Geography
d) Political and legal concerns
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