Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
1. The study of how wealth is created and distributed is called A consumerism B economics C accounting D business Answer: B, economics 2. The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs is called A free enterprise B economics C business D socialism Answer: C, business 3. A market with only one seller is called A a monopoly B an oligopoly C monopolistic competition D barter Answer: A, a monopoly 4. In ______, key industries are owned and controlled by the government, and people may choose their own occupations. Private ownership of business is permitted in varying degrees. A a market economy B capitalism C communism D socialism Answer: D, socialism 5. Sylvia Benda immigrated from eastern Europe and has started and runs her own business. Every day, she risks her time, effort, and money in an attempt to earn a profit. In performing these activities, Sylvia is a(n) A consumer B entrepreneur C director D business cycle Answer: B, entrepreneur 6. _________ is what remains after all business expenses have been deducted from sales revenue. A Gross margin B Assets C Marginal revenue D Profit Answer: D, Profit 7. An industry in which there are few sellers, such as automobile manufacturing, can be described as a(n) A monopoly B natural monopoly C oligopoly D monopolistic competition Answer: C, oligopoly 8. In a country where people have lost confidence in the value of the local currency, they have begun to trade goods and services they produce for goods and services produced by others – without using money. Such a situation is described as A an oligopoly B barter C monopolistic competition D product differentiation Answer: B, barter 9. The quantity of a product that producers are willing to sell at each of various prices is called A supply B demand C the market price D the equilibrium price Answer: A, supply 10. The quantity of a product that buyers are willing to purchase at each of various prices is called A supply B demand C the market price D the equilibrium price Answer: B, demand 11. If you added up the total dollar value of all goods and services produced by everyone in a country during a one year period, you would have calculated the A productivity rate B gross domestic product C balance of trade D Consumer Price Index. Answer: gross domestic product 12. Which of the following actions would be associated with monetary policy? A increasing the money supply B increasing federal income taxes C decreasing federal income taxes D decreasing government spending Answer: A, increasing the money supply 13. Which of the following actions would be associated with fiscal policy? A increasing the money supply B decreasing the money supply C decreasing federal income taxes D increasing the level of interest rates Answer: C, decreasing federal income taxes 14. If you calculated the average level of output per worker per hour, you would have calculated A productivity B inflation C profit D factors of production Answer: A, productivity 14.B. For a business, stakeholders represent A. investors in the business B. Lenders that have provided loans C. Suppliers that have extended credit to the firm D. Employees who work for the firm E. All of the different people or groups who are affected in some way by the business Answer: E 15. The factory system was first introduced during what time period? A the Colonial Period B the Industrial Revolution C the early 20th Century D the Great Depression Answer: B, the Industrial Revolution 16. In some segments of the plastics business, there are thousands of buyers of molded products as well as thousands of producers of these same products worldwide. Little differences exist between products, and none of the individual producers or sellers has the power to affect the price. This describes a market condition known as A pure competition B monopolistic competition C an oligopoly D product differentiation Answer: A, pure competition 17. An economy that exhibits elements of both capitalism and socialism is called a A market economy B mixed economy C communistic economy D command economy Answer: B, mixed economy 18. The __________ is a monthly index that measures the changes in prices of approximately three hundred goods and services purchased by a typical consumer. A inflation rate B consumer price index C productivity rate D producer price index Answer: B, consumer price index 19. The _________ is an economic statistic that tracks the increase in prices of goods and services over a period of time. The measure is usually calculated on a monthly or annual basis. A balance of trade B Consumer Price Index C Producer Price Index D inflation rate Answer: D, inflation rate 20. The _________ is an economic measure that tracks the increase and decrease in the average level of output per worker. A Producer Price Index B Consumer Price Index C inflation rate D productivity rate Answer: D, productivity rate 21. .Andrew Cooper decides to become a part owner of a corporation. As a part owner, he expects to receive a profit as payment because he has assumed the risk of A. serious inflation eroding the purchasing power of his investment B. being paid before the suppliers and employees are paid. C. having the company lose money due to foreign competition D. losing the money he has invested in the corporation and not receiving profits E. the company giving all of the profits to charitable causes Answer: D 22. What three-word phrase describes a loose, subjective measure of how well-off an individual or society is, mainly in terms of want satisfaction through goods and services? Answer: standard of living 23. If Karl Marx is considered to be the “father of communism,” who is considered to be the “father of capitalism”? Answer: Adam Smith 24. What is the term used to describe what occurs when the federal government spends more in a fiscal year than it receives? Answer: federal deficit (or deficit) 25. What one-word term refers to a general rise in the level of prices? Answer: inflation 26. __________ policies are government decisions that determine the size of the money supply and interest rates, while __________ policies are government decisions on the level of government spending. Answer: Monetary; fiscal 27. If you add up all of the federal deficits from every year and subtract any federal surpluses, what term describes what you would have (assuming the total is negative)? Answer: national debt 28. What two economic systems are examples of command economies? Answer: socialism and communism 29. ____________ is an economic system in which individuals own and operate the majority of businesses that provide goods and services. Answer: Capitalism 30. One of the four factors of production is “natural resources.” List the remaining three factors of production. Answer: labor, capital, and entrepreneurship 31. One of the four factors of production is “natural resources.” List the remaining three factors of production. Answer: labor, capital, and entrepreneurship 32. What is the three-word term that describes the total value of a nation’s exports minus the total value of its imports over a specific period of time? Answer: balance of trade 33. Cuba and North Korea are most closely associated with which type of economic system? Answer: communism 34. Smart Question 2 Collectively, labor, capital, entrepreneurship, and natural resources are known as Answer: factors of production 35. What is the two-word term that describes the recurrence of periods of growth and recession in a nation’s economic activity? Answer: business cycle 36. The total value of a nation’s exports minus the value of its imports, over some period of time, is called A exporting B importing C balance of trade D trade deficit Answer: C, balance of trade 37. Which of the following countries is NOT a member of NAFTA? A Brazil B Mexico C United States D Canada Answer: A, Brazil 38. “New United Motor Manufacturing, Inc.” is a long-term commitment formed by Toyota and General Motors to make Chevrolet Novas and Toyota Tercels using Toyota’s engineering expertise and GM’s marketing know-how. This is an example of A a trading company B a strategic alliance C a joint venture D countertrade Answer: B, a strategic alliance 39. Despite trade restrictions, international business is A Moving slowly B Growing C Slowing down D Decreasing Answer: B, growing 40. The term that best describes “all business activities that involve exchanges across national borders” is A marketing B international business C management D exporting Answer: B, international business 41. Companies such as Ford, IBM, and General Electric that operate on a worldwide scale, without ties to any specific nation or region, are best described as A exporters B importers C multinational enterprises D trading companies Answer: C, multinational enterprises 42. Selling and shipping raw materials or products to other nations is called A importing B exporting C licensing D dumping Answer: B, exporting 43. The European Union, NAFTA, and OPEC are all examples of a(n) A economic community B world trade organization C military alliance D multinational business Answer: A, economic community 44. A complete halt to trading with a particular nation in a particular product is called a(n) A import duty (tariff) B import quota C boycott D embargo Answer: D, embargo 45. The total flow of money into the country minus the total flow of money out of the country, over some period of time, is called A balance of trade B balance of payments C trade deficit D exporting Answer: B, balance of payments 46. An example of a cultural barrier for international businesses would include: A. a tariff on a good coming into a country B. extra paperwork or ‘red tape’ C. religious beliefs that conflict with your product D. All of the above Answer: C, religious beliefs that conflict with your product 47. Which of the following is one of the typical consequences of trade restrictions? A Greater choices in consumer products B Overall increases in employment C Higher prices for consumers D Lower national security Answer: C, Higher prices for consumers 48. Which of the following countries imports the most goods from the United States? A Mexico B Japan C Germany D Canada Answer: D, Canada (almost twice as much as any other nation) 49. Which of the following is NOT a nontariff barrier? A import quota B import duty C foreign-exchange control D embargo Answer: B, import duty (also called a tariff) 50. For the past decade, the balance of payments in the United States has been A positive B negative C fluctuating (sometimes positive, sometimes negative) D balanced Answer: B, negative 51. When a country exports more than it imports, the country is said to have a(n)_________ balance of trade. A absolute B comparative C favorable D unfavorable Answer: C, favorable 52. Farquar Company produces three-ring binders at a cost of $0.40/binder. Farquar recently began selling its binders in another country at $0.38/binder, seriously damaging local binder producers. This is an example of A a nontarrif barrier B dumping C a tarrif D a bill of lading Answer: B, dumping 53. A company interested in entering a foreign market without any investment into the foreign market would most likely choose A licensing B a joint venture C a strategic alliance D direct investment Answer: A, licensing 54. __________ of the US is an independent agency of the US government whose function is to assist in financing the exports of American firms. A The International Monetary Fund (IMF) B Export-Import Bank C Multi Development Bank (MDB) D World Trade Organization (WTO) Answer: B, Export-Import Bank 55. Nation A has a natural resource that is in greater quantities and less expensive to access than it is in any other country. This natural resource is important in many manufacturing processes worldwide. Apparently, Nation A has a(n) A comparative advantage B absolute advantage C positive balance of trade D negative balance of trade Answer: B, absolute advantage 56. Countertrade is a(n) A import duty on the goods of another country when a negative balance of trade exists B import duty on goods of another country when a positive balance of trade exists C strategy for dealing with currency devaluation D international barter transaction Answer: D, international barter transaction 57. The US imports more than it exports to all of the following countries EXCEPT one. With which of the following countries does the US have a positive balance of payments? A China B Mexico C Canada D Germany Answer: C, Canada 58. Which of the following is NOT a frequently cited reason for imposing trade restrictions? A To protect new or weak industries B To lower prices for consumers C To equalize a nation’s balance of payments D To protect national security Answer: B, To lower prices for consumers 59. The ___________ was created at the end of World War II and dedicated to reducing or eliminating tariffs and other barriers to world trade. Answer: General Agreement on Tariffs and Trade (GATT) 60. Completed in 2001, the ________ Round saw WTO members agree to reduce tariff and nontariff barriers, agriculture, services, and easing trade rules. Answer: Doha 61. ___________ is a three word term that is calculated by subtracting a nation’s total imports from the nation’s total exports. 62. Answer: Balance of trade Saudi Arabia purchased ten 747 jets from Boeing, but rather than pay for the jets in currency, Saudi Arabia paid for them in crude oil. This is a form of international barter called ________. Answer: countertrade 63. The text lists four reasons against the use of trade restrictions. What are two of these reasons? Answer: Any two of the following • Higher prices for consumers • Restriction of consumers’ choices • Misallocation of international resources • Loss of jobs 64. Besides “political considerations,” the text lists six reasons for the use of trade restrictions. What are three of those reasons? Answer: Any three of the following • To equalize a nation’s balance of payments • To protect new or weak industries • To protect national security • To protect the health of citizens • To retaliate for another nation’s trade restrictions • To protect domestic jobs 65. Overall describe the U.S. or the forecast for the U.S. economy using information from the scavenger hunt. 66. Explain two ways that government uses fiscal or monetary policy to influence our economy. 67. Pick two of the following economic measures and explain how they impact business in the United States as well as what they currently are in the U.S. For example, how does inflation impact business and what are inflation rates currently like in the US?