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Corrections Test 2
| Question | Answer |
|---|---|
| Tony organized all the automobiles that he has decided to sell at his dealership. Which part of the economic decision-making process has he performed? | Acting on a choice. |
| Tina needs to find employment to earn an income. She applied for positions as a teacher, contractor, and coordinator. Which part of the economic decision-making process has she performed? | Identifying choices. |
| Briers 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? | Producers establish supply. |
| In a hypothetical economy, only 40 people were included and 15 pizzas were produced last year at $7 dollars each. This information would be useful for which measurement of economic activities? | GDP per capita. |
| 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? | Labor activities. |
| When a government agency reports annually the total amount spent to pay employees, this information is useful for which measurement of economic activities? | GDP |
| 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? | World trade Organization. |
| Which statement is true about balance of payment? | Balance of payments is favorable when a country receives more money into it than it pays out. |
| United States has become globally known for its production of wheat more resourcefully. It can produce the product with less human resources. This is an example of what type of ADVANTAGE? | Comparative. |
| Before arriving at meetings in other countries to negotiate contracts for a company located in the United States, Stacy learns about appropriate business behavior of the other countries. Which main factor of the international business environment | Cultural Influences. |
| Cuba bans American products to be sold within its country. This is an example of which international trade | Embargoes. |
| Laos has limited infrastructure that will hinder international businesses to conduct transactions in it. This country depends heavily on the agricultural industry. Which main factor of the international business environment is this info | Economic development. |
| 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? | Free-trade zone |
| 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? | Political and legal concerns |
| India limits the amount of imported wheat products to protect its own industry. This is an example of which international trade barrier? | Quotas. |
| A convenience store gave the rights to a company in Mexico to sell its products and services. This is an example of which global marketplace main entry mode? | Franchising |
| An organization assisted two countries on settling a trade disagreement on tariffs. This action is an example of assistance provided by which international trade organization? | World Trade Organization |
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