RSS

Quiz 1

27 Jun

Question 1 0.5 / 0.5 points

Pertaining to international trade, the acronym GATT stands for:

A)

Global Agency of Textile Trade

B)

Georgia Affiliation of Timed Transit
Correct Response

C)

General Agreement on Tariffs and Trade
Question 2 0.5 / 0.5 points

Which function is responsible for raising the funds required for the business to grow?
Correct Response

A)

Finance

B)

Marketing

C)

Accounting
Question 3 0.5 / 0.5 points

When determining which country has a comparative advantage in producing a good or service, one must consider:

A)

balance of trade
Correct Response

B)

opportunity cost

C)

balance of payments
Question 4 0.5 / 0.5 points

A supply curve is a graphical illustration of the relationship between price, shown on the vertical axis, and ________, shown on the horizontal axis.

A)

Quantity demanded
Correct Response

B)

Quantity supplied

C)

Supply
Question 5 0.5 / 0.5 points

Two countries, Footland and Pedtopia, are participating in trade. Both countries are capable of making both athletic shoes and digital music playing devices, but they are not equally effective at both. The table below shows what each country is capable of producing if all labor is focused on a single product. Which statement(s) below are correct?

Product

Footland

Pedtopia

Pair of Shoes

100

150

Digital Music Devices

5

30

A)

Footland has a comparative advantage in shoes and Pedtopia has an absolute advantage in digital music devices
Correct Response

B)

Pedtopia has a comparative advantage in both products

C)

Footland has a comparative advantage in both products
Question 6 0.5 / 0.5 points

Pertaining to international trade, the acronym WTO stands for:
Correct Response

A)

World Trade Organization

B)

Working Trade Organization

C)

World Transaction Operations
Question 7 0.5 / 0.5 points

A change in quantity supplied results from a change in ________, and leads to ________.

A)

A supply shifter: a shift of the supply curve to the right or left
Correct Response

B)

Price: a movement along the supply curve

C)

Quantity demanded: a shift of the supply curve to the right or left
Question 8 0.5 / 0.5 points

Complete the following sentence. If people expect that the price of electronics will increase soon, that belief may result in a(n):

A)

Decrease in the price of electronics today

B)

Decrease in the demand for electronics today
Correct Response

C)

Increase in the demand for electronics today
Question 9 0.5 / 0.5 points

Statistics that indicate change in the status of the economy a few months in the past are called ________ economic indicators.
Correct Response

A)

Lagging

B)

Prognosticating

C)

Leading
Question 10 0 / 0.5 points

Tiny Taste Buds was a gourmet baby food company founded in 2006 and was growing until the fall of 2008 when potential investors in the company pulled out because they were concerned about the weakening economy and chose to make fewer outside investments. Based on the information provided about the company, what type of organization was Tiny Taste Buds?
Incorrect Response

A)

Benefit corporation
Correct Answer

B)

For-profit

C)

Non-profit
Question 11 0.5 / 0.5 points

A person who seeks to earn profits by finding new ways to organize factors of production is a(n):

A)

Manager
Correct Response

B)

Entrepreneur

C)

Employee
Question 12 0.5 / 0.5 points

An economy has remained the same for many years and it is not unusual to see families stay in the same occupation for generations. This is most likely a ________ economy.

A)

Command
Correct Response

B)

Traditional

C)

Socialist
Question 13 0 / 0.5 points

Which of the following has primary responsibility for financing economic development on behalf of the international community?
Correct Answer

A)

the World Bank

B)

the WTO
Incorrect Response

C)

the International Monetary Fund
Question 14 0.5 / 0.5 points

In 2015, the fictional country Moonbeam Island had $1.8 billion in imports and $1.2 billion in exports. Its balance of trade is:

A)

$600 million surplus

B)

$3 billion surplus
Correct Response

C)

$600 million deficit
Question 15 0.5 / 0.5 points

Shopping online you find a new pair of running shoes that is a brand you have purchased before. They are offered for 1,500 Thai baht. You check the exchange rate and find that the current exchange rate for the baht is $.03 bahts per dollar. What is the price for the shoes in U.S. dollars?
Correct Response

A)

$45.00

B)

$450.00

C)

$4.50
Question 16 0.5 / 0.5 points

If a country is seeking credit to stabilize its banking system to prevent a collapse that would have a global impact then it would turn to:

A)

the Federal Reserve
Correct Response

B)

the International Monetary Fund

C)

the World Bank
Question 17 0.5 / 0.5 points

Which of the following events will increase supply in the market for natural gas?

A)

Demand for natural gas increases
Correct Response

B)

A new technique for inexpensively accessing new reserves is discovered

C)

The price of natural gas rises
Question 18 0.5 / 0.5 points

An organization’s culture is strongly influenced by ________.

A)

Entry level employees

B)

Retired employees
Correct Response

C)

Top managers
Question 19 0.5 / 0.5 points

When the Japanese yen goes up relative to the U.S. dollar:
Correct Response

A)

Japanese goods will be more expensive for U.S. citizens

B)

U.S. citizens will receive more Japanese yen for each dollar they exchange

C)

Japanese goods will be cheaper for U.S. citizens
Question 20 0.5 / 0.5 points

According to the law of demand, assuming all other variables are held constant, ________.
Correct Response

A)

As the price of bread increase, the quantity of bread demanded will decrease

B)

As the price of bread increases, the quantity of bread demanded will increase

C)

As the demand for bread increases, the price of bread will also increase
Question 21 0.5 / 0.5 points

Which of the following is/are external stakeholders in a business?
Correct Response

A)

Creditors

B)

Employees

C)

Owners
Question 22 0.5 / 0.5 points

When an economic system is characterized by an emphasis on entrepreneurship and free enterprise, we would classify it as a ________ as opposed to a ________, where the government makes the majority of the decisions regarding economic goals.

A)

High-income: low-income

B)

Regulated: lack of regulation
Correct Response

C)

Market oriented: command economy
Question 23 0.5 / 0.5 points

All economies in the world share three primary goals, which are:

A)

Growth, happiness and price stability

B)

Productivity, high employment and price stability
Correct Response

C)

Growth, high employment, and price stability
Question 24 0.5 / 0.5 points

________ is the system of shared beliefs, values, customs, and behaviors that govern the interactions of members of a society.

A)

Organization
Correct Response

B)

Culture

C)

Humanity

 
 

Tags:

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: