Ch 1 & 2 Quiz Flashcards
(20 cards)
Fastest growing industry today?
Health
Imagine that new sources of energy have become marketable, and the industries involved have hired thousands to operate the emergence of new businesses. Due to increasing salaries in several other industries that partner with energy companies, the demand for everything from food to entertainment to travel has increased. High demand had brought about shortages in some product categories. To help manage the situation in the short term:_
the Fed will likely increase interest rates
The branch of economics that looks at the operation of a nation’s economy as a whole is?
Macroeconomics
Do you ask unemployment rate is a key economic indicator because most of us need jobs to maintain our standard of living. A criterion used to calculate the unemployment rate is?
Unemployed person aged 16 and over who have been looking for work during the past 4 week
In Congress passes, an economic stimulus package that includes government spending on roads, bridges and water purification systems along with substantial tax cuts for most US workers, this reflects a belief in?
Keynesian economic theory
What is the term for the periodic rises and falls that occur in economies over time?
Business cycle
Through the enactment of___ policy, the U.S. government collects tax dollars and then spends some of these funds to maintain the infrastructure of the nation, such as roads and utilities.
Fiscal
The___ curve indicates the relationship between the price of a good and the quantity supplied.
Supply
The global economic trend has been for___ countries to move toward___
Capitalist; socialism
In Philadelphia, suburbs where Matias operates a small shoe store, many young families with children are moving in, and most older residents are moving out, which business environment is being affected by this change?
Social
When a nation exports $72 million worth of products and services, and imports $100 million worth of products and services than this nation has a?
Trade deficit
When German car manufacturer BMW joined with Chinese auto manufacturer brilliance auto group to produce and sell BMW cars in China, this represented which global marketing strategy?
Joint venture
The difference between money coming into a country from exports and money, leaving the country due to imports plus money flow from other factors is known as the?
Balance of payments
____ is a cost effective way that many companies outsource the production of goods such as smartphones and footwear, the domestic firm contrasts with a foreign company to produce and private label the goods, because the price is much cheaper than the domestic firm could produce in its home market?
Contract manufacturing
Countries participate in foreign trade because?
No Nation can produce all of the products its people wants and needs
U.S. business people are often accused of ethnocentricity. This means that?
They feel their culture is superior to others
In response to the 2022 Russian invasion of Ukraine, the United States and many European Nations halted the import of products from Russia. This is an example of?
Embargoes
As a strategy for reaching global markets licensor and provides the license or with several advantages. One advantage is?
The cost of producing and marketing the product in a foreign market is significantly reduced
When the value of exports from my country exceeds the value of imports into the country, there is an?
Favorable balance of trade
The law that specifically prohibits “questionable” or “dubious” payments to foreign officials to secure business contracts is called the?
Foreign corrupt practices act
