Principles of Business #2

Question 1

Which of the following occurs when a country can produce goods at a relatively more efficient rate than another country:

Accepted Answer

Comparative advantage

Question 2

A country that values qualities such as assertiveness and status is known as a(n)

Accepted Answer

“masculine” society.

Question 3

A large trade deficit in a nation often leads to __________ opportunities.

Accepted Answer

fewer job

Question 4

Which of the following is a benefit of global trade:

Accepted Answer

An improved standard of living

Question 5

Sonja works at a company with a relaxed atmosphere among all the employees. This atmosphere is part of the company’s

Accepted Answer

organizational culture.

Question 6

The French-Canadian culture relies heavily on nonverbal communication to get messages across. This means it is a(n)

Accepted Answer

high-context culture.

Question 7

The biggest communication issue for businesses engaging in international trade is

Accepted Answer

language.

Question 8

Some businesses sell their goods and services in other countries. This is an

Accepted Answer

exporting.

Question 9

Levels of inflation and unemployment are factors that affect __________ in the world market.

Accepted Answer

competition

Question 10

How do nations track the flow of money coming in and going out of their countries?

Accepted Answer

Balance of payments

Question 11

A society that focuses on future rewards and values actions such as persistence is known as a(n)

Accepted Answer

long-term oriented society.

Question 12

A society in which group ties are very loose is known as a(n)

Accepted Answer

individualist society.

Question 13

Japan and the U.S. buy and sell each other’s goods and services. This is an example of

Accepted Answer

global trade.

Question 14

A country can often produce goods more cheaply than other nations because it

Accepted Answer

has easy access to raw materials.

Question 15

The most common form of corruption affecting international trade is

Accepted Answer

bribery.

Question 16

Which of the following allows the free movement of goods and services among Canada, the United States, and Mexico:

Accepted Answer

North American Free Trade Agreement

Questions 16