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Exam 1 Review
Exam 1 Review
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X100 Exam 1 Review: Economic Systems, Competition, Global Business, and Small Businesses
Flashcards
35 cards
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Questions
35
Answers
1
A(n) ____ action is one that violates a society’s expectations, standards, or cultural norms?
Irresponsible
Fraudulent
Unethical
illegal
2
Lower wages and a loss of sovereignty are potential detriments of:
Strategic Alliances
Acquisitions
Offshoring
Economic Communities
3
The consumer price index (CPI) is used to measure _____ in an economy.
Gross Domestic Product
Consumer Bias
Unemployment Rate
Inflation
4
Corporate Social Responsibility is comprised of all of the following EXCEPT:
Corporate social initiatives
Corporate environment
Corporate philanthropy
Corporate policy
5
Porter's Five Forces Model deals with:
Degree of Competitive Rivalry
Degree of Customer Satisfaction
Degree of Corporate Responsibility
Degree of Business Longevity
6
A high control method of entering intl. business in which a new company is formed?
Joint Venture
Franchising
Strategic Alliance
Licesnsing
7
___ measures the value of all final goods/services produced by a country over a period of time?
PPI
ROE
GDP
CPI
8
All are sociocultural trends EXCEPT:
Environmental
Demographic
Value
Lifestyle
9
Which of the following are stakeholders in today's business climate:
Stockholders
Environmentalists
Customers
Bankers
10
____ is an import tax on a foreign product?
Tariff
Embargo
Quota
Sanction
11
An individual (1 person) ______ exchanges money for equity in a tech start up.
Incubator
Crowd Funder
Angel Investor
Venture Capitalist
12
PESTLE: Political, ______, Social, Technological, ______, and Environmental Factors
External; Liquidity
Economic; Legal
Environmental; Legal
Environmental; Liquidity
13
Economic System based on limited government intervention and laissez faire principles?
Command
Capitalism
Socialism
Internationalist
14
What is considered "full employment" by economists? Unemployment = _____
0-1%
Below 2%
Below 10%
4-5%
15
____ is a business’s concern for the welfare of society?
Corporate Social Responsibility
Company Public Relations
Environmental Conscience
Faithful Representation
16
An economy experiencing 2 consecutive quarters of economic contraction would be in a(n) ______?
Expansion
Recession
Depression
Trough
17
T/F: An action can be legal yet still unethical?
True
False
18
T/F: Economic communities attempt to reduce trade barriers and promote peace among nations?
False
True
19
T/F: A corporation may incorporate in any state it chooses?
False
True
20
The Fed decreases interest rates; borrowing money becomes cheaper: this is a change in ______?
Sociocultural Environment
Economic Environment
Ecological Environment
Technological Environment
21
The United States is considered what type of economy?
Laissez Faire
Mixed
Capitalist
Command
22
What is the number 1 attribute employers look for in a potential employee?
Very Nice
Strong Grades
Ability to Work in a Team
Initiative
23
T/F: Monopolies are illegal in the United States?
False
True
24
Competition Strategy: Minimize production costs to be able to offer lowest price.
Monopoly
Oligopoly
Monopolistic
Perfect
25
Which of the following hinders international trade?
Embargoes
Tariffs
Quotas
Sanctions
26
A ____ company does business in other countries and has direct foreign investment?
Multinational
Foreign
Domestic
International
27
The (up-sloping) Supply Curve is determined by ______?
Producers
Buyers
28
Imports > Exports = ___________
Trade Correction
Trade Shortage
Trade Surplus
Trade Deficit
29
One positive takeaway of trade barriers could be that they ______?
Protect domestic industries
Limit the amount of inferior products
Limit consumer choice
Keep prices low
30
Competition Type: Few sellers with considerable price control and high barriers to entry?
Perfect
Oligopoly
Monopolistic
Monopoly
31
Monopolistic competition has many sellers who compete on the basis of ________?
Inflation
Market Equilibrium
Price Fluctuation
Product Differentiation
32
T/F: North America is the continent with the largest population in the world?
False
True
33
A ___ company only sells products in its home country?
Single Nation
International
Inranational
Domestic
34
Economic System focused on equitable distributions of wealth and social services?
Socialism
Mixed
Capitalism
Communism
35
Britain places a limit on shoe imports from the U.S. -- Britain has placed a _______?
Import Embargo
Import Tariff
Import Sanction
Import Quota
