Introduction to Business

The making; buying; and selling of goods and services within a country

Government is the single largest employer in the U.S. economy

Written contract granting permission to opeate a business to seel products and services

A word; letter; or symbol linked to a specific company is called trademark

Which of the following scenarios is likely to cause the value of a country's currency to rise

A(n) business statement is a short; specific written statement of the reason a business exists

Countries who devote most of their economies to agriculture provide better good and services

All written contracts are legal

A tax that a government places on certain imported products

A nation's transportation; communication; and utility system is referred to as its _______.

Business ____________ are rules about how businesses and their employees ought to behave

Which of the following countries has an absolute advantage in coffee production

The key factors that affect a country's level of economic development

All of the following are non-renewable resources EXCEPT

If a company has a code of ethics

Top management has little impact on the ethical conduct of a business

Antitrust laws protect consumers from all of the following EXCEPT

Goods and services sold to other countries

a patent gives an inventor of a new product the sole right to make; use; or sell the item for

_______ are principles of morality of rules of conduct

Suppose one company owned all the gas stations in your state

In a valid contract there must be consideration; what is consideration

In the United States; police and fire protection is usually provided by

A country in which a multinational company conducts business activities

If you write an original song it can be protect with a copywrite

A country can have an absolute advantage in only one area

Selling the right to use some intangible property for a fee or royalty

A gas station; telephone company; electric company; and water works are all untility companies

Without foreign trade, all items we buy would cost less, since they wouldn't need to be shipped

The difference between the amount of money that comes into a country and amount that goes out

A word; letter; or symbol linked with a specific company or product is a ________

Government plays a role in all economic systems

The Age Discrimination in Employment Act protects all persons aged ____ and older

The _______ rate is the value of a currency in one country compared with the value in another

Which of the following is a way the U.S. gets involved in business activities

A free-trade zone is a selected area where products are

Major challenge in businesses today involves learning how to manage a diverse workforce

All businesses make products

Licensing

An international trade organization created in 1944 to provide loans for rebuilding after WW2

It is possible for the U.S. to have a trade surplus in one country and deficit in another

People born between 1946 and 1964 are generally referred to as

Which of the following is NOT a cultural/social factor

Joint venture is between two or more countries to remove duties and trade barriers

The differnce between a country's total exports and total imports