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Unit 2 International Business Quiz! Flashcards | StudBud
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Unit 2 International Business Quiz!
Unit 2 International Business Quiz!
21 terms
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StudBud Administration
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Chapters 3 and 4 BBB4M1 Culture, Politics and Economics
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
Culture is transmitted from one generation to the next through education and example.
False
True
2
Economic systems do determine the following:
Production of goods of services
All of the above
Allocation of capital and labour
Price and distribution of goods and services
3
Developing countries are associated with which of the following characteristics:
Major advancements in health care and technology
Long-term political issues, such as war
Improved literacy rates
Predominantly agriculture or resource-based
4
A country has absolute advantage if they:
Have the most trading partners around the world
Have the largest GDP in the world
Make a product or service more productively than other countries
Produce the biggest variety of products
5
Which of the following is a characteristic of a mixed economy?
No unemployment
Limited competition amongst corporations and little choice for consumers
Restriction of individual freedoms
Private property owned by individuals, corporations, and government
6
Canada has a centrally planned economy
True
False
7
Housing starts are a leading indicator that the economy is improving, before employment rates rise.
False
True
8
At which stage of the business cycle does the economy stop contracting and begin expanding?
Expansion
Recession
Peak
Trough
9
Underdeveloped countries are also known as:
Emerging nations
Industrialized nations
Third world countries
Second world countries
10
Once established, democracies are easy to maintain, so many people do not vote.
False
True
11
Developed countries tend to be characterized by long-term political issues, such as war and corruption.
True
False
12
In a mixed economy there is a combination of government intervention and private enterprise.
True
False
13
The stage of the business cycle that is defined as two consecutive quarters of negative (GDP) is:
Depression
Slump
Recession
Trough
14
Which of the following is NOT one of Geert Hofstede’s cultural dimensions?
Power distance
Polychronic versus monochronic
Orientation
Individualism versus collectivism
15
A state governed by a single individual or a small group of people with unlimited power is a democracy.
True
False
16
Which of the following is a characteristic of meetings in polychronic cultures?
Meetings begin and end promptly
Lateness is viewed as disrespectful
An agenda is set and followed
Participants may contribute ideas at any time
17
Which of the following is an example of a lagging indicator?
Tax rates
Unemployment rate
International trade
Housing starts
18
It is not necessary for every Canadian business operating globally to have the same degree of cultural awareness.
False
True
19
The total goods and services produced by one country in one year is referred to as:
Exports and imports
Absolute advantage
Gross domestic product
Comparative advantage
20
Immigrant communities within Canada that maintain parts of their own culture are said to have:
Embraced a counterculture
Formed a subculture
Rejected the "Canadian" mosaic
Been assimilated into mainstream culture
21
A market economy is also known as:
Capitalism
Central Economy
Mixed Economy
Command Economy
