Principles of Marketing Quiz

In economic terms, people who work in the public and private sectors are considered to be what?

A tree growing in a forest is a factor of production called, what?

The United States has what kind of economy with a Democratic form of government?

A nation experiences a trade surplus when it imports more than it exports.

Globalization is mass what on a global selling?

In a market economy individual consumers decide what items will best satisfy their wants.

Which trade alliance establishes guidelines for international trade?

Does a country's infrastructure include its roads, ports, sanitation facilities and utilites?

A limit on the number/ monetary value of a product that can be imported is known as an embargo.

In economic terms, what are land, labor, and capital?

What is the purpose of the activities in a traditional economy?

Italian citizens pay lower taxes on income because Italy has a socialist economy.

What is the major trade benefit of contract manufacturing?

All imports that enter the U.S. are monitored by the customs division of the what?

Coalition of nations that make rules governing international trade is called what?

What is the difference in value between exports and imports known as?

In a command economy, who decides how products are produced?

Labor is a factor of production that includes both skilled and unskilled workers.

What is it called when you restrict imports in order to protect domestic industries?

GATT was an international agreement to open trade markets and promote global free trade.

If you can purchase another country's currency what is it known as?

What are the four factors of production?

Which of these limits either the quantity or the monetary value of an imported product?

In catering, ovens, flour, & the money used to start examples of what factor production?

The exchange of goods and services among nations are called what?

Scarcity of resources forces nations to make economic choices.

International trade & foreign investments generate about 2/3 of the profits of U.S. businesses.

Protectionism is the opposite of what?

A country's what includes its roads, sewage systems, and its telephone services?

A nation's balance of trade is the difference in value between its exports and imports.