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09GEO - Interconnections between GEO and Economics Flashcards | StudBud
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09GEO - Interconnections between GEO and Economics
09GEO - Interconnections between GEO and Economics
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Questions
23
Answers
1
Which term describes the additional money businesses make after expenses?
Production costs
Tax
Income
Profit
2
What is the law of demand?
As prices fall, quantity demanded goes down
As prices rise, quantity demanded rises
As prices fall, quantity demanded goes up
As prices fall, quantity demanded remains the same
3
COVID-19 caused which government to be reduced to support businesses?
Government asset sales
Taxation Revenue
Export Revenue
Wages and employment revenue
Fixed Costs
I choose the longest answer without reading it. LOL, YOLO!
4
What is the impact of cheap labour by MNCs on host countries’ wages?
Keeps wages stable
Has no effect
Decreases wages
Increases wages
5
MNCs may face increased costs due to which factor caused by international economic fluctuations?
Local competition
Profits
Income
Exchange rates
6
The shutdown of businesses during COVID-19 primarily affected what economic factor?
Supply and demand
Income
Tax
Production costs
7
What kind of costs increased due to new health and safety requirements?
Government income
Profit
Tax
Exports and tarriffs
Supply and demand factors
Development costs
8
What is the law of supply?
As prices fall, producers go out of business
As prices rise, the quantity supplied rises
As prices fall, the quantity supplied doesn't change
As prices rise, demand rises
9
When demand for a product increases faster than supply, what typically happens to its price?
Stays the same
Decreases
Increases
Disappears
10
What is one way COVID-19 impacted consumer prices?
Increased supply led to lower prices
Reduced supply led to higher prices
Increased supply led to higher prices
Reduced supply led to lower prices
11
What factor involves payment for public services, funded by businesses and individuals?
Income
Development costs
Profit
Tax
12
What is the economic term for earnings from employment and business sales?
Income
Development costs
Fixed Costs
Expenses
Profit
Tax
13
Low wages in host countries due to cheap labour represent what kind of impact of MNCs?
Negative
Irrelevant
Positive
Neutral
14
A price increase in a product due to a limited supply is an example of what concept?
Tax
Income
Profit
Supply and demand
15
Which organization promotes international economic cooperation?
IMF
WTO
World Bank
UN
16
High tariffs on imports are an example of which type of cost for MNCs?
Income
Tax
Development costs
Sales
17
How did COVID-19 influence development/production costs for businesses globally?
Decreased
Reduced by half
Stayed the same
Increased
18
MNCs try to avoid what to minimize uncertainty in international transactions?
Local transport
Fluctuating exchange rates
Income
Development costs
19
Which factor affects prices consumers pay during shortages?
Employment levels
Supply and demand factors
Income
Tax
20
Using local/national transport to reduce expenses is a strategy to avoid high what?
Income
Supply and demand
Transport costs
Tax
21
What is a
MNC?
Multi New Company
Main National Company
My Nearest Company
Multi National Company
22
Which concept refers to companies aiming to reduce costs by using cheaper labor abroad?
Supply and demand
Development costs
Tax
Profit
23
What major global event disrupted supply chains in 2020?
Climate Change
COVID-19
Oil Crisis
Industrial Revolution
