Global Economies Economic Activities International Business Global Markets Misc. main

Question People who contribute physical and mental energy to the production process are called:

Answer Human Resources

Question An economy in which people do things the way they have always been done is called:

Answer Traditionalism

Question A measure of how well people in a country live is called:

Answer Standard of Living

Question The value of what you give up when you make one choice over another is called what?

Answer Opportunity Cost

Question The four principles of the US economic system are:

Answer Private Property Freedom of Choice Profit Competition

Question The amount of goods or services that consumers are willing and able to buy is called:

Answer Demand

Question What is the formula to calculate GDP per capita?

Answer GDP/Population

Question What is the “normal” level of unemployment in the US?

Answer %

Question Name one method to increase the productivity of employees.

Answer Training Equipment Technology Management

Question What is the difference between deficit and debt?

Answer Yearly vs. cumulative.

Daily Double

Question A limit on the quantity of good that may be imported or exported within a given period to regulate international trade.

Answer Quota

Question Religion is an example of which international business factor?

Answer Cultural Influence

Question China’s manufacturing capability is an example of which type of advantage ?

Answer Comparative

Question Where do banks buy and sell different currencies?

Answer Foreign Exchange Market

Question The Monopoly game at McDonald’s is an example of what between McDonald’s and Hasbro?

Answer Licensing

Question The difference between a country’s total exports and total imports.

Answer Balance of Trade

Question Name two factors that affect the exchange rate.

Answer Balance of Payments Economic Conditions Political Stability

Question Culture, religion, and tradition form what type of trade barriers?

Answer Informal

Question The United States, Canada, and Mexico are members of what?

Answer North American Free Trade Agreement (NAFTA)

Question Usually located near an airport or seaport

Answer Free Trade Zone

Question Which strategy is used when each country and market is treated differently?

Answer Multinational

Question The combination of human, natural, and capital resources.

Answer Entrepreneurial Resources

Question What is not included in a country’s GDP?

Answer Work you do yourself Intermediate goods

Question What must you be doing to be counted towards unemployment?

Answer Actively seeking work

Question What term is used to describe a good?

Answer Tangible