2. 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 Global Economies Economic Activities International Business Global Markets Misc. main

3. Question 1-100 People who contribute physical and mental energy to the production process are called:

4. Answer 1-100 Human Resources

5. Question 1-200 An economy in which people do things the way they have always been done is called:

6. Answer 1-200 Traditionalism

7. Question 1-300 A measure of how well people in a country live is called:

8. Answer 1-300 Standard of Living

9. Question 1-400 The value of what you give up when you make one choice over another is called what?

10. Answer 1-400 Opportunity Cost

11. Question 1-500 The four principles of the US economic system are:

12. Answer 1-500 Private Property Freedom of Choice Profit Competition

13. Question 2-100 The amount of goods or services that consumers are willing and able to buy is called:

14. Answer 2-100 Demand

15. Question 2-200 What is the formula to calculate GDP per capita?

16. Answer 2-200 GDP/Population

17. Question 2-300 What is the “normal” level of unemployment in the US?

18. Answer 2-300 4.5%

19. Question 2-400 Name one method to increase the productivity of employees.

20. Answer 2-400 Training Equipment Technology Management

21. Question 2-500 What is the difference between deficit and debt?

22. Answer 2-500 Yearly vs. cumulative.

23. Daily Double

24. Question 3-100 A limit on the quantity of good that may be imported or exported within a given period to regulate international trade.

25. Answer 3-100 Quota

26. Question 3-200 Religion is an example of which international business factor?

27. Answer 3-200 Cultural Influence

28. Question 3-300 China’s manufacturing capability is an example of which type of advantage ?

29. Answer 3-300 Comparative

30. Question 3-400 Where do banks buy and sell different currencies?

31. Answer 3-400 Foreign Exchange Market

32. Question 3-500 The Monopoly game at McDonald’s is an example of what between McDonald’s and Hasbro?

33. Answer 3-500 Licensing

34. Question 4-100 The difference between a country’s total exports and total imports.

35. Answer 4-100 Balance of Trade

36. Question 4-200 Name two factors that affect the exchange rate.

37. Answer 4-200 Balance of Payments Economic Conditions Political Stability

38. Question 4-300 Culture, religion, and tradition form what type of trade barriers?

39. Answer 4-300 Informal

40. Question 4-400 The United States, Canada, and Mexico are members of what?

41. Answer 4-400 North American Free Trade Agreement (NAFTA)

42. Question 4-500 Usually located near an airport or seaport

43. Answer 4-500 Free Trade Zone

44. Question 5-100 Which strategy is used when each country and market is treated differently?

45. Answer 5-100 Multinational

46. Question 5-200 The combination of human, natural, and capital resources.

47. Answer 5-200 Entrepreneurial Resources

48. Question 5-300 What is not included in a country’s GDP?

49. Answer 5-300 Work you do yourself Intermediate goods

50. Question 5-400 What must you be doing to be counted towards unemployment?

51. Answer 5-400 Actively seeking work

52. Question 5-500 What term is used to describe a good?

53. Answer 5-500 Tangible