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BUS100294VA016-1118-001 Week 4 Review Test Submission: Week 4 Quiz

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Review Test Submission: Week 4 Quiz
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User Michael H Kim
Course Intro To Business
Test Week 4 Quiz
Started 10/25/11 11:14 PM
Submitted 10/25/11 11:45 PM
Status Completed
Score 85 out of 100 points
Time Elapsed 30 minutes out of 2 hours.
Instructions
This quiz consist of 20 multiple choice questions. The first 10 questions cover the material in Chapter 3. The second 10 questions cover the material in Chapter 4. Be sure you are in the correct Chapter when you take the quiz.

Question 1

5 out of 5 points Correct Measuring international trade and its impact on individual nations requires __________ Answer Selected Answer: knowledge of balance of trade. Correct Answer: knowledge of balance of trade. Question 2

5 out of 5 points Correct If trade restrictions among nations were eliminated Answer Selected Answer: competition would increase, resulting in lower prices and increased choices for consumers. Correct Answer: competition would increase, resulting in lower prices and increased choices for consumers. Question 3

5 out of 5 points Correct Based on the size of the its population and its recent rate of economic growth, which of the following countries presents the most attractive market opportunities? Answer Selected Answer: China Correct Answer: China Question 4

5 out of 5 points Correct Foreign _____________ involves a firm buying the rights to produce, promote, and use the domestic firm’s trademark/patents in a defined geographical area as long as there is agreement on specific operating procedures. Answer Selected Answer: franchising Correct Answer: franchising Question 5

5 out of 5 points Correct When the total value of exports is higher than the total value of imports, a country experiences a Answer Selected Answer: trade surplus. Correct Answer: trade surplus. Question 6

5 out of 5 points Correct Imports and exports enhance international trade, while creating growing opportunities for nations. Which of the following is NOT a benefit of global trade? Answer Selected Answer: Less competition. Correct Answer: Less competition. Question 7

5 out of 5 points Correct _______________ occurs when a nation’s best and brightest workers leave to pursue better opportunities in other countries. Answer Selected Answer: Brain drain Correct Answer: Brain drain Question 8

5 out of 5 points Correct For producers, participation in global markets results in: Answer Selected Answer: greater access to factors of production. Correct Answer: greater access to factors of production. Question 9

0 out of 5 points Incorrect A country has a comparative advantage in the production of a good if it can produce that good __________________ than other nations Answer Selected Answer: at a lower dollar cost. Correct Answer: at a lower opportunity cost Question 10

5 out of 5 points Correct The increasing interdependence of economies around the world means that Answer Selected Answer: U.S. firms face both more competition and more market opportunities. Correct Answer: U.S. firms face both more competition and more market opportunities. Question 11

5 out of 5 points Correct The goal of universal ethical standards is to Answer Selected Answer: provide guidelines that apply to everyone across a broad spectrum of situations. Correct Answer: provide guidelines that apply to everyone across a broad spectrum of situations. Question 12

5 out of 5 points Correct Business ethics are a set of beliefs about Answer Selected Answer: what is right and wrong in a business setting. Correct Answer: what is right and wrong in a business setting. Question 13

5 out of 5 points Correct __________________ concern(s) the obligation of a business to contribute to society. Answer Selected Answer: Social responsibility Correct Answer: Social responsibility Question 14

5 out of 5 points Correct The function of laws in the United States is to establish and enforce ____________ that apply to everyone in society. Answer Selected Answer: ethical norms Correct Answer: ethical norms Question 15

0 out of 5 points Incorrect A nation’s legal system provides businesses with ______________ when they establish a code of ethics. Answer Selected Answer: comprehensive guidelines Correct Answer: a starting point Question 16

5 out of 5 points Correct The goal of ______________ is to meet the needs of the current generation without harming the ability of future generations to meet their needs. Answer Selected Answer: sustainable development Correct Answer: sustainable development Question 17

5 out of 5 points Correct Business ethics and individual ethics differ based on the fact that Answer Selected Answer: business ethics focus on the application of right and wrong in a business setting, while individual ethics are one’s personal standards of right and wrong. Correct Answer: business ethics focus on the application of right and wrong in a business setting, while individual ethics are one’s personal standards of right and wrong. Question 18

5 out of 5 points Correct When situations arise in a business setting where the values of employees are in conflict, the firm is often faced with choosing between the lesser of two evils. We call this situation ____________. Answer Selected Answer: an ethical dilemma. Correct Answer: an ethical dilemma. Question 19

5 out of 5 points Correct The Foreign Corrupt Practices Act Answer Selected Answer: forbids U.S. companies from offering bribes when engaged in foreign business transactions. Correct Answer: forbids U.S. companies from offering bribes when engaged in foreign business transactions. Question 20

0 out of 5 points Incorrect ________________ is the use of marketing partnerships between businesses and nonprofit organizations. The partnerships are designed to spike sales for the company and raise money for the nonprofit organization. Answer Selected Answer: Corporate philanthropy Correct Answer: Cause-related marketing

Tuesday, October 25, 2011 11:45:39 PM EDT

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