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Introduction to Business (BUSN101) Chapter 1 Quiz.

?If, in the long? run, international trade improves the standards of living in participating? countries, why might some countries want to place trade? barriers, such as extra? taxes, on imported? products?
Imported products compete with domestic products and thus put pressure on local business.
Which of the following BEST gives the meaning of the term business cycle??
the pattern of? short-term ups and downs in an economy
Which of the following BEST describes purchasing power parity??
the principle that exchange rates are set so that prices of similar products in different countries are about the same
The CEOs of Company A and B are investigating expansion into new? markets, which will provide greater trade volume. Which scenario describes an economic environment that is most suitable for an? importing-exporting opportunity?
Country X invests primarily in its textile? industry, while Country Y focuses on producing? high-yield crops.
TRUE / FALSE

The United States government manages the collection and spending of its revenues through monetary policy.

FALSE
In the city of? Westminster, Christmas trees are being sold for? $25. At this? price, buyers are able to satisfy their? demand, though some trees remain unsold. What is the term used to describe this market? condition?
Surplus
Which of the following is NOT a likely reason why a small business in a free enterprise system should seek the ideal combination of price charged and quantity? supplied?
to avoid government regulation
TRUE / FALSE

The? customs, values, and demographic characteristics of the society in which an organization functions are the principal elements of the? political-legal environment.

FALSE
TRUE / FALSE

In typical modern? oligopolies, the large capital investment necessary to enter the market discourages new competitors.

TRUE
What term denotes a? nation’s basis for allocating its resources among its? citizens?
economic system
What term do economists use for the pattern of? short-term expansions and contractions in the? economy?
business cycle
How does monopolistic competition differ from perfect competition?
In a market characterized by monopolistic? competition, individual firms have some control over price.
Many companies start as nichers to get a foothold against larger competitors and then grow into broader competitors. Enterprise? Rent-A-Car began by building a network of neighborhood offices rather than competing with Hertz and Avis in airport locations. Enterprise is now the? nation’s largest car rental company.

Which of the following is BEST supported by the statements? above?

A? company’s initial goals do not place limits on its? long-term success.
The global business environment encompasses many international forces that influence the outcomes of companies doing business in foreign countries. Which of the following scenarios would BEST count as evidence of? globalization?
A natural disaster disables factories in Country X that produce computer chips for Company Y. Company Y reduces the number of employee shifts and raises the price of its products.
Which of the following does NOT represent a degree of competition in a private enterprise? system?
Socialism

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