Unit 2 Outcome Assessment

Front

As competition increases, prices

Back

usually will decrease

Front

Which of the following actions best demonstrates cultural sensitivity in international business settings?
Options:
Assume that business practices are the same worldwide.
Avoid engaging in any cultural traditions of the host country.
Research and respect the cultural norms and practices of your international partners.
Focus solely on business matters and ignore cultural differences.

Back

Research and respect the cultural norms and practices of your international partners.

Front

If Sarah decides to go for a run, what is the opportunity cost of her decision?

Back

the improvement in her piano skills

Front

The USA is best characterized as what type of economy? Options: Mixed, Traditional, Command, Market

Back

Mixed

Front

What is it called when a local company collaborates with an international company to establish a new entity or service?

Back

Joint ventures

Front

If a business produces a product domestically and ships it to a foreign country, what is this an example of? Options: Contract manufacturing, Joint ventures, Franchising, Exports

Back

Exports

Front

The Law of Demand states that

Back

A higher price leads to a lower quantity demanded.

Front

According to the Law of Supply, what happens when the price of a product increases?

Back

The quantity supplied increases

Front

What is the difference between ethical behavior and legal behavior in the workplace?

Back

Legal behavior is governed by laws, whereas ethical behavior is governed by standards.

Front

________ is the study of how humans make decisions in the face of scarcity.

Back

Economics