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Intro to Business Ch3

Authored by Eli Neitzel

Business

10th Grade

Used 36+ times

Intro to Business Ch3
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. What is true of the BRIC countries?

India has had a huge boom of cell phone users.

China’s low wage jobs are growing.

China is the only BRIC country with a larger economy than the US.

Brazil is the only BRIC country with a high employment rate.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a guitar manufacturer wants to import high-quality wood from a country in Africa, what would influence their decision to import?

Establishment of new industries

Reduced Risk

Access to factors of production

Inflow of innovation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is true of international trade?

It offers companies an invaluable source of new ideas.

It increases the economic risk for multinational companies.

It increases a firm’s dependence on its domestic economy.

It reduces a firm’s opportunity to tap into growing new markets.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of an opportunity cost?

A Europe country that produces more cotton than a North American country

A country producing electronic goods on a large scale without slowing down other productions

A country that increase production of sugar by decreasing production of cocoa

A country that expands its trade relations to neighboring countries.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. When the industries in a country tend to produce products that have the lowest opportunity cost, the country most likely has a _________.

Positive Balance

Trade Surplus

Comparative Advantage

Balance of Payments Surplus

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the total value of a nation’s exports are higher than the total value of imports, that country has a(n)___________.

Trade deficit

Absolute Advantage

Comparative Advantage

Trade Surplus

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A country that exports cheese and imports potatoes, the value of potatoes is lower than the value of cheese, the country most likely has a __________.

Trade Deficit

Balance of payments surplus

Balance of payments deficit

Trade Surplus

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