Global Review Part 2

One of the major disadvantages of sole proprietorships is unlimited liability.

• True

• False

What is the #1 business type in the United States?

• Sole proprietorship

• Corporation

• Partnership

• LLC

People are grouped in a set of hierarchical social categories, the most common being the upper, middle, and lower classes.

• Analysis

• SWOT

• Demographics

• PEST Analysis

• Social Classes

Which segment of the PEST analysis would focus on demographics and age distribution, cultural attitudes, and workplace and lifestyle trends.

• Political

• Economic

• Social

• Technological

Income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes is known as

• Disposible Income

• Net Income

• Wealth Index

• Consumer Preferences

Individual tastes, as measured by utility, of various bundles of goods. They permit the consumer to rank these bundles of goods according to the levels of utility they give the consumer.

• Disposible Income

• Net Income

• Wealth Index

• Consumer Preferences

A composite measure of a household's cumulative living standard.

• Disposible Income

• Net Income

• Wealth Index

• Consumer Preferences

A system of government in which most of the important decisions are made by state officials rather than by elected representatives.

• Bureaucracy

• Political

• Government

• Foreign Trade Policy

is /are responsible for setting economic rules known as regulations, collecting taxes, and spending money.

• Bureaucracy

• Political

• Government

• Foreign Trade Policy

Government actions, especially tariffs, import quotas, and export subsidies, are designed to increase net exports by promoting exports or restricting imports.

• Bureaucracy

• Political

• Government

• Foreign Trade Policy