BUS 110 - Chapters 1-4 Test
Questions with Accurate Answers
1 - Land
2 - Labor
3 - Capital
4 - Entrepreneurship
5 - Knowledge correct answer 5 Factors of Production
1 - Licensing
2 - Exporting
3 - Franchise
4 - Joint venture
5 - Strategic alliance
6 - Foreign direct investment correct answer 6 ways to enter a foreign market
from least riskiest to riskiest?
19 trillion correct answer U.S. debt?
4.1% - Actually closer to 10% correct answer Unemployment rate
Absolute advantage correct answer A country has ______ ______ if it can produce
a specific product more efficiently than all other countries
Adam Smith correct answer Author of "...Wealth of Nations" and coined the term
"Invisible Hand"
, Balance of payments correct answer The difference between money coming into
a country (from exports) and money leaving the country (for imports)
Balance of trade correct answer The total value of a nation's exports compared to
its imports measured over a particular period
Brain drain correct answer The loss of best and brightest people to other
countries
Brazil, Russia, India, China correct answer What countries make up BRIC?
(Emerging markets)
business correct answer A _____ is any activity that seeks to provide goods and
services while operating at a profit
Business cycles correct answer The periodic rises and falls that occur in economies
over time (recessions, recovery, depression)
Business environment correct answer Surrounding factors that either help or
hinder the development of business.
China correct answer Which country is the largest exporter in the world?
Command economies correct answer When the government largely decides what
goods and services will be produced, who gets them, and how the economy will
grow, ie, socialism
Questions with Accurate Answers
1 - Land
2 - Labor
3 - Capital
4 - Entrepreneurship
5 - Knowledge correct answer 5 Factors of Production
1 - Licensing
2 - Exporting
3 - Franchise
4 - Joint venture
5 - Strategic alliance
6 - Foreign direct investment correct answer 6 ways to enter a foreign market
from least riskiest to riskiest?
19 trillion correct answer U.S. debt?
4.1% - Actually closer to 10% correct answer Unemployment rate
Absolute advantage correct answer A country has ______ ______ if it can produce
a specific product more efficiently than all other countries
Adam Smith correct answer Author of "...Wealth of Nations" and coined the term
"Invisible Hand"
, Balance of payments correct answer The difference between money coming into
a country (from exports) and money leaving the country (for imports)
Balance of trade correct answer The total value of a nation's exports compared to
its imports measured over a particular period
Brain drain correct answer The loss of best and brightest people to other
countries
Brazil, Russia, India, China correct answer What countries make up BRIC?
(Emerging markets)
business correct answer A _____ is any activity that seeks to provide goods and
services while operating at a profit
Business cycles correct answer The periodic rises and falls that occur in economies
over time (recessions, recovery, depression)
Business environment correct answer Surrounding factors that either help or
hinder the development of business.
China correct answer Which country is the largest exporter in the world?
Command economies correct answer When the government largely decides what
goods and services will be produced, who gets them, and how the economy will
grow, ie, socialism
