ISOM TEST 1 WITH ALL CORRECT & 100% VERIFIED
ANSWERS|LATEST VERSION|ALREADY GRADED A+
(UPDATED TO PASS)
Which countries were merged into one market by NAFTA? ✔Correct Answer-Canada, the US, and
Mexico
All of the following are advantages of a sole proprietorship except ✔Correct Answer-unlimited
liability
In a socialist system, citizens are dependent on ______ for many goods and services ✔Correct
Answer-the government
An important advantage of a corporation is its* ✔Correct Answer-limited liability
when there is only one business providing a product in a given market, there exists ✔Correct
Answer-a monopoly
when businesses can promote different features of their products and consumers are willing to pay
more for products containing the features they desire, the competitive environment is probably*
✔Correct Answer-monopolistic competition
Ruji has realized that she does not like working for others. she wants to open a business in which she
will have maximum control ✔Correct Answer-sole propriotorship
because many countries do not permit foreign companies to purchase and operate facilities in their
countries, a company wishing to do business in such a country may share the business costs by
forming a ✔Correct Answer-joint venture
the organizational form that many consider to be a blend of the best characteristics of corp,
partnerships, and sole proprietorships is the ✔Correct Answer-limited liability company
_____ relates to the number of goods and services that customers are willing to buy at different
prices at a specific time ✔Correct Answer-demand
____ have both tangible and intangible characteristics ✔Correct Answer-products
the legal documents that identify the basic agreements between partners are called ✔Correct
Answer-articles of partnership
economic expansion occurs when ✔Correct Answer-an economy is growing and people are
spending more money
a favorable balance of trade exists when a country ✔Correct Answer-exports more than it imports
a change in administration in a foreign gov that is hostile to foreign trade is an example of a
✔Correct Answer-political barrier
ANSWERS|LATEST VERSION|ALREADY GRADED A+
(UPDATED TO PASS)
Which countries were merged into one market by NAFTA? ✔Correct Answer-Canada, the US, and
Mexico
All of the following are advantages of a sole proprietorship except ✔Correct Answer-unlimited
liability
In a socialist system, citizens are dependent on ______ for many goods and services ✔Correct
Answer-the government
An important advantage of a corporation is its* ✔Correct Answer-limited liability
when there is only one business providing a product in a given market, there exists ✔Correct
Answer-a monopoly
when businesses can promote different features of their products and consumers are willing to pay
more for products containing the features they desire, the competitive environment is probably*
✔Correct Answer-monopolistic competition
Ruji has realized that she does not like working for others. she wants to open a business in which she
will have maximum control ✔Correct Answer-sole propriotorship
because many countries do not permit foreign companies to purchase and operate facilities in their
countries, a company wishing to do business in such a country may share the business costs by
forming a ✔Correct Answer-joint venture
the organizational form that many consider to be a blend of the best characteristics of corp,
partnerships, and sole proprietorships is the ✔Correct Answer-limited liability company
_____ relates to the number of goods and services that customers are willing to buy at different
prices at a specific time ✔Correct Answer-demand
____ have both tangible and intangible characteristics ✔Correct Answer-products
the legal documents that identify the basic agreements between partners are called ✔Correct
Answer-articles of partnership
economic expansion occurs when ✔Correct Answer-an economy is growing and people are
spending more money
a favorable balance of trade exists when a country ✔Correct Answer-exports more than it imports
a change in administration in a foreign gov that is hostile to foreign trade is an example of a
✔Correct Answer-political barrier
