TLI Exam 1 Questions and answers
When developing and maintaining good stakeholder relationships, companies
find that - ✔✔- most often, they must balance the needs of the stakeholders with
the need to make profits
The branch of economics that looks at the operation of a nation's economy as a
whole is - ✔✔- macroeconomics
Which of these industries is among the fastest growing today? - ✔✔- Health
________ economies exist when the government controls what goods and
services will be produced and how the economy will grow, while ________
economies exist when the market largely determines what goods and services
get produced and how the economy grows. - ✔✔- Command; free-market
Through the enactment of __________ policy, the U.S. government collects tax
dollars and then spends some of these funds to maintain the infrastructure of the
nation, such as roads and utilities. - ✔✔- fiscal
The U.S. unemployment rate is a key economic indicator because most of us
need jobs to maintain our standard of living. A criterion used to calculate the
unemployment rate is - ✔✔- unemployed persons age 16 and over, who have
been looking for work during the past four weeks
Which factor of production includes the machines, buildings, and tools used in
the production of goods? - ✔✔- Capital
Gross domestic product (GDP) reflects which economic measure? - ✔✔- The
total value of final goods and services produced in a country in a given year
Profit is best described as - ✔✔- Money earned after expenses and salaries are
paid.
In the Philadelphia suburb where Matias operates a small shoe store, many
young families with children are moving in, and most older residents are moving
out. Which business environment is being affected by this change? - ✔✔- social
,The way in which a country's resources are utilized to produce goods and
services and the way those goods and services are distributed among those who
desire to have them depends upon the - ✔✔- economic system under which the
country operates
When an airline decides to buy new planes and is deciding which company to
buy from, it doesn't have a lot of options to choose from. This demonstrates -
✔✔- an oligopoly
What is the best example of a service business? - ✔✔- day care center
Adam Smith believed that one's self-directed gain would eventually create
prosperity for many, and called the process the - ✔✔- Invisible hand
The ________ curve indicates the relationship between the price of a good and
the quantity supplied. - ✔✔- Supply
Which business environment determines whether people believe they can afford
to take a financial risk and start a business? - ✔✔- Economic and legal
Imagine that new sources of energy have become marketable and the industries
involved have hired thousands to operate the emergence of new businesses.
Due to increasing salaries in several other industries that partner with energy
companies, the demand for everything from food to entertainment to travel has
increased. High demand has brought about shortages in some product
categories. To help manage the situation in the short term, - ✔✔- the Fed will
likely increase interest rates
The global economic trend has been for ________ countries to move toward
________. - ✔✔- capitalist; socialism
Free-market capitalism includes four basic rights: the right to own property, the
right to own a business and keep the profits; the right to freedom of choice; and
the right to - ✔✔- freedom of competition
, If Congress passes an economic stimulus package that includes government
spending on roads, bridges, and water purification systems, along with
substantial tax cuts for most U.S. workers, this reflects a belief in - ✔✔-
Keynesian economic theory
The law that specifically prohibits "questionable" or "dubious" payments to foreign
officials to secure business contracts is called the - ✔✔- Foreign Corrupt
Practices Act
Countries participate in foreign trade because - ✔✔- no nation can produce all
the products its people want and need.
As the United States does not produce enough sugar to meet food
manufacturer's demands, it imports additional sugar cane, mostly from Central
and South America. But for decades, the United States has restricted the amount
of foreign sugar allowed into the country to about 15 percent of the market. This
is an example of which trade policy? - ✔✔- import quotas
Because of the high volume of motorbikes and scooters as a common form of
transportation in Indonesia, Paulo wants to sell his combo bike cup/key holders in
this foreign market. Currently, the U.S. dollar is trading at a higher rate than the
Indonesian rupiah. Economically speaking, how are Paulo's prospects? - ✔✔- It
depends. The price of products in foreign markets is not dependent on the value
of currency, it is only driven by the demand for goods and services.
When a nation exports $72 million worth of products and services and imports
$100 million worth of products and services, then this nation has a - ✔✔- trade
deficit
U.S. businesspeople are often accused of ethnocentricity. This means that -
✔✔- they feel their culture is superior to others
Germany exports billions in pharmaceutical products each year, but must rely on
imports of olive oil, tea, and organic produce from other countries to meet internal
demand. Germany produces some of these items, but at a high cost. This
practice follows the theory of - ✔✔- comparative advantage
When developing and maintaining good stakeholder relationships, companies
find that - ✔✔- most often, they must balance the needs of the stakeholders with
the need to make profits
The branch of economics that looks at the operation of a nation's economy as a
whole is - ✔✔- macroeconomics
Which of these industries is among the fastest growing today? - ✔✔- Health
________ economies exist when the government controls what goods and
services will be produced and how the economy will grow, while ________
economies exist when the market largely determines what goods and services
get produced and how the economy grows. - ✔✔- Command; free-market
Through the enactment of __________ policy, the U.S. government collects tax
dollars and then spends some of these funds to maintain the infrastructure of the
nation, such as roads and utilities. - ✔✔- fiscal
The U.S. unemployment rate is a key economic indicator because most of us
need jobs to maintain our standard of living. A criterion used to calculate the
unemployment rate is - ✔✔- unemployed persons age 16 and over, who have
been looking for work during the past four weeks
Which factor of production includes the machines, buildings, and tools used in
the production of goods? - ✔✔- Capital
Gross domestic product (GDP) reflects which economic measure? - ✔✔- The
total value of final goods and services produced in a country in a given year
Profit is best described as - ✔✔- Money earned after expenses and salaries are
paid.
In the Philadelphia suburb where Matias operates a small shoe store, many
young families with children are moving in, and most older residents are moving
out. Which business environment is being affected by this change? - ✔✔- social
,The way in which a country's resources are utilized to produce goods and
services and the way those goods and services are distributed among those who
desire to have them depends upon the - ✔✔- economic system under which the
country operates
When an airline decides to buy new planes and is deciding which company to
buy from, it doesn't have a lot of options to choose from. This demonstrates -
✔✔- an oligopoly
What is the best example of a service business? - ✔✔- day care center
Adam Smith believed that one's self-directed gain would eventually create
prosperity for many, and called the process the - ✔✔- Invisible hand
The ________ curve indicates the relationship between the price of a good and
the quantity supplied. - ✔✔- Supply
Which business environment determines whether people believe they can afford
to take a financial risk and start a business? - ✔✔- Economic and legal
Imagine that new sources of energy have become marketable and the industries
involved have hired thousands to operate the emergence of new businesses.
Due to increasing salaries in several other industries that partner with energy
companies, the demand for everything from food to entertainment to travel has
increased. High demand has brought about shortages in some product
categories. To help manage the situation in the short term, - ✔✔- the Fed will
likely increase interest rates
The global economic trend has been for ________ countries to move toward
________. - ✔✔- capitalist; socialism
Free-market capitalism includes four basic rights: the right to own property, the
right to own a business and keep the profits; the right to freedom of choice; and
the right to - ✔✔- freedom of competition
, If Congress passes an economic stimulus package that includes government
spending on roads, bridges, and water purification systems, along with
substantial tax cuts for most U.S. workers, this reflects a belief in - ✔✔-
Keynesian economic theory
The law that specifically prohibits "questionable" or "dubious" payments to foreign
officials to secure business contracts is called the - ✔✔- Foreign Corrupt
Practices Act
Countries participate in foreign trade because - ✔✔- no nation can produce all
the products its people want and need.
As the United States does not produce enough sugar to meet food
manufacturer's demands, it imports additional sugar cane, mostly from Central
and South America. But for decades, the United States has restricted the amount
of foreign sugar allowed into the country to about 15 percent of the market. This
is an example of which trade policy? - ✔✔- import quotas
Because of the high volume of motorbikes and scooters as a common form of
transportation in Indonesia, Paulo wants to sell his combo bike cup/key holders in
this foreign market. Currently, the U.S. dollar is trading at a higher rate than the
Indonesian rupiah. Economically speaking, how are Paulo's prospects? - ✔✔- It
depends. The price of products in foreign markets is not dependent on the value
of currency, it is only driven by the demand for goods and services.
When a nation exports $72 million worth of products and services and imports
$100 million worth of products and services, then this nation has a - ✔✔- trade
deficit
U.S. businesspeople are often accused of ethnocentricity. This means that -
✔✔- they feel their culture is superior to others
Germany exports billions in pharmaceutical products each year, but must rely on
imports of olive oil, tea, and organic produce from other countries to meet internal
demand. Germany produces some of these items, but at a high cost. This
practice follows the theory of - ✔✔- comparative advantage
