Business 101 Quiz - Ch. 4 Test Questions and
Answers Graded A+
Angelina has a small business in the U.S. in ANSWER -balance of payments
which she produces one-of-a-kind jewelry using
semi-precious gemstone beads. She purchases
a supply of gemstone beads from a company in The value of goods imported into Mexico
Belgium, and sells several necklaces to a buyer exceeds the value of goods exported by that
in Canada. The beads are _______; the country. This suggests that Mexico has a
necklaces are _______. - ANSWER - _______. - ANSWER -trade deficit
imports; exports
Many electronics sold in the United States are
Which of the following terms identifies the model imported from Taiwan because Taiwan can
explaining why countries engage in international produce such products more efficiently than
trade? - ANSWER -National competitive companies in the U.S. This is an example of a(n)
advantage _______. - ANSWER -comparative
advantage
The climate, altitude, and terrain in India are
particularly suitable for growing bananas. A nation is extremely efficient in the production of
Although bananas are grown in other countries, electronics. However, its climate and terrain
India's production far exceeds the production of make it difficult to grow grain. Economists
other countries. This would suggest that India suggest that the country should _______. -
has a(n) _______ advantage in the production of ANSWER -concentrate on production of
bananas. - ANSWER -comparative electronics and import grain from another nation
A rare gem known as Tanzanite is found only in Last year, a Pacific Island nation imported over
the country of Tanzania. Because no mines have $3.2 billion of goods and reported a trade
been discovered in other countries, Tanzania surplus. This would suggest that the nation had
would be said to have a(n) _______ advantage _______. - ANSWER -exported more than
in the production of this gem. - ANSWER - $3.2 billion worth of goods
absolute
Regina's Rug Emporium offers the widest variety
The country of Belize exported $395 million of of Persian and Oriental rugs in the area. Regina
goods in 2009 and imported goods worth $616 regularly travels worldwide to find and buy the
million during the same year. This would suggest most exquisite and unusual rugs that foreign
that Belize has a(n) _______. - ANSWER - producers have to offer. Regina is a(n) _______.
trade deficit - ANSWER -importer
A country's _______ is the flow of money into or When a firm wants to enter the international
out of a country, including the value of its imports market, which of the following represents the
and exports, money spent on tourism, foreign aid lowest level of international involvement, and
programs, and currency trading. -
1/3
Answers Graded A+
Angelina has a small business in the U.S. in ANSWER -balance of payments
which she produces one-of-a-kind jewelry using
semi-precious gemstone beads. She purchases
a supply of gemstone beads from a company in The value of goods imported into Mexico
Belgium, and sells several necklaces to a buyer exceeds the value of goods exported by that
in Canada. The beads are _______; the country. This suggests that Mexico has a
necklaces are _______. - ANSWER - _______. - ANSWER -trade deficit
imports; exports
Many electronics sold in the United States are
Which of the following terms identifies the model imported from Taiwan because Taiwan can
explaining why countries engage in international produce such products more efficiently than
trade? - ANSWER -National competitive companies in the U.S. This is an example of a(n)
advantage _______. - ANSWER -comparative
advantage
The climate, altitude, and terrain in India are
particularly suitable for growing bananas. A nation is extremely efficient in the production of
Although bananas are grown in other countries, electronics. However, its climate and terrain
India's production far exceeds the production of make it difficult to grow grain. Economists
other countries. This would suggest that India suggest that the country should _______. -
has a(n) _______ advantage in the production of ANSWER -concentrate on production of
bananas. - ANSWER -comparative electronics and import grain from another nation
A rare gem known as Tanzanite is found only in Last year, a Pacific Island nation imported over
the country of Tanzania. Because no mines have $3.2 billion of goods and reported a trade
been discovered in other countries, Tanzania surplus. This would suggest that the nation had
would be said to have a(n) _______ advantage _______. - ANSWER -exported more than
in the production of this gem. - ANSWER - $3.2 billion worth of goods
absolute
Regina's Rug Emporium offers the widest variety
The country of Belize exported $395 million of of Persian and Oriental rugs in the area. Regina
goods in 2009 and imported goods worth $616 regularly travels worldwide to find and buy the
million during the same year. This would suggest most exquisite and unusual rugs that foreign
that Belize has a(n) _______. - ANSWER - producers have to offer. Regina is a(n) _______.
trade deficit - ANSWER -importer
A country's _______ is the flow of money into or When a firm wants to enter the international
out of a country, including the value of its imports market, which of the following represents the
and exports, money spent on tourism, foreign aid lowest level of international involvement, and
programs, and currency trading. -
1/3
