BUS 100 Midterm Exam with Answers
Compared to the U.S., the nations of China and India have: - ✔✔larger populations and more
rapid economic growth.
A comparison of economic indicators among the six most populous nations indicates that the: -
✔✔U.S. has by far the largest per capita GDP.
Based on the size of its population, which of the following countries presents the most
attractive market opportunities? - ✔✔China
The three countries participating in the North American Free Trade Agreement (NAFTA) are: -
✔✔Canada, Mexico, and the United States.
The European Union is an example of a _____. - ✔✔common market
In 2002, the U.S. steel industry lobbied the U.S. government to place a tax on the importation of
foreign-produced steel. The goal was to make imported foreign steel more expensive, thus
giving economic relief to U.S. steel producers through a(n) _____. - ✔✔tariff.
A trade _____ occurs when a country imports more goods and services than it exports. -
✔✔deficit
A measure of the total flow of money into or out of a country is called _____. - ✔✔balance of
payments
The _____ expresses the value of one nation's currency in terms of another nation's currency. -
✔✔exchange rate
, Apple, Inc. has used foreign outsourcing to produce its iPhone. The main advantage of foreign
outsourcing is: - ✔✔lower production cost.
Nonprofit organizations are not in the business of: - ✔✔financial gain.
Timber, water, coal deposits, and solar energy are classified as: - ✔✔natural resources.
The stock market, housing foreclosures, and unemployment rates are all part of an
organization's _____ environment. - ✔✔economic
Government agencies such as the Small Business Administration and the Federal Trade
Commission help reduce the risk of starting and running a business. The result of these efforts
leads to: - ✔✔free enterprise and fair competition.
_____ provides information to businesses about where people live and their traits, such as race,
gender, age, income, and education. - ✔✔Demography
As competition has become truly global, free trade has resulted in _____ prices and _____
quality across virtually every product category. - ✔✔lower; higher
Value is the relationship between the _____ of a product or service and the benefit that it
offers its customers. - ✔✔price
To be successful, entrepreneurs must be comfortable risking their money and _____ to start
and manage a business. - ✔✔time
The core goal of business is to generate long-term _____ by delivering _____ to their
customers. - ✔✔Profits;Value
Compared to the U.S., the nations of China and India have: - ✔✔larger populations and more
rapid economic growth.
A comparison of economic indicators among the six most populous nations indicates that the: -
✔✔U.S. has by far the largest per capita GDP.
Based on the size of its population, which of the following countries presents the most
attractive market opportunities? - ✔✔China
The three countries participating in the North American Free Trade Agreement (NAFTA) are: -
✔✔Canada, Mexico, and the United States.
The European Union is an example of a _____. - ✔✔common market
In 2002, the U.S. steel industry lobbied the U.S. government to place a tax on the importation of
foreign-produced steel. The goal was to make imported foreign steel more expensive, thus
giving economic relief to U.S. steel producers through a(n) _____. - ✔✔tariff.
A trade _____ occurs when a country imports more goods and services than it exports. -
✔✔deficit
A measure of the total flow of money into or out of a country is called _____. - ✔✔balance of
payments
The _____ expresses the value of one nation's currency in terms of another nation's currency. -
✔✔exchange rate
, Apple, Inc. has used foreign outsourcing to produce its iPhone. The main advantage of foreign
outsourcing is: - ✔✔lower production cost.
Nonprofit organizations are not in the business of: - ✔✔financial gain.
Timber, water, coal deposits, and solar energy are classified as: - ✔✔natural resources.
The stock market, housing foreclosures, and unemployment rates are all part of an
organization's _____ environment. - ✔✔economic
Government agencies such as the Small Business Administration and the Federal Trade
Commission help reduce the risk of starting and running a business. The result of these efforts
leads to: - ✔✔free enterprise and fair competition.
_____ provides information to businesses about where people live and their traits, such as race,
gender, age, income, and education. - ✔✔Demography
As competition has become truly global, free trade has resulted in _____ prices and _____
quality across virtually every product category. - ✔✔lower; higher
Value is the relationship between the _____ of a product or service and the benefit that it
offers its customers. - ✔✔price
To be successful, entrepreneurs must be comfortable risking their money and _____ to start
and manage a business. - ✔✔time
The core goal of business is to generate long-term _____ by delivering _____ to their
customers. - ✔✔Profits;Value
