Can You Answer These Business 101 Questions?

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Can You Answer These Business 101 Questions? - Quiz

Chapter 5 Multiple Choice Questions

Questions and Answers

1.

Per Capita Income is .......
- A.
  
  The average income income per person-as a measure to divide countries into one of six groups.
- B.
  
  The average income per person-as a measure to divide countries into one of two groups.
- C.
  
  The average income per person-as a measure to divide countries into one of five groups.
- D.
  
  The average income per person-as a measure to divide countries into one of four groups.
- E.
  
  The average income per person-as a measure to divide countries into one of three groups.
Correct Answer
E. The average income per person-as a measure to divide countries into one of three groups.

Explanation
Per Capita Income is the average income per person and is used as a measure to divide countries into one of three groups. This means that the total income of a country is divided by its population to calculate the average income per person. This measure helps in comparing the economic development and standard of living among different countries. By dividing countries into three groups based on their average income per person, it provides a simplified way to understand and analyze the economic disparities and development levels across the world.

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2
0
2.

What is an import?
- A.
  
  Products made and driven and sold on the spot.
- B.
  
  Products made or produced domestically and for sale abroad.
- C.
  
  Products made or grown abroad but sold in Canada.
- D.
  
  Products made or drawn abroad but sold in Canada.
- E.
  
  Products made or grown domestically and for sale abroad.
Correct Answer
C. Products made or grown abroad but sold in Canada.

Explanation
An import refers to products that are made or grown in a foreign country and then sold in Canada. This means that the products are not produced domestically but are brought into the country for sale.

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1
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3.

What are the forms of Competitive Advantages?
- A.
  
  Non-Absolute, Comparable, Major Competitive, and Global Competitive.
- B.
  
  Absolute, Comparative, National Competitive, and International Competitive.
- C.
  
  Absolute, Capable, National Competitive, and International Competitive.
- D.
  
  Non Competitive, Local Competitive, World-Wide Competitive, Store Competitive.
Correct Answer
B. Absolute, Comparative, National Competitive, and International Competitive.

Explanation
The correct answer includes the forms of competitive advantages, which are absolute, comparative, national competitive, and international competitive. Absolute advantage refers to a company's ability to produce goods or services more efficiently than its competitors. Comparative advantage is when a company can produce a particular good or service at a lower opportunity cost than its competitors. National competitive advantage is the ability of a nation to produce goods or services more effectively than other nations. International competitive advantage refers to a company's ability to compete successfully in international markets.

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4.

What is the name for the rate at which the currency of one nation can be exchanged for that of another?

Correct Answer
exchange rate

Explanation
The term "exchange rate" refers to the rate at which the currency of one nation can be exchanged for the currency of another nation. It represents the value of one currency in terms of another and is used in international trade and finance to determine the cost of goods and services in different currencies. The exchange rate is influenced by various factors such as interest rates, inflation, and market forces of supply and demand.

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1
4 0
5.

What are two types of firms?

Correct Answer
International firm and Multinational Firm

Explanation
The two types of firms mentioned in the answer are international firms and multinational firms. An international firm refers to a company that operates in multiple countries, conducting business activities across national borders. On the other hand, a multinational firm is a company that has subsidiaries or branches in different countries and manages its operations globally. Both types of firms have a presence in multiple countries, but a multinational firm typically has a more extensive global reach and a more complex organizational structure than an international firm.

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4
6.

What is a subsidy?
- A.
  
  Is a government payment due to a domestic business to help it compete with foreign firms.
- B.
  
  Is a tax charged on imported products.
- C.
  
  Is imposed stictly to raise money for the government.
- D.
  
  Is an association of producers whose purpose is to control the price of a commodity.
Correct Answer
A. Is a government payment due to a domestic business to help it compete with foreign firms.

Explanation
A subsidy is a government payment given to a domestic business to support and assist it in competing with foreign firms. This financial assistance is aimed at leveling the playing field and providing an advantage to the domestic business by reducing costs or increasing competitiveness. It is a form of economic support provided by the government to promote and protect domestic industries in the face of international competition.

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7.

What is dumping?
- A.
  
  Throwing garbage onto the ground or into the water.
- B.
  
  Selling a product abroad for less than the comparable price charged at home.
- C.
  
  Food being wasted an thrown in the garbage.
- D.
  
  Is the pollution that come from toxic or natural waste.
Correct Answer
B. Selling a product abroad for less than the comparable price charged at home.

Explanation
Dumping refers to the practice of selling a product in a foreign market at a price lower than what is charged in the domestic market. This can harm the local industries in the foreign market as they are unable to compete with the low prices. Dumping is considered an unfair trade practice and is often regulated by anti-dumping laws to protect domestic industries.

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Current Version
Feb 06, 2024

Quiz Edited by
ProProfs Editorial Team
Oct 06, 2008

Quiz Created by
Golddude1000

Can You Answer These Business 101 Questions?

Per Capita Income is .......

What is an import?

What are the forms of Competitive Advantages?

What is the name for the rate at which the currency of one nation can be exchanged for that of another?

What are two types of firms?

What is a subsidy?

What is dumping?