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MGT Midterm

56 Questions
MGT Quizzes & Trivia
Questions and Answers
  • 1. 
    CPI is?
    • A. 

      The total value of goods and services produced in a country by either domestic or foreign-owned businesses

    • B. 

      A monthly report that measures prices (inflation/deflation) for about 400 consumer products

    • C. 

      A monthly report that measures the level of unemployment

    • D. 

      Consumer Production Index

  • 2. 
    _____ refers to government efforts to influence the economy through taxation & spending decisions designed to encourage growth, boost employment, and curb inflation
    • A. 

      Monetary Policy

    • B. 

      Pricing Policy

    • C. 

      Production Policy

    • D. 

      Fiscal Policy

  • 3. 
    Two Key Phases of the business cycle are
    • A. 

      Trend & random variation

    • B. 

      Inflation & recession

    • C. 

      Contraction & Expansion

    • D. 

      Inflation & deflation

  • 4. 
    In the business cycle, a period in which GDP declines for at least two consecutive quarters and nemployment increases is known as a
    • A. 

      Expansion

    • B. 

      Depression

    • C. 

      Trough

    • D. 

      Recession

  • 5. 
    The study of economics is divided into two core categories known as
    • A. 

      Production & consumption

    • B. 

      Data collection & forecasting

    • C. 

      Macroeconomics & microeconomics

    • D. 

      Supply economics & demand economics

  • 6. 
    Which of the following would be studied in the greatest detail in a macroeconomics course?
    • A. 

      How large automobile manufacturer decides how many SUV's to produce in a given model year

    • B. 

      How consumers would respond if a restaurant raised its prices

    • C. 

      How a firm in an oligopolistic market ould respond o change in the pricing strategy of other firms in its market

    • D. 

      Factors that influence the nation's unemployment rate

  • 7. 
    Which of the following is NOT a fundamental right of capitalism
    • A. 

      Right to own property

    • B. 

      Right to compete

    • C. 

      RIght to keep profits and not pay takes

    • D. 

      RIght to run a business

  • 8. 
    Market ewuilibrium identifies the price at which quantity supplied is equal to quantity demanded
    • A. 

      True

    • B. 

      False

  • 9. 
    The unemployment rate includes only indiciduals over the age of 21 who were inboluntarily laid off or fired from their previous jobs.
    • A. 

      True

    • B. 

      False

  • 10. 
    ______ is thmarket structure that is most likely to result in higher prices lower quality and fewer choices for consumers
    • A. 

      Oligopoly

    • B. 

      Monopolistic competition

    • C. 

      Monopoly

    • D. 

      Pure competition

  • 11. 
    The main economic goal of the government in a socialist economy is to
    • A. 

      Provide the widest array of economic freedoms to its citizens

    • B. 

      Achieve the highest possible rate of economic growth

    • C. 

      Operate key economic enterprises in the best interests of the general public

    • D. 

      Keep taxes as low as possible

  • 12. 
    Compared to capitalism, in a socialist system we would expect to find
    • A. 

      More taxpayer subsidixed social programs intended to promote a more qual distibution of wealth

    • B. 

      A smaller role for the government

    • C. 

      More emphasis on economic growth and a higher standard of living for the typical household

    • D. 

      A greater incentive for ntrepreneurs to start a new buisnesses

  • 13. 
    Government laws agasint monopolies are
    • A. 

      The main wa the government ensures an equal distribution of income in the U.S. economy

    • B. 

      Inconsisten with the role the government in a capitalist system

    • C. 

      A key way the government promotes competition in a capitalist system

    • D. 

      The main reason the U.S. economy is best classified as a socialist system

  • 14. 
    The economic measure that provides the most information about what is happening to prices fo consumer goods is the
    • A. 

      Dow Jones Index

    • B. 

      GDP

    • C. 

      CPI

    • D. 

      GNP

  • 15. 
    In capitalism people strive to raise their standard of living. Businesses contribute to this goal by_____
    • A. 

      Attracting available talent

    • B. 

      Offering value to the consumer

    • C. 

      Forming oligopolistic markets

    • D. 

      Using available resources

  • 16. 
    A basic characteristic of ____ is that both producers and consumers are free to make their own economic decisions on many basic issues.
    • A. 

      Socialism

    • B. 

      Communism

    • C. 

      Mercantilism

    • D. 

      Capitalism

  • 17. 
    FCB majors and our key areas of study are; Economics, Accounting, CIS and NOT?
    • A. 

      Management

    • B. 

      Finance

    • C. 

      Banking

    • D. 

      Marketing

  • 18. 
    The mentors are located in room 108
    • A. 

      True

    • B. 

      False

  • 19. 
    OAS can help with advising and is in FCB on the second floor in room?
    • A. 

      214

    • B. 

      222

    • C. 

      229

    • D. 

      None of these

  • 20. 
    To be admitted into the FCB BUsiness Professional Program Students currently need a GPA of ___ in their lower division business core classes?
    • A. 

      2.0

    • B. 

      2.2

    • C. 

      2.75

    • D. 

      2.5

  • 21. 
    Judy Haskell said the OAS is not responsible for advising or helping any freshmen because only the Gateway Center is allowed to work with freshmen.
    • A. 

      True

    • B. 

      False

  • 22. 
    The Degree Progress Report (DPR) is only used for graduation and is not a place to find what catalog year you are under
    • A. 

      True

    • B. 

      False

  • 23. 
    The guest speaker with the student mentors said teh things mentors do are
    • A. 

      Give tours of the FCB to prospective students

    • B. 

      All the above

    • C. 

      Provide staff support for Pathway events

    • D. 

      Provide advice for all FCB students including MGT 101

  • 24. 
    The FCB has a significant scholarship program for FCB majors in addition to NAU scholarships
    • A. 

      True

    • B. 

      False

  • 25. 
    Our guest speaker from the Career Development OFfice (CDO) said they are responsible for three areas,which is not one of these?
    • A. 

      Pathway's

    • B. 

      Internships

    • C. 

      Career Exploration Day

    • D. 

      Advising

  • 26. 
    At FCB - Core means?
    • A. 

      The center of an Apple Computer

    • B. 

      The first year of classes all FCB students take

    • C. 

      The first two years of calsses all FCB students take

    • D. 

      The classes in the senior year at FCB

  • 27. 
    The "Business Professional Program (BPP)" is the FCB term for students who qualified for major status
    • A. 

      True

    • B. 

      False

  • 28. 
    Pathway listings can be found on the FCB website under ___
    • A. 

      Faculty & Staff

    • B. 

      Student Resources

    • C. 

      Prospective Students

    • D. 

      Degree Programs

  • 29. 
    OAS stands for ___
    • A. 

      Office of Adult Students

    • B. 

      Office of Acedemic Stuff

    • C. 

      Office of Academic Services

    • D. 

      Office of Adult Services

  • 30. 
    CDO stands for _____  ______ Office
    • A. 

      Career Definition

    • B. 

      Campus developement

    • C. 

      Career Develipment

    • D. 

      Career Designation

  • 31. 
    APE stands for _____,Purpose and _____
    • A. 

      Apology, Economy

    • B. 

      Audience, Ecology

    • C. 

      Auditory, Economy

    • D. 

      Audience, Economy

  • 32. 
    It is suggested to check ___ at least three times per week for grades, announcements and upcoming events
    • A. 

      Vista

    • B. 

      Viola

    • C. 

      My NAU email account

    • D. 

      View Time

  • 33. 
    How many certificates does the FCB currently offer?
    • A. 

      20

    • B. 

      11

    • C. 

      10

    • D. 

      6

  • 34. 
    The ____ expresses the price of one nation's currency in terms of another nation's currency
    • A. 

      Liquidity ratio

    • B. 

      Countertrade ratio

    • C. 

      Exchange rate

    • D. 

      Discount rate

  • 35. 
    Suppose the value of the U.S dollar strengthened considerable against the Euro. Who would be most likely to benefit from this result?
    • A. 

      European firms exporting goods to America

    • B. 

      American manufacturers trying to expand their exports to European markets

    • C. 

      European firms operating production facilities in the United States

    • D. 

      European tourists traveling in America

  • 36. 
    International trade provides businesses with access to new customers through
    • A. 

      Embargoes & licensing

    • B. 

      Outsourcing, importin, exporting, licensing, franchising, and foreign direct investment

    • C. 

      Netwoeks of global franchising organizations

    • D. 

      Onshoring & protectionism

  • 37. 
    ___ is buying products from overseas markets that are manufactures overseas
    • A. 

      Outsourcing

    • B. 

      Exporting

    • C. 

      Importing

    • D. 

      Dumping

  • 38. 
    _____ is the most basic level of international market development and involves shipping domestically produced products overseas
    • A. 

      Importing

    • B. 

      Licensing

    • C. 

      Exporting

    • D. 

      Franchising

  • 39. 
    A ____ is an agreement among two or more teo companies to join forces to pursue specific opportunities without actually merging their operations
    • A. 

      Joint venture

    • B. 

      Limited venture

    • C. 

      Acquisition

    • D. 

      Collusive alliance

  • 40. 
    Honda's construction of automobile assembly plants in the United States is an example of foreign ____ for Honda Corporation
    • A. 

      Licensing

    • B. 

      Importing

    • C. 

      Outsourcing

    • D. 

      Direct investment

  • 41. 
    McDonald's is recognized as a universal band with the golden arches having worldwide appeal. The franchises in different countries:
    • A. 

      Operate in much the same manner as franchises in the United States

    • B. 

      Take local cultural differences into account both in erms of their menu and other aspects of their operations

    • C. 

      Differ in terms of menu, but otherwise look and operate almost exactly like American franchises

    • D. 

      Are classic examples of strategic alliances

  • 42. 
    Key economic factors to consider when entering a foreign market include
    • A. 

      Per caita income, population, economic growthh rate, and currency exchange rate

    • B. 

      Language, attitudes and values

    • C. 

      Laws and regulations the government creates

    • D. 

      Political stability

  • 43. 
    Key infrastructure challenges to consider when entering a foreign market include
    • A. 

      Transportation, communication, energy, and finace

    • B. 

      Civil war, riots, and economic vaibaility

    • C. 

      Landuage attitudes,a nd values

    • D. 

      Laws and regulations the government creates

  • 44. 
    Due to the rising prices of gasoline, Harleen is looking for a car with better gas milage. She hopes to purchase the newest PReo, an imported car using hybrid technology. But PReos are hard to find because the government in Harleen's country has limited the number of them that can be imported each year. Harleen is witnessing the impact of an _____
    • A. 

      Tariff

    • B. 

      Voluntary export restriction

    • C. 

      Quota

    • D. 

      Embargo

  • 45. 
    With the fear of Mad Cow Disease, some countries imposed a total ban on imported beef creating an _________
    • A. 

      Embargo

    • B. 

      Panic

    • C. 

      Quota

    • D. 

      Tariff

  • 46. 
    The urpose of the General Agreement on Tariffs and Trade (GATT) was to
    • A. 

      Encourage worldwide trade

    • B. 

      Prevent wars based on trade issues

    • C. 

      Create intellectual property regulations

    • D. 

      Ensure that every nation receives its fair share of any revenues generted from internation trade and tariffs

  • 47. 
    The three countries participating in the NOrth American free Trade Agreement (NAFTA) are
    • A. 

      Mexico, Panama, & Canada

    • B. 

      Canada, Nicaragua, and Mexico

    • C. 

      Canada, Mexico, and the United States

    • D. 

      Panama, Canada, and the United States

  • 48. 
    The increasing interdependence of economies around the world means that
    • A. 

      The U.S. will experience persistent balance of payments surpluses

    • B. 

      Barriers to trade will be more common in the future than hey have been in the past

    • C. 

      U.S. firms face both more competition and more market opportunities

    • D. 

      Socialism will make a comback

  • 49. 
    Imports and exports enchance international trade, while creating growing opportunities for nations. which of the following is NOT a benefit of global trade?
    • A. 

      Access to factors of productions

    • B. 

      Inflow vof new ideas

    • C. 

      Less competition

    • D. 

      Reduced risk

  • 50. 
    Foreign licensing involves a domestic firm granting an overseas business the rights to produce and market a product or use a trademark in a defined geographic area
    • A. 

      True

    • B. 

      False

  • 51. 
    Bribery and corruption are technically legal in some countries
    • A. 

      True

    • B. 

      False

  • 52. 
    The economy of the united stats is ____ than the economies of China and India
    • A. 

      More developed but growing more slowly

    • B. 

      More developed and growing more rapidly

    • C. 

      Less developed but growing more rapidly

    • D. 

      Less developed and growing more slowly

  • 53. 
    When the total value of exports is higher thy experiences a an the total value of imports, a countr
    • A. 

      Trade surplus

    • B. 

      Countertrade

    • C. 

      Trade exchange

    • D. 

      Trade deficit

  • 54. 
    A balance of trade _____ occurs when a country imports more goods and services than it exports
    • A. 

      Credit

    • B. 

      Dividend

    • C. 

      Surplus

    • D. 

      Deficit

  • 55. 
    When resources are limited, producing omre of one good means producing less of something else. The opportunity cost of producing more of a good is the value given up by not producing the second-best choice
    • A. 

      True

    • B. 

      False

  • 56. 
    ___Occurs when a nation's best and brightest workers leave to pursue better opportunities in other countries
    • A. 

      Skill Spill

    • B. 

      Human offshoring

    • C. 

      Brain Drain

    • D. 

      Repatriation

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