Can You Answer These Business 101 Questions?

Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Golddude1000
G
Golddude1000
Community Contributor
Quizzes Created: 4 | Total Attempts: 3,599
| Attempts: 276 | Questions: 7
Please wait...
Question 1 / 7
0 %
0/100
Score 0/100
1. What is dumping?

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.

Submit
Please wait...
About This Quiz
Can You Answer These Business 101 Questions? - Quiz

Test your knowledge of basic business concepts with questions on income, trade, competitive advantages, exchange rates, business types, and subsidies.

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

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.

Submit
3. What is a subsidy?

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.

Submit
4. What are the forms of Competitive Advantages?

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.

Submit
5. What is an import?

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.

Submit
6. Per Capita Income is .......

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.

Submit
7. What are two types of firms?

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.

Submit
View My Results

Quiz Review Timeline (Updated): Feb 6, 2024 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Feb 06, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Oct 06, 2008
    Quiz Created by
    Golddude1000
Cancel
  • All
    All (7)
  • Unanswered
    Unanswered ()
  • Answered
    Answered ()
What is dumping?
What is the name for the rate at which the currency of one nation can...
What is a subsidy?
What are the forms of Competitive Advantages?
What is an import?
Per Capita Income is .......
What are two types of firms?
Alert!

Advertisement