Trivia Quiz: Test Your Knowledge About Global Business!

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  • 1/59 Questions

    Which of the following is not a positive impact of technology on global marketing?

    • Better distribution
    • Expanded communication
    • Faster production
    • Breached security
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About This Quiz

Are you looking to test your knowledge about global business! A global business is a company that operates facilities in many countries around the world. Today there are many companies that can be found in almost all the continents of the world. By taking this quiz you stand to understand how the businesses have thrived so far and the factors affecting them. Give it a shot and see what you might learn!.

Trivia Quiz: Test Your Knowledge About Global Business! - Quiz

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  • 2. 

    Which one of the following is not a positive impact of technology on global marketing?

    • Faster production

    • Expanded communication

    • Breached security

    • Better distribution

    Correct Answer
    A. Breached security
    Explanation
    Breached security is not a positive impact of technology on global marketing because it refers to unauthorized access or exposure of sensitive information. While technology has brought numerous advancements and benefits to global marketing, such as faster production, expanded communication, and better distribution, breached security can have detrimental effects on businesses and their customers. It can lead to data breaches, financial losses, damage to reputation, and loss of customer trust. Therefore, breached security is not a positive impact of technology in the context of global marketing.

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  • 3. 

    Wearing a cross-shaped necklace is illegal in

    • China

    • India

    • Saudi Arabia

    • Japan

    Correct Answer
    A. Saudi Arabia
    Explanation
    In Saudi Arabia, wearing a cross-shaped necklace is illegal because the country follows strict interpretations of Islamic law and considers any form of religious expression other than Islam as prohibited. Saudi Arabia is an Islamic state where the government enforces a conservative interpretation of Islam, and individuals are expected to adhere to Islamic customs and practices. Therefore, wearing a cross-shaped necklace, which is a symbol of Christianity, is considered a violation of the country's religious laws.

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  • 4. 

    Changing demographics for a country will:

    • Not impact domestic trade

    • Open new marketing opportunities

    • Increase production costs for businesses

    • Diminish the marketing opportunities

    Correct Answer
    A. Open new marketing opportunities
    Explanation
    Changing demographics for a country will open new marketing opportunities. This is because when the demographics of a country change, such as an increase in population or a shift in age groups, it creates a different consumer base with new needs and preferences. Businesses can capitalize on these changes by developing targeted marketing strategies and products that cater to the specific demands of the evolving demographic. This can lead to increased sales and growth opportunities for businesses.

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  • 5. 

    *Marketing includes each of the following activities except

    • Manufacturing.

    • Advertising.

    • Packaging.

    • Promotion.

    Correct Answer
    A. Manufacturing.
    Explanation
    Marketing includes activities such as advertising, packaging, and promotion, which are all focused on promoting and selling a product or service. However, manufacturing refers to the process of producing the actual product and is not directly related to marketing activities. Therefore, manufacturing is the correct answer as it is not a part of marketing.

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  • 6. 

    Changing demographics for a country.

    • Diminishes the marketing opportunities

    • Increase production costs for businesses

    • Do not impact domestic trade

    • Open new marketing opportunities

    Correct Answer
    A. Open new marketing opportunities
    Explanation
    Changing demographics for a country can open new marketing opportunities. As the population demographics shift, there may be new target markets to tap into. For example, if there is an increase in the number of young professionals in a country, businesses can develop products or services that cater to their specific needs and preferences. This can lead to increased sales and growth opportunities for businesses. Additionally, changing demographics can also provide insights into consumer behavior and preferences, allowing businesses to tailor their marketing strategies accordingly.

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  • 7. 

    ___ is not part of the marketing mix.

    • Place

    • Product

    • Distribution

    • Entrepreneurship

    Correct Answer
    A. Entrepreneurship
    Explanation
    Entrepreneurship is not part of the marketing mix because it refers to the process of starting and running a business, rather than a specific element of marketing. The marketing mix consists of the 4Ps: product, price, place, and promotion, which are the key components that businesses use to create and implement their marketing strategies. Entrepreneurship, on the other hand, focuses on the overall management and growth of the business, including aspects such as innovation, risk-taking, and opportunity identification. While entrepreneurship is important for the success of a business, it is not directly related to the marketing mix.

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  • 8. 

    When purchasing insurance, the first step is to

    • Implement a risk management program

    • Select a risk management method

    • Identify potential risks

    • Evaluate risks

    Correct Answer
    A. Identify potential risks
    Explanation
    The first step in purchasing insurance is to identify potential risks. This involves assessing the various risks that could potentially impact an individual or organization and cause financial loss or damage. By identifying these risks, one can then determine the appropriate type and amount of insurance coverage needed to mitigate those risks. This step is crucial in ensuring that the insurance policy adequately protects against the specific risks faced.

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  • 9. 

    When comparing countries for market potential, one can generally say that:

    • Per capita income is the best indicator to use

    • Labor costs are the most important

    • Population size is the best indicator

    • Companies must consider variables other than income and population when estimating potential demand

    Correct Answer
    A. Companies must consider variables other than income and population when estimating potential demand
    Explanation
    When comparing countries for market potential, companies must consider variables other than income and population when estimating potential demand. This is because per capita income may not accurately reflect the purchasing power and consumer behavior of a population. Labor costs alone may not determine the attractiveness of a market, as other factors such as infrastructure, political stability, and market regulations also play a significant role. Similarly, population size alone does not guarantee market potential, as factors like income distribution, cultural preferences, and market competition need to be considered. Therefore, a comprehensive analysis of various variables is necessary to estimate potential demand accurately.

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  • 10. 

    While white teeth are valued in the United States, blackened teeth are valued in

    • Southeast Asia

    • The Middle East

    • Western Europe

    • Canada

    Correct Answer
    A. Southeast Asia
    Explanation
    In Southeast Asia, blackened teeth are valued as a symbol of beauty and status. This practice, known as tooth blackening or tooth lacquering, involves applying a black substance to the teeth, usually made from plant extracts or minerals. It is believed to have originated as a way to protect teeth from decay and is deeply rooted in cultural traditions and rituals. Blackened teeth are considered attractive and a sign of femininity in countries like Japan, Vietnam, and parts of Indonesia. Therefore, Southeast Asia is the correct answer as it is the region where blackened teeth are valued.

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  • 11. 

    Employers for multinational companies do not hire employees based on

    • Adaptability

    • Competence

    • Ethnocentrism

    • Personal characteristics

    Correct Answer
    A. Ethnocentrism
    Explanation
    Multinational companies operate in diverse cultural and international environments. Hiring employees based on ethnocentrism, which is the belief in the superiority of one's own culture, would be counterproductive for these companies. Instead, they prioritize adaptability, competence, and personal characteristics that align with their global operations. This ensures that employees can effectively navigate different cultures, work collaboratively, and contribute to the company's success in a multicultural setting.

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  • 12. 

    Which of the following is an international firm?

    • Sunrise Computer Systems

    • Gary's Gas Station

    • Buer's Brewers

    • Walmart, Inc.

    Correct Answer
    A. Walmart, Inc.
    Explanation
    Walmart, Inc. is an international firm because it has a global presence with stores in multiple countries. It is one of the largest retail companies in the world and operates in various international markets. Unlike the other options listed, Sunrise Computer Systems, Gary's Gas Station, and Buer's Brewers, which are not specifically mentioned as international firms or do not have a widespread global presence.

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  • 13. 

    ____ is an agreement between two or more companies from different countries to share a business project.

    • Joint venture

    • Licensed agreement

    • Franchise

    • Independent contract

    Correct Answer
    A. Joint venture
    Explanation
    A joint venture is an agreement between two or more companies from different countries to share a business project. In a joint venture, the companies pool their resources, expertise, and capital to undertake a specific project or venture together. This allows the companies to leverage each other's strengths and expand their operations into new markets or industries. Joint ventures are often formed to access new technologies, gain market share, or reduce costs.

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  • 14. 

    ___ is when a company buys land or other resources in another country.

    • A wholly-owned subsidiary

    • Foreign direct investment

    • Management contracting

    • A joint venture

    Correct Answer
    A. Foreign direct investment
    Explanation
    Foreign direct investment refers to the practice of a company purchasing land or resources in another country. This allows the company to establish a physical presence and have control over its operations in the foreign market. It involves a long-term commitment and the company becomes a direct investor in the foreign country. This can be done through acquiring existing businesses, establishing new subsidiaries, or investing in joint ventures. Foreign direct investment is a strategic move by companies to expand their global presence and gain access to new markets and resources.

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  • 15. 

    ____ are called intermediaries because they are links between products and sellers of products.

    • Service companies

    • Retailers

    • Manufacturing companies

    • Wholesalers

    Correct Answer
    A. Wholesalers
    Explanation
    Wholesalers are called intermediaries because they act as a middleman between the manufacturers or producers of products and the retailers or sellers. They purchase goods in bulk from the manufacturers and then distribute them to retailers in smaller quantities. Wholesalers play a crucial role in the distribution channel by providing storage, transportation, and marketing services to both manufacturers and retailers. They help bridge the gap between the production and consumption of goods, making it easier for products to reach the end consumers efficiently.

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  • 16. 

    Which is not a cultural and social factor that affects the international business environment?

    • Education

    • Language

    • Values and customs

    • Type of government

    Correct Answer
    A. Type of government
    Explanation
    The type of government is not a cultural and social factor that affects the international business environment. Cultural and social factors such as education, language, and values and customs play a significant role in shaping the business environment across different countries. The type of government, on the other hand, falls under the political factors that influence international business. Political factors include government stability, regulations, policies, and political ideologies, which can have a direct impact on the business environment.

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  • 17. 

    Some countries offer companies a ____, meaning the corporation does not pay corporate income taxes if its invests in their country.

    • Tax hike

    • Tax break

    • Tax holiday

    • Tax incentive

    Correct Answer
    A. Tax holiday
    Explanation
    Some countries offer companies a tax holiday, meaning the corporation does not pay corporate income taxes if it invests in their country. This is a strategy employed by governments to attract foreign investment and stimulate economic growth. By providing tax incentives, such as a tax holiday, countries can encourage businesses to establish operations within their borders, which can lead to job creation, increased tax revenues from other sources, and overall economic development.

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  • 18. 

    Managers and families moving to other parts of the world take part in ___ to understand the local culture.

    • Repatriation training

    • Spousal employment counseling

    • Global orientation

    • Cross-cultural training

    Correct Answer
    A. Cross-cultural training
    Explanation
    Managers and families who are relocating to different parts of the world participate in cross-cultural training in order to gain an understanding of the local culture. This training helps them navigate and adapt to the new cultural norms, customs, and practices, enabling them to effectively communicate and work with individuals from diverse backgrounds. It also helps them avoid misunderstandings, conflicts, and cultural faux pas, ultimately promoting successful integration and adjustment in the new environment.

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  • 19. 

    The United States has many sellers offering blue jeans. This is an example of

    • An oligopoly

    • A monopoly

    • Restricted imports

    • Pure competition

    Correct Answer
    A. Pure competition
    Explanation
    The given scenario of the United States having many sellers offering blue jeans suggests that there is a large number of competitors in the market. In pure competition, there are numerous sellers and buyers, selling homogeneous products, and no single entity has control over the market. Therefore, the presence of multiple sellers offering blue jeans indicates a situation of pure competition where no single seller holds a dominant position in the market.

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  • 20. 

    ___ refers to when a company avoids the risks related to international business by only selling products in its home country.

    • Risk avoidance

    • Risk sharing

    • Risk assumption

    • Risk reduction

    Correct Answer
    A. Risk avoidance
    Explanation
    Risk avoidance refers to when a company avoids the risks related to international business by only selling products in its home country. This means that the company chooses not to expand its operations or sell products in other countries, in order to minimize potential risks and uncertainties associated with international markets. By focusing solely on the home country, the company can mitigate various risks such as currency fluctuations, political instability, cultural differences, and regulatory challenges that may arise when doing business internationally.

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  • 21. 

    Slogans and trademarks

    • May not have the same translation in different countries.

    • Stay the same for company recognition.

    • Should always stay the same for ease in marketing products.

    • Have no specific international purpose.

    Correct Answer
    A. May not have the same translation in different countries.
    Explanation
    Slogans and trademarks may not have the same translation in different countries because languages and cultures vary across borders. Translating a slogan or trademark directly may not convey the intended message or may even be offensive in another language. Therefore, it is important to adapt and localize slogans and trademarks to ensure they are effective and appropriate in different markets.

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  • 22. 

    Attitudes affect consumer behavior. Attitudes are classified as ___ factors.

    • Demographic

    • Psychographic

    • Geographic

    • Cultural

    Correct Answer
    A. Psychographic
    Explanation
    Psychographic factors refer to the psychological and behavioral characteristics of individuals that influence their attitudes, values, interests, and lifestyles. These factors delve deeper into understanding consumer behavior by considering aspects such as personality traits, motivations, opinions, and beliefs. Therefore, attitudes, being a key aspect of consumer behavior, are classified as psychographic factors.

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  • 23. 

    Global corporations focus on:

    • Product and pricing sameness worldwide.

    • Creating products that are universally accepted or standardized.

    • Cultural diversity in all company-owned enterprises.

    • Ethnocentricity for all employees.

    Correct Answer
    A. Creating products that are universally accepted or standardized.
    Explanation
    Global corporations focus on creating products that are universally accepted or standardized. This means that they aim to develop products that can be sold and used in various markets around the world without the need for significant modifications. By doing so, these companies can benefit from economies of scale and reduce production costs. Additionally, standardized products can help create a consistent brand image and customer experience across different regions, which can enhance brand loyalty and market penetration.

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  • 24. 

    ____ is a duty that a government places on imported products.

    • Tariff

    • Sanction

    • Quota

    • Restriction

    Correct Answer
    A. Tariff
    Explanation
    A tariff is a duty that a government places on imported products. Tariffs are used to protect domestic industries by making imported goods more expensive and less competitive in the domestic market. This allows domestic industries to have a competitive advantage and encourages consumers to buy domestically produced goods. Tariffs can also be used as a source of revenue for the government.

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  • 25. 

    Property or risks not covered by an insurance policy are called

    • Endorsements

    • Deductions

    • Declarations

    • Exclusions

    Correct Answer
    A. Exclusions
    Explanation
    Exclusions refer to the property or risks that are not covered by an insurance policy. These are specific conditions or circumstances that the insurance policy does not provide coverage for. Exclusions are important to understand as they help define the limits and scope of the insurance policy, ensuring that the policyholder is aware of what is not covered and can make informed decisions regarding their insurance coverage.

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  • 26. 

    The ____ is a certificate that adds to or changes the coverage of an insurance policy.

    • Exclusion

    • Rider

    • Condition

    • Endorsement

    Correct Answer
    A. Endorsement
    Explanation
    An endorsement is a certificate that adds to or changes the coverage of an insurance policy. It is a formal amendment to the policy that can modify or expand the terms and conditions of coverage. Endorsements are typically used to customize policies to meet the specific needs of the insured, such as adding additional coverage for specific risks or extending the policy's coverage limits.

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  • 27. 

    A tax holiday is sometimes given to companies that invest in foreign countries. This means the corporation does not pay corporate income taxes if it invests in its country. These tax holidays may last for as long as ______ years.

    • 20

    • 15

    • 10

    • 5

    Correct Answer
    A. 10
    Explanation
    Tax holidays are periods during which companies are exempt from paying corporate income taxes if they invest in foreign countries. The question asks for the duration of these tax holidays, and the correct answer is 10 years. This means that if a corporation invests in its country, it can enjoy a tax break for a period of 10 years, during which it does not have to pay corporate income taxes.

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  • 28. 

    The language that has the greatest number of speakers throughout the world is

    • Spanish

    • English

    • Chinese Mandarin

    • Hindi

    Correct Answer
    A. Chinese Mandarin
    Explanation
    Chinese Mandarin is the correct answer because it is the language with the highest number of speakers worldwide. With over 1 billion native speakers and many more who speak it as a second language, Chinese Mandarin surpasses other languages such as Spanish, English, and Hindi in terms of overall speaker population. Its widespread use in China, as well as its growing influence in global business and cultural spheres, contribute to its status as the most spoken language in the world.

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  • 29. 

    _________________ is a term used to describe a policy which encourages exports, discourages imports, controls capital movement and centralizes currency decisions in the hands of a central government.

    • Neomercantilism

    • Mercantilism

    • Factor proportions

    • State sovereignty

    Correct Answer
    A. Neomercantilism
    Explanation
    Neomercantilism is a term used to describe a policy which encourages exports, discourages imports, controls capital movement, and centralizes currency decisions in the hands of a central government. This policy aims to protect domestic industries and promote economic growth by maintaining a favorable balance of trade. By imposing restrictions on imports and promoting exports, neomercantilist policies seek to increase domestic production and employment. Additionally, by controlling capital movement and currency decisions, the government can manipulate exchange rates and maintain a competitive advantage in international trade.

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  • 30. 

    Economic conditions and the currency for a country do not affect

    • Population trends

    • Profits on a product

    • Consumer demand

    • Selling price for a product

    Correct Answer
    A. Population trends
    Explanation
    Economic conditions and the currency for a country do not affect population trends. Population trends are determined by factors such as birth rates, death rates, migration patterns, and social factors. Economic conditions and currency fluctuations may indirectly influence population trends by affecting employment opportunities, migration patterns, and access to healthcare and education, but they do not directly determine population trends.

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  • 31. 

    ___ is not a service provided by retailers.

    • Sales staff assistance

    • Product selection

    • Consumer convenience

    • Storing and transportation of goods

    Correct Answer
    A. Storing and transportation of goods
    Explanation
    Retailers typically do not provide the service of storing and transportation of goods. This responsibility usually falls on the suppliers or manufacturers of the products. Retailers focus on aspects such as sales staff assistance, product selection, and consumer convenience to enhance the shopping experience for customers. While retailers may have storage facilities for their own inventory, they do not typically offer this service to customers. Transportation of goods is usually handled by logistics companies or shipping services.

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  • 32. 

    A U.S. toy company allows a Chinese company to create clothing and school supplies with one of the U.S. company's doll characters on the products. This is an example of:

    • Direct exporting

    • Franchising

    • Licensing

    • Indirect exporting

    Correct Answer
    A. Licensing
    Explanation
    This scenario describes licensing, where the U.S. toy company grants permission to the Chinese company to use its doll character on clothing and school supplies. Licensing involves giving another company the right to use intellectual property, such as trademarks or patents, in exchange for royalties or fees. In this case, the U.S. company is allowing the Chinese company to use its doll character on the products, indicating a licensing agreement.

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  • 33. 

    ____ occurs when the government takes control and ownership of foreign-owned assets and companies.

    • Civil unrest

    • Economic nationalism

    • Trade sanctions

    • Expropriation

    Correct Answer
    A. Expropriation
    Explanation
    Expropriation refers to the government's action of taking control and ownership of foreign-owned assets and companies. This can happen when the government believes it is necessary to protect national interests or assert control over key industries. It often involves compensating the foreign owners for their loss, but the government ultimately gains ownership and control. This practice can be seen as a form of economic nationalism, as it prioritizes domestic control and ownership over foreign influence. It is different from civil unrest, which refers to public disturbances and protests, and trade sanctions, which are punitive measures imposed on countries for various reasons.

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  • 34. 

    The economic system based upon the profit motive is the:

    • Socialist economy

    • Command economy

    • Market economy

    • Mixed economy

    Correct Answer
    A. Market economy
    Explanation
    A market economy is an economic system that is based upon the profit motive. In a market economy, individuals and businesses are free to make their own economic decisions and engage in voluntary exchanges of goods and services. The profit motive serves as the driving force behind the allocation of resources and the production of goods and services. In this system, prices are determined by supply and demand, and competition among buyers and sellers helps to ensure efficiency and innovation.

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  • 35. 

    Which of the following is not advantage of operating a business as a sole proprietorship?

    • Limited risks

    • Owner is the boss

    • Freedom to make business decisions

    • Ease of starting

    Correct Answer
    A. Limited risks
    Explanation
    Operating a business as a sole proprietorship does not provide the advantage of limited risks. In a sole proprietorship, the owner is personally responsible for all debts and liabilities of the business. This means that if the business incurs losses or faces legal issues, the owner's personal assets are at risk. Unlike other business structures such as corporations or limited liability companies, a sole proprietorship does not offer limited liability protection. Therefore, limited risks is not an advantage of operating a business as a sole proprietorship.

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  • 36. 

    Self insurance of ___ occurs when a company takes responsibility for losses from certain risks.

    • Risk avoidance

    • Risk reduction

    • Risk assumption

    • Risk sharing

    Correct Answer
    A. Risk assumption
    Explanation
    Self insurance of risk occurs when a company takes responsibility for losses from certain risks. This means that the company chooses to bear the financial burden of any potential losses instead of transferring the risk to an insurance company. By assuming the risk, the company can save on insurance premiums and have more control over the claims process. However, it also means that the company is solely responsible for any losses that occur, which can be a significant financial risk.

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  • 37. 

    The multinational company does not have to comply with the home country’s ___ mandates.

    • Social

    • Religious

    • Economic

    • Legal

    Correct Answer
    A. Religious
    Explanation
    The question is asking which type of mandates the multinational company does not have to comply with from its home country. Since the company is multinational, it operates in multiple countries and is subject to various laws and regulations. While it must comply with social, economic, and legal mandates, it is not required to adhere to religious mandates from its home country.

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  • 38. 

    When using the term "consideration" in regards to a contract, what does this generally mean?

    • Something of value must be given by both parties.

    • One party agrees to be considerate of each others' needs.

    • Something of value must be given by only one party.

    • One of the party offers valid terms, and the other party accepts them.

    Correct Answer
    A. Something of value must be given by both parties.
    Explanation
    In contract law, "consideration" refers to something of value that is exchanged between the parties involved. It is a necessary element for a contract to be legally binding. Both parties must provide something of value, such as money, goods, services, or promises, in order for the contract to be valid. This ensures that there is a mutual exchange and that both parties have made a commitment to the agreement.

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  • 39. 

    __ causes people to believe that a higher priced item is better quality than the exact same item at a lower price.

    • Price lining

    • Psychological pricing

    • Prestige pricing

    • Penetration pricing

    Correct Answer
    A. Prestige pricing
    Explanation
    Prestige pricing causes people to believe that a higher priced item is better quality than the exact same item at a lower price. This pricing strategy is often used by luxury brands to create a perception of exclusivity and high quality. By setting a higher price, consumers associate the product with prestige, status, and superior quality. This psychological effect leads people to believe that the higher priced item must be of better quality, even if it is the same as a lower priced alternative.

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  • 40. 

    Global dependency exists when:

    • Countries count on financial aid from other parts of the world

    • Items that consumers need and want are created in other countries

    • Countries ban foreign trade

    • A citizen from a country gives birth to a child in a foreign country

    Correct Answer
    A. Items that consumers need and want are created in other countries
    Explanation
    Global dependency exists when items that consumers need and want are created in other countries. This means that countries rely on other countries for the production and supply of goods that are essential for their citizens. This can lead to a high level of interdependence and interconnectedness in the global economy, as countries become reliant on each other for trade and access to necessary goods and services. Global dependency can have both positive and negative implications, as it can promote economic growth and specialization, but it can also create vulnerabilities and inequalities in the global trading system.

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  • 41. 

    The ___ brings together resources for a company to get started and operate successfully.

    • Wholesaler

    • Entrepreneur

    • CEO

    • Retailer

    Correct Answer
    A. Entrepreneur
    Explanation
    An entrepreneur is an individual who takes initiative to start a business and brings together the necessary resources to operate it successfully. They are responsible for identifying opportunities, organizing resources, and taking risks to establish and grow a company. Entrepreneurs play a crucial role in the economy by creating new businesses, generating employment opportunities, and driving innovation. Therefore, the answer "entrepreneur" is the most appropriate choice as they are the ones who bring together resources for a company to get started and operate successfully.

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  • 42. 

    ____ protect the rights to inventions in the United States but may not be honored in other parts of the world.

    • Copyrights

    • Trademarks

    • Patents

    • Trade secrets

    Correct Answer
    A. Patents
    Explanation
    Patents protect the rights to inventions in the United States but may not be honored in other parts of the world. Patents grant inventors exclusive rights to their inventions, preventing others from making, using, selling, or importing the patented invention without permission. However, patent laws vary across countries, and a patent granted in the United States may not be recognized or enforceable in other countries. Therefore, inventors may need to file separate patent applications in different countries to protect their inventions internationally.

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  • 43. 

    ____ involves buyers who purchase items for resale or additional production

    • Consumer market

    • Retail market

    • Expanded market

    • B2B

    Correct Answer
    A. B2B
    Explanation
    B2B refers to business-to-business transactions where buyers purchase items for resale or additional production. This type of market involves businesses purchasing goods or services from other businesses, rather than directly from consumers. In B2B transactions, the focus is on meeting the needs of the business and its operations, rather than catering to individual consumers. Therefore, B2B is the correct answer as it accurately describes the scenario where buyers purchase items for resale or additional production.

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  • 44. 

    An economy that allows an individual to personally own a business with little or no interference from the government is a:

    • Command economy

    • Mixed economy

    • Market economy

    • Communist economy

    Correct Answer
    A. Market economy
    Explanation
    A market economy is an economic system where individuals have the freedom to own and operate businesses without significant government interference. In this type of economy, the forces of supply and demand determine the prices of goods and services, and individuals make decisions based on their own self-interest. The government's role is limited to enforcing property rights, contracts, and ensuring fair competition. Therefore, a market economy aligns with the given description of an economy that allows personal ownership of businesses with little or no government interference.

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  • 45. 

    One of the most troubled economies in the world is:

    • Japan

    • Greenland

    • Australia

    • Germany

    Correct Answer
    A. Japan
    Explanation
    Japan is considered one of the most troubled economies in the world due to its long-standing issues such as deflation, high public debt, and an aging population. The country has struggled to achieve sustainable economic growth and has faced challenges in revitalizing its economy. Despite being one of the world's largest economies, Japan has faced persistent issues that have hindered its economic stability and growth prospects.

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  • 46. 

    Owners of a ____ do not have unlimited liability.

    • Sole proprietorship

    • Partnership

    • Cooperative

    • Corporation

    Correct Answer
    A. Corporation
    Explanation
    Owners of a corporation do not have unlimited liability because a corporation is a separate legal entity from its owners. This means that the owners, also known as shareholders, are not personally responsible for the debts and obligations of the corporation. Their liability is limited to the amount of their investment in the company. This limited liability is one of the main advantages of forming a corporation and is a key reason why many businesses choose this legal structure.

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  • 47. 

    ___ are products sold in other countries.

    • Domestic goods

    • Imports

    • Exports

    • Foreign goods

    Correct Answer
    A. Exports
    Explanation
    Exports are products that are sold in other countries. This involves the sale of goods and services produced domestically to foreign markets. It is the opposite of imports, which are products brought into a country from other nations. By exporting products, a country can generate revenue, boost its economy, and create job opportunities. Therefore, exports play a significant role in international trade and contribute to a country's overall economic growth.

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  • 48. 

    Which country would have the greatest number of extended families?

    • Mexico

    • Canada

    • Australia

    • United States

    Correct Answer
    A. Mexico
    Explanation
    Mexico would have the greatest number of extended families because in Mexican culture, the concept of extended families is highly valued and prevalent. Extended families typically include not only immediate family members but also grandparents, aunts, uncles, and cousins. This is in contrast to other countries where nuclear families are more common. Additionally, Mexico has a strong emphasis on family unity and support, which further contributes to the prevalence of extended families in the country.

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  • 49. 

    E-commerce

    • Has increased Wal-Mart's costs.

    • Is used by Dell to supply custom-built PCs all over Europe.

    • Reduces the need for extranets.

    • Doesn't use the Internet.

    Correct Answer
    A. Is used by Dell to supply custom-built PCs all over Europe.
    Explanation
    The correct answer is "is used by Dell to supply custom-built PCs all over Europe." This answer states that Dell utilizes e-commerce to distribute custom-built PCs throughout Europe. This implies that e-commerce is an important and effective tool for Dell in expanding its market reach and delivering its products to customers in different regions.

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Quiz Review Timeline (Updated): Mar 19, 2023 +

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

  • Current Version
  • Mar 19, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 10, 2020
    Quiz Created by
    Tiffany

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