BUSN ACCT-3 – Flashcards
20 test answers
Unlock all answers in this set
Unlock answers 20question
A product _____ is a group of products that are closely related to each other, in terms of either how they work or the customers they serve.
answer
line
Unlock the answer
question
Value is the relationship between the _____ of a good or service and the benefits that it offers its customers.
answer
PRICE
Unlock the answer
question
Which of the following statements is a characteristic of entrepreneurs?
answer
They create benefits for others while seeking profit for themselves.
Unlock the answer
question
Which of the following was a negative effect of the entrepreneurship era?
answer
Powerful businesses exploited their ability to manipulate prices and exploit workers.
Unlock the answer
question
During the_____, businesses began to develop brands to help customers understand the difference among various products.
answer
marketing era.
Unlock the answer
question
Islane college has contracted a construction company to build a new bookstore. The heavy machinery and equipment that the contractor will use in the construction process are classified as:
answer
capital
Unlock the answer
question
Timber, water, coal deposits, and solar energy are classified as:
answer
natural resources.
Unlock the answer
question
The stock market, housing foreclosures, and unemployment rates are all part of an organization's _____ environment.
answer
economic
Unlock the answer
question
A tariff is a:
answer
tax on imports
Unlock the answer
question
India and the Philippines consistently attract sizable amounts of foreign investment for services performed in the domestic market and sold internationally. The main reason for this foreign interest is that:
answer
they have large numbers of highly educated workers who are paid much less than American workers.
Unlock the answer
question
The balance of trade is:
answer
a measure of the difference between a nation's exports and imports.
Unlock the answer
question
In the late 1970s, LarceCo, a tea seller, entered the Russian marketplace. LarceCo traded tea products for Russian-made vodka because of the lack of a tradable currency in the Soviet Union. This is an example of _____.
answer
countertrade
Unlock the answer
question
Which of the following is a difference between outsourcing and importing?
answer
Importing is when a firm buys foreign products that have already been produced, and outsourcing is when a firm contracts with foreign vendors to produce products.
Unlock the answer
question
As the chief of strategy for Paradyme Software, Bill Fence has decided that the risks of software piracy in Indonesia are too high to justify a continued presence in that country. He feels that the nation's laws are not sufficiently strict. Bill Fence is unhappy with the _____ in Indonesia.
answer
political climate
Unlock the answer
question
The purpose of the General Agreement on Tariffs and Trade (GATT) was to:
answer
encourage worldwide trade.
Unlock the answer
question
Trading blocs are groups of countries:
answer
that have reduced or eliminated tariffs allowing for the free flow of goods among the member nations.
Unlock the answer