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Seaport Bus 100 Quiz 1 (2014)




Question;Seaport Quiz / Exam:Bus 100 Quiz 1Quiz/Exam CompleteQuestion: ____ resources are the individuals who provide labor for an organization in exchange for wages.Question: A local retailer calls its customers when it receives merchandise that they may be interested in, provides individual service to each customer, provides forms and phone numbers for complaints and comments, and has a 100 percent satisfaction guarantee. Which objective is this business working hard to accomplish?Question: In a socialist economy, key industries owned by the government include all exceptQuestion: Diane is passionate about soccer and decides to open her own soccer sporting goods store. She invests her money, time, and effort into making the store a success. Diane can be best described as a(n)Question: In our free-enterprise system, federal and state governments decide what products and services to provide.Question: The U.S. busiess system is commonly referred to as a mixed economy.Question: The factors of production include natural resources, labor, government assistance, and entrepreneurship.Question: People buy goods and services simply to own them.Question: Consumers exchange tax money to purchase goods and services.Question: Supporters of increased social responsibility would most likely say that the goal of a firm is toQuestion: Brant promised to repair Carolyn's car on Thursday. After picking up the necessary part at a junkyard, he discovered he could not do the job after all and that the junkyard would not buy back the part. Carolyn does not know about these developments. However, she thinks Brant will be finished with her car sometime today. What should Brant do?Question: The study of the morality of choices made by people is known asQuestion: Of the three factors mentioned as contributors to air pollution, only the combination of weather and geography cannot be changed.Question: The right to choose means that consumers must have a choice of products offered by different manufacturers and sellers.Question: The Food and Drug Administration's ability to force businesses making or selling defective products to recall them is most closely related to consumers' right to choose.Question: The right to consumer education entitles people to be fully informed about their rights as consumers.Question: Globalization represents a huge opportunity forQuestion: The four largest gold-producing countries in the world want to form a collective-bargaining unit to provide gold-producing nations with some control of gold prices. These nations will most likely model the unit afterQuestion: If the Land of Mercury had total exports of $150 billion and total imports of $234 billion, it had aQuestion: Despite trade restrictions, international business isQuestion: Joint venture agreements generally require a very low level of commitment from all the parties involved.Question: Devaluation increases the cost of foreign goods, while it decreases the cost of domestic goods to foreign firms.Question: Purchasing raw materials or products in other nations and bringing them into one's own country is known as importing.Question: A reduction of the value of a nation's currency relative to the currencies of other countries is called a currency devaluation.Question: Absolute advantage is the ability to produce a specific product more efficiently than any other nation.


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