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INTB 200 EXAM 1
A country's __________ measures the total annual income received by residents of a country and is regarded as a yardstick for the economic activity of a country. A) income elasticity of demand B) gross national product C) net cash flow ratio D) gross national income E) income equity ratio ---------CORRECT ANSWER-----------------D) gross national income Gross national income figures should be carefully evaluated because they don't take into account differences in: A) the available workforce. B) government intervention. C) the cost of living. D) market conditions. E) political power. ---------CORRECT ANSWER-----------------C) the cost of living.
To calculate purchasing power parity, gross national income is adjusted based on: A) the trading value of gold in the exchange market. B) the median cost of living in the top five economic nations. C) the status of the cost of living in the United States D) average daily exchange rates in the selected nation. E) limits set by each nation's government. ---------CORRECT ANSWER------ -----------C) the status of the cost of living in the United States Amartya Sen believed that __________ should also be a factor in the human development index. A) birth rates B) political freedom C) educational attainment D) basic average income E) geographical conditions ---------CORRECT ANSWER-----------------B) political freedom __________ is broadly defined as the development of new products, processes, organizations, management practices, and strategies. A) Privatization B) Dynamism
E) the legal framework of a country reflects the rulers' dominant political ideology. ---------CORRECT ANSWER-----------------E) the legal framework of a country reflects the rulers' dominant political ideology. The __________ system of a country encompasses the process through which redress for grievances is obtained. A) economic B) theocratic C) legal D) demographic E) political ---------CORRECT ANSWER-----------------C) legal Which legal system evolved in England over hundreds of years? A) common law B) civil law C) autocracy law D) monarchy law E) universal law ---------CORRECT ANSWER-----------------A) common law Nolan is a lawyer representing Killian Auto Group in a lawsuit. During the trial, Nolan referred to a court case from twenty years ago and asked the witness if she felt Killian Auto Group had acted in a similar manner as the
company in the previous case. When Nolan referred to the previous court case, he was relying on __________ to make his case. A) tradition B) precedent C) custom D) interpretation E) culture ---------CORRECT ANSWER-----------------B) precedent The common law system enjoys a degree of flexibility not found in other systems because: A) it is usually found in democratic republics. B) it originated from Great Britain and can be found in almost all of its former colonies. C) it is interpreted by the law courts with regard to tradition, precedent, and custom. D) it is based on a detailed set of laws organized into codes. E) it has originated recently—just a decade ago. ---------CORRECT ANSWER-----------------C) it is interpreted by the law courts with regard to tradition, precedent, and custom. A __________ law system relies on a detailed set of laws organized into codes to interpret the law. A) civil B) theocratic
E) civil law systems allow for judges to interpret a contract dispute, but this feature is absent in common law systems. ---------CORRECT ANSWER----- ------------A) contracts drafted under a common law system tend to be longer than those drafted under a civil law system. The United Nations created CISG in response to __________ that occur in international trade. A) contract disputes B) environmental concerns C) political uprisings D) tariff differences E) foreign exchange rates ---------CORRECT ANSWER-----------------A) contract disputes When firms do not wish to accept the rules of the CISG, what do they often opt for to settle contract disputes? A) UN involvement B) arbitration C) collective bargaining D) common law system of the United States E) Islamic law ---------CORRECT ANSWER-----------------B) arbitration When considering the legal use of the word, __________ is the term given to a resource over which an individual or business holds a legal title.
A) liability B) contract C) shareholder D) property E) possession ---------CORRECT ANSWER-----------------D) property Which of these companies is taking advantage of the globalization of production? A) Seamless Fabrics, an American textile manufacturer, buys fabric from France and exports it to India for garment production. B) Tylor Group, a U.S.-based fashion designer, is planning to open a flagship store in China to serve the Asian market. C) Miss T. Waters, a U.K. facial products company, serves customers worldwide through its local franchises. D) Golden Pony Inc. uses sales personnel from the respective host country to sell its products and services. E) Lotza Pie, an Italian pizza chain, customizes its pizzas and pastas to suit the tastes of its American and Australian customers. ---------CORRECT ANSWER-----------------A) Seamless Fabrics, an American textile manufacturer, buys fabric from France and exports it to India for garment production. Which global institution do nation-states whose economies are in turmoil turn to as the lender of last resort? A) World Trade Organization
D) privatize state-owned organizations. E) reduce trade barriers. ---------CORRECT ANSWER-----------------E) reduce trade barriers. What is implied by the fact that in today's marketplace, the volume of world trade has been growing faster than world GDP? A) More companies are relying on domestic firms to obtain parts of their production process. B) The economies of the world's nation-states are becoming more intertwined. C) Fewer companies are dispersing parts of their production process to locations around the globe. D) The world has experienced a loss of overall wealth in the last two decades. E) More countries are imposing trade barriers to minimize competition. ------ ---CORRECT ANSWER-----------------B) The economies of the world's nation-states are becoming more intertwined. What country has seen a relative decline in its share of world output between 1960 and 2018? A) United States B) Brazil C) Thailand D) China E) South Korea ---------CORRECT ANSWER-----------------A) United States
The change in the United States' position as a dominant industrial power is characterized as a relative decline because it: A) is the direct result of an isolationism policy. B) doesn't account for entrepreneurial activity. C) actually increased compared to some other developed nations. D) accounts for the production of goods and services. E) reflects the faster economic growth of several other economies. --------- CORRECT ANSWER-----------------E) reflects the faster economic growth of several other economies. Due to the changing economic geography, many of tomorrow's economic opportunities are most likely to be found in the: A) rich industrialized nations of the world like Great Britain and Germany. B) centrally planned economies of the communist world. C) United States. D) developing nations of the world such as China, India, and Brazil. E) countries that are currently not members of the World Trade Organization. ---------CORRECT ANSWER-----------------D) developing nations of the world such as China, India, and Brazil. One advancement that has lowered the barriers many small firms face when building international sales is:
E) The COVID-19 pandemic called into question the wisdom of relying on globally dispersed production systems. ---------CORRECT ANSWER---------- -------E) The COVID-19 pandemic called into question the wisdom of relying on globally dispersed production systems. An argument in support of the falling barriers to international trade and investment is that the falling barriers: A) prohibit countries from specializing in the production of goods and services. B) drive the global economy toward greater prosperity. C) reduce the need to export jobs overseas. D) increase the bargaining power of business firms by decreasing the incomes of consumers. E) reduce attacks from foreign competitors. ---------CORRECT ANSWER---- -------------B) drive the global economy toward greater prosperity. Those who support globalization recognize that while some concessions occur during the process of globalization, ultimately, it still works because: A) all retaliatory trade policies have been eliminated. B) the benefits outweigh the costs. C) democratic governments follow this pattern. D) the costs affect very few people. E) nations need to import goods they are efficient at producing. --------- CORRECT ANSWER-----------------B) the benefits outweigh the costs.
Growing income inequality between the skilled and unskilled workers in advanced nations, such as the United States, is a result of the: A) wages for skilled workers being bid up by the labor market and the wages for unskilled workers being discounted. B) decrease in the outsourcing of low-wage manufacturing jobs offshore and a corresponding increase in demand for unskilled workers. C) shift within advanced economies toward jobs where the only qualification is the willingness to turn up for work every day. D) increasing wage gap between developing and developed nations. E) shortage of unskilled workers and an excess supply of highly skilled workers. ---------CORRECT ANSWER-----------------A) wages for skilled workers being bid up by the labor market and the wages for unskilled workers being discounted. Modern socialism traces its intellectual roots to: A) Aristotle B) David Hume C) Karl Marx. D) Adam Smith. E) Milton Friedman. ---------CORRECT ANSWER-----------------C) Karl Marx. Today, communism, which includes state control over all economic activity, is the political norm mainly found in: A) countries throughout Europe and Asia.
A nation based on individualism would agree that: A) communal property is more highly productive than private property. B) public good should be preferred over private profit. C) state-owned companies should monopolize certain industries. D) the welfare of society is best served by some collective body such as government. E) self-expression must be guaranteed. ---------CORRECT ANSWER--------- --------E) self-expression must be guaranteed. Nations that limit the freedom of religious expression with laws based on religious principles follow the political system of: A) theocratic totalitarianism. B) communist totalitarianism. C) right-wing totalitarianism. D) pure democracy. E) representative democracy. ---------CORRECT ANSWER-----------------A) theocratic totalitarianism. Right-wing totalitarianism restricts political freedom to inhibit the rise of: A) a pure democracy. B) communism.
C) free market capitalism. D) representative democracy. E) tribal totalitarianism. ---------CORRECT ANSWER-----------------B) communism. In order for a market economy to work, it is important that supply of a product must not be restricted by a producer. In other words, __________ must be banned. A) entrepreneurism B) start-ups C) monopolies D) globalization E) nationalism ---------CORRECT ANSWER-----------------C) monopolies After the collapse of communism in Russia, successful business owners often had to pay "protection money" to the mafia or face violent retribution. In the context of property rights, the behavior of the mafia is an example of: A) active violation. B) public action. C) private action. D) boundary spanning. E) industrial espionage. ---------CORRECT ANSWER-----------------C) private action.
B) U.S. companies were involved in bribing U.S. government officials in cases related to major corporate and accounting scandals. C) U.S. government bureaucrats demanded bribes from U.S. companies in return for a permit to operate in a foreign country. D) several companies were selling their products at lower prices in foreign countries than in the United States. E) successful business owners in the United States often had to pay "protection money" to the Mafia or face violent retribution. --------- CORRECT ANSWER-----------------A) U.S. companies had bribed government officials in foreign countries in an attempt to win lucrative contracts. Grease payments or speed money are allowable under U.S. law to expedite the: A) implementation of a new government office. B) incoming federal income tax. C) performance of a routine government action. D) creation of new state-owned business. E) breach of the rule of law. ---------CORRECT ANSWER-----------------C) performance of a routine government action. Products of the mind, such as computer software, a screenplay, a music score, or the chemical formula for a new drug, constitute: A) assets which receive no protection under law. B) non-performing assets.
C) tangible assets. D) intellectual property. E) real property. ---------CORRECT ANSWER-----------------D) intellectual property. Big Top Boxes has developed a new type of recycled packaging. Which type of legal protections can grant the company exclusive rights for a defined period to the manufacture, use, or sale of the new packaging? A) warrant B) patent C) copyright D) trademark E) writ ---------CORRECT ANSWER-----------------B) patent All of the books in a library have a __________, which shows the exclusive legal rights of the author of the book. A) copyright B) trademark C) libel D) patent E) folkway ---------CORRECT ANSWER-----------------A) copyright
