BUSN quizes

1. Question : (TCO 3) Last year, the nation of Tigerland imported goods totaling $500 million and exported products totaling $386 million. Tigerland experienced a(n):

Student Answer:unfavorable balance of trade

favorable balance of trade

trade surplus

benefit from membership in a free trade zone

Instructor Explanation: Chapter 3 Page 64

Points Received: 1 of 1

Comments:

2. Question : (TCO 3) The difference between money coming into a country (from exports) and money leaving the country (for imports) plus money flows from other factors such as tourism, foreign aid, and military expenditures is referred to as the:

Student Answer:balance of payments

balance of trade

balance of money flows

exchange rate



Comments:

3. Question : (TCO 3) Country A is an extremely efficient producer of tin. However, its climate and terrain make it difficult to produce corn. According to the theory of comparative advantage, Country A should:

Student Answer:produce both tin and corn in order to remain self-sufficient

watch the global market to see which product is bringing

MultipleChoice 3 True

0 1864892010 MultipleChoice 3

1864892011 MultipleChoice 4 True

0 MultipleChoice 4

the highest price

import the resources needed to produce corn

concentrate its production on tin and buy corn from an efficient producer



Comments:

4. Question : (TCO 3) An American firm recently criticized a Chinese steel producer for charging a lower price for its products in the United States than it charges in China. If proven to be true, the Chinese firm has engaged in:

Student Answer:industrial protectionism

a low labor cost strategy

dumping

exchange rate manipulation



Comments:

5. Question : (TCO 1) Workers in the nation of Argentina prefer managers who forcefully tell employees what to do and how to do it. Conversely, employees in the U.S. prefer to participate in decision making in the workplace. This __________ difference between Argentinian workers and U.S. workers represents a management challenge for firms trading in the global market

Student Answer:geo-political

economic

socio-cultural





regulatory



Comments:

6. Question : (TCO 3) Hennessy Hardware, a U.S. retailer, buys much of its inventory from Asian countries. Hennessy Hardware would benefit if the value of the dollar ________ relative to the currencies of the countries from which Hennessy imports

Student Answer:rose

fell

remained constant

floated unpredictably



Comments:

7. Question : (TCO 3) The strength of the U.S. economy helps explain why:

Student Answer:foreign direct investment in the United States has grown

steadily

the United States enjoys a favorable balance of trade

China and Japan formed a common market to become more competitive

the U.S. is able to avoid becoming a debtor nation



Comments:

1864892014 MultipleChoice 15 False





8. Question : (TCO 3) Patrick's Products has a manufacturing plant near Chicago. The plant specializes in compact washers and dryers for countries in which consumers have less living space. Patrick's Products participates in the global market through:

Student Answer:importing

dumping

exporting

balancing trade



Comments:

9. Question : (TCO 1) A form of foreign direct investment, in which a domestic company purchases a company in a foreign country to produce a similar product or service is a:

Student Answer:licensor

joint venture

foreign subsidiary

host company



Comments:

10. Question : (TCO 3) A major concern voiced by U.S. critics of the North American Free Trade Agreement (NAFTA) is that it would result in:

Student Answer:higher prices for consumer goods




1864892018 MultipleChoice 26 False


loss of jobs in the U.S. economy

national security problems

increased illegal immigration from Mexico



Comments:

11. Question : (TCO 3) Current trade data indicates that the nation of Bogusland exports more to other nations than it imports. Bogusland has:

Student Answer:an unfavorable balance of trade

a trade surplus

a trade deficit

a low balance of trade



Comments:

12. Question : (TCO 3) __________ occurs when a country has a monopoly on producing a product or is able to produce it at a cost well below that of all other countries

Student Answer:Comparative advantage

Absolute advantage

Complete advantage

Dumping advantage







Comments:

13. Question : (TCO 3) Many of the toy products sold in the United States are imported from Taiwan because the Taiwanese can produce these products more efficiently than U.S. companies. This is an example of:

Student Answer:Bilateral advantage

Comparative advantage

Absolute advantage

Unilateral advantage



Comments:

14. Question : (TCO 3) _______________ are specialists that match buyers and sellers from different countries and provide services to ease the process of entering global markets

Student Answer:Export trading companies

Licensees

Strategic alliances

Keiretsu



Comments:

15. Question : (TCO 3) An advantage of forming a joint venture is:

Student Answer:no shared costs or risk







a perpetual arrangement

it's a good strategy for entering new markets in which you have never had a presence

it's a great way to enter new markets without divulging any marketing or management strategy to the other member of the joint venture



1. Question : (TCO 2) Obeying the law is ________ ethical behavior

Student Answer:essentially the same as

the first step toward

the opposite of

unlikely to lead to



Comments:

2. Question : (TCO 2) A(n) ________-based ethics code emphasizes the prevention of unlawful behavior by increasing control and penalizing wrongdoers

Student Answer:legal

corporate responsibility

compliance

integrity





Comments:

3. Question : (TCO 2) The purpose of a(n) ________ is to evaluate an organization's progress toward implementing programs to achieve social responsibility

Student Answer:accountability review

social audit

federal disclosure statement

annual report



Comments:

4. Question : (TCO 2) Ethical behavior covers a ________ range of conduct than does legal behavior

Student Answer:wider

more limited

smaller

less demanding



Comments:

5. Question : (TCO 2) Business relationships often present ethical dilemmas that are ________







Student Answer:not easily resolved

easily resolved by following the relevant laws

best resolved by creating a lose-lose situation

irrelevant and therefore require no action



Comments:

6. Question : (TCO 2) Issues of social responsibility and ethical behavior are:

Student Answer:the result of greed found in capitalist countries

found primarily in countries with a low standard of living

a concern only of business professors

found in many different countries



Comments:

7. Question : (TCO 2) The vice president of human resources at Ato Enterprises feels strongly that workers need to realize the benefits of their hard work. This reveals the firm's responsibility to:

Student Answer:customers

investors

society

employees







Comments:

8. Question : (TCO 2) Which of the following statements describes ethical behavior in the U.S?

Student Answer:Due to the diverse cultures that make up the U.S., it is

difficult to identify common standards of ethical behavior

The only common standards of ethical behavior in the U.S. are reflected in religious teachings

We can find common moral values that many Americans uphold, including respect for human life, self-control, honesty, integrity, and courage

Americans will generally describe the golden rule as the only statement of value that they uphold



Comments:

9. Question : (TCO 2) Many Americans define ethical behavior according to the situation in which they find themselves. This suggests that there may be situations where ________ to cheat, steal, or lie

Student Answer:it is absolutely wrong

it might be OK

business people are expected

capitalism forces people



Comments:







10. Question : (TCO 2) With respect to Arthur Andersen, a large and well-known public accounting and consulting firm, the Legal Briefcase box, "Paying the Price" explains:

Student Answer:how Arthur Andersen's connection with the Enron scandal

was not enough to bring it down

how as soon as Arthur Andersen cleared itself by paying fines to the federal government, it went back to "business as usual"

that Arthur Andersen's prior conviction was overturned, but it never recovered

that Arthur Andersen's consulting arm always behaved ethically, so it was saved



Comments:

11. Question : (TCO 2) A U.S. senator has indicated that for a generous contribution to his reelection fund, he would ignore your company’s apparent violation of several child labor laws. Which of the following "ethics check questions" would you consider first?

Student Answer:Is it legal?

Is it fair and balanced?

How will it make me feel about myself?

Is it a generous amount?



Comments:

12. Question : (TCO 2) Relationships between businesses and among nations





Student Answer:should be based on international law, exclusively

should be based on fairness, honesty, openness, and moral integrity

should be scrutinized carefully to make some determination as to whether both sides have the same type of leader behavior when it comes to assigning work

will be adversarial because seldom does either side believe in win-win situations



Comments:

13. Question : (TCO 2) Creating competition between employees within the corporation:

Student Answer:can encourage employees to deceive customers

should focus on improving corporate profit

must be ignored when corporate ethics are developed

can bring out the best in employees



Comments:

14. Question : (TCO 2) Which of the following would most likely involve ethical concerns?

Student Answer:Overstating an expense report

Forecasting sales for the next year

Developing the marketing plan for the next year

Improving working conditions







Comments:

15. Question : (TCO 2) When a manager is concerned about the legality of firing union workers in order to hire workers willing to work for less pay, a(an) ________-based ethics code is in place.

Student Answer:legal

corporate responsibility

compliance

integrity




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BUSN quizes