In a PEST analysis, trends in demographics, people's lifestyles and general attitudes are factors in the ________ environment that business decision-makers must always consider. Select one:

a. social

b. technological

c. economic

d. political

e. physical

Businesses should be aware of tax rules, privacy laws, operating rules, and recycling guidelines that affect businesses and industry in a given society. This is the ________ environment in a PEST analysis.

Select one:

a. physical

b. political

c. psychological

d. ecological

A Canadian company has given exclusive rights to a Swiss company to sell its products. The Swiss company needs to pay royalty fees in exchange for the rights to sell the Canadian company's products. This is an example of

Select one:

a. a multinational corporation (MNC)

b. importing

Country X has $500 million in exports and $300 million in imports in 2019. Country X has

Select one:

a. growth in its GDP

b. a relative competitive advantage

c. a negative balance of trade (trade deficit)

d. a positive balance of trade (trade surplus)

e. decline in its purchasing power

c. foreign direct investment

Country Z can produce iron more efficiently using fewer resources than any other country in the world. Which type of advantage in iron does Country Z have?

Select one:

b. Export Advantage

c. Trade Balance Advantage

d. Absolute Advantage

e. Resource Advantage

d. a strategic alliance

e. a licensing agreement

Which of the following would likely be a consequence of a recession?

Select one:

a. Unemployment will increase.

b. Businesses will make large investments.

c. GDP will increase.

d. Exports will increase

If GDP is going up, an economy is experiencing

Select one:

a. Deflation

b. an increase in supply

c. A recession

d. growth

e. Inflation

In a small town, the number of car wash companies has grown from two to five in the last month. Which result will likely occur?

Select one:

a. The increase in supply will have no effect on the equilibrium price.

b. The decrease in supply will lead to a new phase in the business cycle.

c. The increase in supply will lead to a decrease in demand.

d. The increase in supply will lead to a decrease in the equilibrium price.

e. The increase in supply will lead to an increase in demand.

In a free-market economy, the central government

Select one:

b. keeps control over businesses to a maximum.

c. supports free enterprise in every way possible.

d. Sets the income tax for businesses to zero

e. encourages people to invest in small companies rather than large ones.

Profit is

Select one:

a. double the amount the investors invested when the business first started.

b. the money that remains after dividends have been paid to stockholders.

c. calculated by taking total revenue and adding all expenses.

d. the money that remains with the business after paying all expenses.