Which of the following actions of the government indicates the privatization of a way A) Acquiring the market leader to main control the industry and its resource B) Imposing regulations m a i sto protect local e s Allowing private business m en t s previously operated by the government. D) Imposing taxes on scarce raw materials to di agndar pricing by its supplier ) Discouraging private business to operate in an industry that is critical for the growth of the economy. 14) 14) When the state owns all major productive resources and the country has very few opportunities for entrepreneurship, the country is characterized by which of the following economie systems? A) anarchism B) mixed C) capitalism D) socialism E) communism 15) Demand curves typically slope downward. This implies that an). A) increase in price will have no effect on quantity demanded B) increase in price will increase the quantity demanded C) decrease in price will decrease the quantity demanded D) decrease in price will have no effect on quantity demanded E) decrease in price will increase the quantity demanded 16) The economic system that allows individuals the least degree of economic freedom is_ A) capitalism B) authoritarianism C) mixed capitalism D) socialism E) communism of the 17) 17) Of all the alternatives not selected, the one with the highest value represents the action taken. A) scarcity value B) finite supply C) affordability D) trade-offs E) opportunity cost 18) 18) Which of the following is a characteristic feature of economic contraction? A) increased employment B) decreased unemployment rates C) increased income D) decreased consumer spending E) increased demand 19) the amount of particular posts that countries allow to be imported during a given A) Banyu t B) Embargoes Import tarifs D) Import subsidies E) Restrictive import standards When considering how to market a product internationally, what can be used to ensure the exact same product is sold everywhere around the world? A) a transnational strategy B) a strong promotion strategy standardization D) franchising joint licensing agreements 21) What is the advantage of franchising internationally? A) it may be the only way to gain access to business in a country By there is greater control, and better protection for foreign investors reduced costs and risks, and better leveraging of investments in branding D) stronger, long-term partnerships E) low up-front costs 22) Is the tendency to judge all other groups according to standards, behaviors, and customs that prevail in one's own group A) Culture shock B) Discerning C) Stereotyping D) Protectionism E) Ethnocentrism 23) 23) Which of the following has made the rapid growth in global business possible by making it safer, easier, and more profitable? A) the ability to focus on relative strengths to create comparative advantage B) favorable exchange rates advances in communication and transportation technologies D) the rapidly growing middle class in China E) standardized systems and procedures. 24) Taxes, surcharges, or duties levied against imported goods are known as A) import quotas B) embargoes tariffs D) restrictive import standards E) import sanctions
