Business quiz

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


PointsReceived: 1 of 1
Comments:




2. Question : (TCO 3) Which of the following is included when calculating a country's balance of payments?

Student Answer: Foreign aid

Domesticunemployment

Domestic inflation rates

Foreign inflation rates

Instructor Explanation: Chapter 3 Page 64


Points Received: 1 of 1
Comments:




3. Question : (TCO3) 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 the highest price
import the resources needed toproduce corn

concentrate its production on tin and buy corn from an efficient producer
Instructor Explanation: Chapter 3 Page 61


Points Received: 1 of 1
Comments:




4.Question : (TCO 3) Responding to pressure from political lobbyists representing the steel industry, the U.S. government levies a tax on steel products imported from Europe. This is an example of a(n):Student Answer: protective tariff

revenue tariff

quota

embargo

Instructor Explanation: Chapter 3 Page 76


Points Received: 1 of 1
Comments:5. Question : (TCO 1) Casey is typical of many U.S. businesspeople. Casey feels the U.S. culture defines the model for the rest of the world, and that the American way of doing things is the...