Business

What is increased demand?

• A situation where the quantity of a product or service desired by consumers is less than the available supply.

• A situation where the quantity of a product or service desired by consumers exceeds the available supply.

• A situation where the quantity of a product or service desired by producers is less than the available supply.

The United States conducts trade with more than ________ countries.

• 10
• 50
• 100
• 180

Which of the following is a danger to a business of offering poor customer service?

• Increased flexibility with pricing

• Increased revenue

• Negative word of mouth

• Satisfied customers

Localization is the process of adapting a product or service to meet the specific cultural or linguistic requirements of a particular market.

• true

• false

All investors in a general partnership have full liability for the debts of the business.

• true
• false

A society's culture has a strong influence on business activities. Which of these is an example of a cultural influence?

• climate
• natural resources
• religion
• inflation

When a country has a favorable balance of payments, the value of its currency is usually constant or rising.

• True
• False

A joint venture is an agreement among two or more countries to remove duties and trade barriers on products traded among them.

• True
• False

The people who make the major policy and financial decisions for a corporation are called the

• stockholders
• owners
• board of directors
• parners

Which of the following is a benefit to a business of minimising waste in its supply chain?

• Lower unit costs

• Higher labour turnover

• Higher revenue

• Purchasing economies of scale can be achieved