effect of the North American Free Trade Agreement (NAFTA) is:

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Question 1 One effect of the North American Free Trade Agreement (NAFTA) is: Answer an increase in trade among the NAFTA member nations an increase in the number of low-wage jobs in the United States a decrease in trade among NAFTA member nations an increase in trade restrictions among the member nations Question 2 A country raises the tariff on imported cheese in order to increase its price above the price of domestically produced cheese. This is an example of ________. Answer an exchange control an import quota a protective tariff dumping Question 3 A trade deficit occurs when ________. Answer imports are sold at low profits foreign-aid payments exceed exports imports exceed exports there is a net flow of money into a country Question 4 Los Angeles-based PMI Telecom purchases cell phones manufactured in Asia and sells them in the United States. PMI is engaging in the international business activity known as ________. Answer exporting importing countertrade dumping Question 5 Dumping _________ domestic consumers and _________ domestic producers. Answer harms, benefits harms, harms benefits, harms benefits, benefits Question 6 A balance of payments deficit occurs when ________. Answer the net inflow of money from abroad exceeds the net outflows of money to other countries imports exceed exports the net outflow of money from a country exceeds the net inflow of money from abroad exports exceed imports Question 7 An absolute advantage occurs when a country can maintain ________. Answer a monopoly by outlawing foreign imports a monopoly by levying high taxes on imports a monopoly by being the lowest-cost producer of a good or service its advantage by producing a good or service more efficiently Question 8 During the past decade, which of the following countries has experienced the greatest annual rate of GDP growth? Answer United States China Canada Japan Question 9 A country with a balance of payments surplus means ________. Answer monetary inflow exceeds monetary outflow monetary outflow exceeds monetary inflow imports exceed exports exports exceed imports Question 10 The ________ industry represents the greatest percentage of minority-owned businesses. Answer Finance Service Retail transportation Question 11 If business owners in a partnership wish to limit liability, they have the option to ________. Answer pledge funds divide into sole proprietorships set up a limited partnership withhold funds Question 12 Many businesses fail during the early years because of ________. Answer niche marketers inadequate financing unmotivated owners poor planning Question 13 The majority of all U.S. firms employ: Answer more than 5,000 employees 1,000 to 3,000 employees 3,000 to 5,000 employees 500 or fewer employees Question 14 If you are considering starting your own business, a key priority for you should be to: Answer get a loan from your local bank incorporate your business. learn the basics of business. apply for a Small Business Administration loan. Question 15 McDonalds offers a contractual business arrangement in various countries around the world. McDonalds is an example of a(n) international ____________. Answer franchise acquisition Merger not-for-profit corporation Question 16 If you are a highly independent individual used to having your own way, the best business format for you is a ________. Answer partnership corporation sole proprietorship limited liability corporation Question 17 ________ newly-launched businesses fail within two years after commencing operations. Answer Less than one in ten About one of every three About half of all Almost all Question 18 Louis works as an artist for a major textile company and created an innovation for producing designs. The company will implement Louis’s idea as part of its ________ strategy. Answer skunkworks angel investment seed capital entrepreneurship Question 19 Which of the following is an example of a country with a factor-driven economy with an average of over 10% of its adults starting or managing a new business? Answer Thailand United States Bangladesh Hong Kong Question 20 After starting a web design company while still in college, Rodrigo sold the company after graduation. He then opened a computer repair shop; and most recently, he has started a marketing firm that specializes in social media. Rodrigo is an example of a(n): Answer serial entrepreneur. social entrepreneur. lifestyle entrepreneur. classic entrepreneur. Question 21 Franz and Arlene had an idea for a different type of ice cream. They struggled to open their own small business, and later, to expand production and distribution. Their products are distributed nationwide and their sales continue to increase. Franz and Arlene are examples of ________. Answer serial entrepreneurs classic entrepreneurs change agents social entrepreneurs Question 22 Financial success ________. Answer rarely results from starting a business is part of the appeal of becoming an entrepreneur plays little role in motivating people to become entrepreneurs is virtually guaranteed if people work hard enough starting their own businesses Question 23 Lisa is trying to start a new business. A women’s business network puts her in touch with an investor who is willing to invest in her company in exchange for an equity stake. This investor is a(n) ________. Answer angel investor franchiser venture capitalist entrepreneur Question 24 What makes entrepreneurs unique is their overwhelming desire to ________. Answer become successful utilize their creative energy manage employees make their business grow

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