ch3 quiz combo - 1. Values are general ideas about good and...

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1. Values are general ideas about good and bad behaviors, resulting in what? a. Peer pressure b. Expectations c. Social norms d. None of the above 2. What choice(s) does a firm have when it decides on a product strategy? a. sell the same product in the new market b. modify it for new market c. develop a brand new product to sell in new market d. all of the above 3. Which set of countries are know as the BRIC countries? a. Belize, Romania, Indonesia, Canada b. Bahamas, Republic of Congo, Iraq, Chile c.Brazil, Russia, India, China d.Bolivia, Romania, Italy, Colombia 4. When someone voluntarily offers payments to get an illegal advantage it is called? a. Extortion b. Competitive intelligence c. Expropriation d. Bribery 5. What is Gross Domestic Product (GDP)? a. the total dollar value of goods and services produced by a nation in it's lifetime. b. the total dollar value of goods and services produced by a nation in a year. c. the total dollar value of goods and services sold to other nations. d. the total dollar value of goods and services imported in a year 6. Which of the following is the best definition for an oligopoly? a. A market situation in which one firm the only supplier of a particular product, is able to control the price, quality, and supply of that product. b. A market structure in which a relatively small number of sellers, each holding a substantial share of the market, compete in a market with many buyers. c. A market structure in which many firms, each having slightly different products, offer unique consumer benefits. d. A Greek god. 7. What is the business cycle?
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ch3 quiz combo - 1. Values are general ideas about good and...

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