Product liability laws are those which ________.protect people from defective products Laws designed to prevent companies from fixing prices, sharing markets, and gaining unfair monopoly advantages are called ________.antitrust laws In a market economy, the patterns of resource allocation are most directly influenced by ________.consumers who "vote" by their personal decision to buy or not buy products Democracies try to preserve peaceful coexistence among groups of people with diverse cultural,ethnic, and racial backgrounds. These rights are known as ________ rights.minority 1. The Value Added Chain includes which of the following activities? b. Downstream distribution of goods and services c. all of these d. Midstream production of goods and services e. Upstream sourcing of inputs 2. The U.S.A. leads all countries in the world in the total value of goods and services imported each year. True 3. Which of the following terms describes a business transaction in which a firm sells a product
to an end user consumer instead of another firm? Business to Consumer (B2C) 4. Supranational organizations are entities whose span of control or influence ranges over how many nations? 5. A group of nations who get together to integrate their economies in the hopes of amplifying resources, expanding downstream markets and improving each other's economies is called: regional economic integration pact 6. Services can be __________. imported AND exported, either imported or exported 7. Importing occurs when where a firm sources products or services from another country for sale or use in creating something else. 8. Merchandise goods are physical tangible goods that can be seen and traded. Therefore, merchandise goods are sometimes called visible trade. True 9. Which of the following is NOT an example of international business? A firm receives a building permit from its government to construct a parking facility in the nation's capital 10. Services cannot be imported because they are not quantifiable. False 11. Most commercial business involves “business to business” transactions, where firms sell products or services to other firms, such as one firm selling raw materials to another firm for use in a new product. These transactions happen throughout the entire value chain. True 12. International business occurs when any value creation activity or transaction crosses at least one international border. True 13. Which of the following is the BEST DEFINITION of what constitutes international business at its simplest level? a commercial value creation activity that crosses an international border
14. Both tangible goods and intangible services can be ________. imported AND exported 15. Worldwide production and distribution of manufactured goods is the sole focus of international business. Since services are intangible and cannot be imported or exported, they are not included in the field of international business.
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