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Business
Q:
In oligopoly, any action by one firm to change price, output, or quality causesA) a reaction by other firms. B) no reaction from the other firms.C) a profit gain for the other firms. D) loss of market share by the acting firm.
Q:
A balance sheet covers a period of time such as a month or year.
Q:
A market situation in which a large number of firms produce similar but not identical products is calledA) pure monopoly. B) monopolistically competitive. C) oligopolistic behavior. D) perfectly competitive.
Q:
An income statement reports on investing and financing activities.
Q:
According to the above figure, the profit maximizing price -output combination for the monopolist is a price ofA) 50 cents and an output of 40,000 newspapers per day. B) 30 cents and an output of 30,000 newspapers per day. C) 60 cents and an output of 30,000 newspapers per day. D) 45 cents and an output of 45,000 newspapers per day.
Q:
The four basic financial statements include the balance sheet, income statement, statement of owner's equity, and statement of cash flows.
Q:
A decreasing-cost industry will have
A) a perfectly elastic long-run supply curve.
B) a perfectly inelastic long-run supply curve.
C) an upward sloping demand curve in the long run.
D) a downward sloping supply curve in the long run.
Q:
U. S. Government Treasury bonds provide high return and low risk to investors.
Q:
Total revenuesA) are defined as the quantity sold divided by price.B) are not the same as total receipts from the sale of output. C) equal gross revenues minus all expenses of the firm.D) equal the price per unit times the total quantity sold.
Q:
The _______________________ identifies cash inflows and outflows over a period of time.
Q:
Total OutputTotal Costs0$101182213234245266297338389441051In the above table, total fixed costs areA) $10.00. B) $5.00. C) $8.00. D) $18.00.
Q:
Generally the lower the risk, the lower the return that can be expected.
Q:
According to the random walk theory,A) the probability that a stockʹs price will increase tomorrow is greater if it increased today.B) the probability that a stockʹs price will increase tomorrow is greater if it decreased today. C) the best forecast of tomorrowʹs price is todayʹs price.D) the best forecast of tomorrowʹs price is found by determining the trend for the last five trading days.
Q:
The _________________ reports on changes in equity over the reporting period.
Q:
The difference between explicit costs and implicit costsA) is that explicit costs are opportunity costs while implicit costs are not.B) is that implicit costs are opportunity costs while explicit costs are not.C) is that explicit costs are short-run costs and implicit costs are long-run costs.D) is that explicit costs involve resources that are purchased and implicit costs involve resources the firm already owns.
Q:
What is the importance of follow-up communications and procedures in international business negotiations, and what are some ways to manage this?
Q:
Risk is the amount of uncertainty about the return we expect to earn.
Q:
CombinationGood AGood BA174B135C106D87Refer to the above table. The table gives the various combinations of Good A and Good B along Janeʹs indifference curve. The marginal rate of substitution when Jane goes from combination A to combination B isA) 4:1. B) 3:1. C) 2:1. D) 0.
Q:
List the seven aspects of the negotiation setting that must be manipulated ahead of time, if possible.
Q:
The _________________________ describes a company's financial position and types and amounts of assets, liabilities, and equity at a point in time.
Q:
If a dinner guest is serious when claiming he just could not get enough of your lasagna and that the more he ate the more he wanted, you would conclude that for him the marginal utility of lasagna wasA) increasing. B) decreasing. C) zero. D) constant.
Q:
Name three reasons why team work is particularly important for American negotiators.
Q:
Return on assets measures the effectiveness of an organization's ability to generate profit using its assets.
Q:
When two goods are substitutes for each other, the cross price elasticity of demandA) will be negative. B) will be zero.C) may be either positive or negative. D) will be positive.
Q:
Name three traits that are important when selecting international business negotiators, and explain why how these traits may increase the chances for success.
Q:
The ____________________ describes a company's revenues and expenses over a period of time due to earnings activities.
Q:
How should American businesspeople approach the decision-making process in negotiations with their Asian counterparts? What are the important signals of progress in a business negotiation?
Q:
Suppose the demand for frozen yogurt cones increases from 400 to 425 cones a day when the price is reduced from $1.50 to $1.25. In this situation, the elasticity of demand, calculated using the average method, isA) 3. B) 1. C) 0.33. D) 1.33.
Q:
Reebok's net income of $117 million and average assets of $1,400 million results in a return on assets of 8.36%.
Q:
Compare and contrast approaches to complex negotiation tasks between Westerners and Asians.
Q:
Suppose people value clean air more as their incomes increase, then
A) the marginal cost curve of pollution abatement to shift left, increasing the degree of air quality.
B) the marginal cost curve of pollution abatement to shift right, increasing the degree of air quality
C) the marginal benefit curve of pollution abatement to shift right, increasing the degree of air quality
D) the marginal benefit curve of pollution abatement to shift left, increasing the degree of air quality
Q:
________________________________ reports changes in the owner's claim on the business's assets over a period of time.
Q:
Give a brief description of the styles of negotiation of the Japanese, the Koreans, and the French.
Q:
Social Security is
A) an insurance program operated by the federal government.
B) a retirement program that invests the personʹs contributions into interest -earning financial assets so the proceeds can fund the personʹs retirement.
C) a social insurance program that guarantees that an elderly person will never fall below the poverty level.
D) an intergenerational transfer program that only vaguely relates to past earnings.
Q:
Return on assets is useful to decision makers for evaluating management, analyzing and forecasting profits, and in planning activities.
Q:
What are the four kinds of problems caused by cultural differences in international business negotiations? Give examples of how misunderstandings could occur for each one.
Q:
Monopsonistic exploitation refers toA) the payment to the resource equal to MFC.B) the payment to a resource less than MRP. C) the payment to a resource equal to MRP. D) the payment to a resource above MRP.
Q:
Explain the meaning of this sentence: Negotiations are not conducted between national stereotypes.
Q:
Risk is the _________________ about the return an investor expects to earn.
Q:
A closed shop is one in whichA) a union is prohibited.B) some members belong to the union while others do not. C) belonging to a union is a condition of employment.D) the union is a co-manager of the day-to-day operations of the firm.
Q:
What step should be taken once negotiators have "gotten to yes" in order to generate new ideas and improve the business relationship?
A) change the provisions of the signed contract.
B) conduct a formal signing ceremony.
C) schedule a review of the agreement.
D) maintain a flow of communication through letters.
E) push for signing of the next business deal.
Q:
Return on assets is also known as return on investment.
Q:
An increase in labor productivity will shiftA) MRP curve to the left. B) MRP curve to the left. C) MRP curve to the right. D) MFC curve to the left.
Q:
What is one of the two obstacles to inventive negotiation techniques for Japanese negotiators?
A) individualism
B) civility
C) frankness
D) hierarchy
E) relative integration
Q:
Return on assets = ______________ divided by average total assets.
Q:
The theory of regulatory behavior that suggests that regulators must consider the demands of legislators, consumers, and members of the regulated agency is calledA) the capture theory.B) share-the-gains, share-the-pains theory. C) the natural theory.D) the creative theory.
Q:
In business negotiations, the most powerful persuasive tactic is to
A) provide more promises and recommendations.
B) enforce more punishments and use more commands.
C) use more self-disclosures.
D) ask more questions.
E) offer more rewards and normative appeals.
Q:
Return on assets is often stated in ratio form as the amount of average total assets divided by income.
Q:
Refer to the above payoff matrix for the profits (in $ millions) of two firms (X and Y) and two product formats (A and B) in an industry. The game with the dominant strategy is also called:A) Battle of the Sexes. B) Tit-for-Tat.C) Tweedle Dee-Tweedle Dum. D) the prisonersʹ dilemma.
Q:
________ negotiators are more likely to provide brutally frank negative feedback to foreign presenters.
A) American
B) Japanese
C) Chinese
D) German
E) Mexican
Q:
_________________ is net income divided by average total assets.
Q:
Strategic behavior and game theory are features of which market structure?A) Perfect competition B) MonopolyC) Monopolistic competition D) Oligopoly
Q:
________ negotiators are often reluctant to voice objections during negotiations lest they damage the all-important personal relationships.
A) Mexican
B) American
C) German
D) British
E) Israeli
Q:
Net assets always increase when revenue is recorded.
Q:
Because the products of firms in a monopolistically competitive market are not homogeneous, theA) demand curve for the industry is the same for the firm. B) demand curve for the firmʹs product is horizontal.C) demand curve for the firmʹs product is downward sloping. D) demand curve for the firmʹs product is upward sloping.
Q:
Which method can be used to minimize the inevitable errors that crop up while exchanging information across language barriers?
A) using silent periods more frequently
B) prolonging the duration of nontask sounding
C) using more promises and recommendations instead of threats and warnings
D) agreeing to use a common language for communication
E) using multiple communication channels during presentations
Q:
______________________ is the recording of financial transactions and events, either manually or electronically.
Q:
The monopolist faces a downward sloping demand curve, and maximizing profits requires the monopolist toA) accept the market price for its product.B) will produce where the demand curve is inelastic.C) search for the price consistent with producing to the point at which marginal revenue equals marginal cost.D) search for the highest possible price consistent with maximizing its revenues, irrespective of its explicit and implicit opportunity costs.
Q:
What aspect of nontask sounding most likely differs between the Americans and the Chinese?
A) topic of discussion
B) determining the trustworthiness of a client
C) learning about the culture of a client
D) duration of the nontask sounding process
E) goals and objectives
Q:
An owner's investment in a business always creates an asset (cash), a liability (note payable), and owner's equity (investment.)
Q:
What is one of the objectives of engaging in nontask sounding?
A) determining if a client's attention is focused on business
B) obtaining negative feedback on information supplied
C) draining information from one's negotiation counterparts
D) handling objections
E) preventing loss of face
Q:
An increasing-cost industry will have
A) a perfectly elastic long-run supply curve.
B) a perfectly inelastic long-run supply curve.
C) an upward sloping supply curve in the long run.
D) an upward sloping demand curve in the long run.
Q:
A __________________ occurs when expenses exceed revenues.
Q:
An American buyer is negotiating with a British supplier for the purchase of raw materials for production of heavy machinery in the United States. Before exchanging any information pertaining to the business of the meeting, he spends a few minutes talking to the British negotiator on topics such as World Cup soccer, the recently concluded general elections, and the English weather. The American buyer is engaging in the first stage of a business negotiation known as
A) chit chat.
B) nontask sounding.
C) setting an agenda.
D) assessment of business terms.
E) appraisal of current affairs.
Q:
For the perfectly competitive firm, priceA) equals average revenue and marginal revenue.B) equals average total cost.C) changes as output changes.D) depends on the fixed cost for the firm.
Q:
Owner's equity is increased when cash is received from customers in payment of previously recorded accounts receivable.
Q:
________ includes all those activities that might be described as establishing rapport, but it does not include information related to the "business" of a meeting.
A) Persuasion
B) Concessions and agreement
C) Negotiation setting
D) Task-related exchange of information
E) Nontask sounding
Q:
Total OutputTotal Costs0$101182213234245266297338389441051Using the above table, we see that when output is 4 units, average variable cost equalsA) $24.00. B) $14.00. C) $3.50. D) $6.00.
Q:
For a proprietorship, owner investment and revenues increase __________________ and owner withdrawals and expenses decrease it.
Q:
Which aspect of international business negotiations is considered to be the most difficult?
A) agreeing on the number of participants in the negotiation
B) finding the best alternative to a negotiated agreement
C) actual conduct of the face-to-face meeting
D) deciding on the location and physical arrangements
E) selection of the appropriate negotiation team
Q:
Exchanges of stocks take placeA) in New York City only.B) in the principle financial city of each country, such as New York City for the United States and London for England.C) in a decentralized fashion around the world.D) in centralized physical locations known as stock exchanges and online through Internet brokers.
Q:
Which method is the most efficient way to communicate with clients and partners in places like Mexico, Malaysia, and China?
A) conversation over a long dinner
B) negotiation through video-conferencing
C) conversation over a phone call
D) negotiation through e-mail
E) negotiation with lower- and mid-ranking executives
Q:
From an accounting perspective, an event is a happening that affects an entity's accounting equation, but cannot be measured.
Q:
A legal organization of a firm where the business is owned by one individual who makes the business decisions, receives all the profits, and is legally responsible for the debts of the firm is a(n)A) corporation. B) entrepreneur. C) proprietorship. D) partnership.
Q:
Which statement regarding the physical arrangements of an international negotiation setting is true?
A) Russians prefer to talk to everyone separately, and once everyone agrees, to schedule inclusive meetings.
B) Japanese tend toward a cumulative approach, meeting with one party and reaching an agreement, then both parties calling on a third party.
C) In high-context cultures, the physical arrangements of rooms are taken casually.
D) Americans tend to want to get everyone together to quickly reach an agreement even if opinions and positions are divergent.
E) Americans adopt a formal approach to seating and room arrangement.
Q:
Using the accounting equation, equity is equal to ________________________.
Q:
Along a given indifference curve, a consumer reduces the quantity of one good in favor of more units of the other. In this situationA) the marginal rate of substitution falls.B) the marginal utility of the first rises and the marginal utility of the second good falls.C) Total utility rises.D) Both A and B are correct.
Q:
Which aspect of the negotiation setting is an important consideration as it may eventually determine legal jurisdiction if disputes arise?
A) preliminary research
B) communications channels
C) number of participants
D) number of translators
E) location
Q:
An external transaction is an exchange of value within an organization.
Q:
The principle that ʺas more of a good is consumed, its extra benefit declinesʺ is known asA) the law of demand.B) the law of diminishing marginal product. C) the law of diminishing marginal utility. D) the law of comparative advantage.