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  • Subject area(s): Engineering
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  • Published on: 7th September 2019
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#1 Peru and Bolivia account for almost 97% of the production of quinoa seed, and most of it is sold to the U.S., Japan, and other wealthy nations. According to a former Colorado State agronomist who helped introduce the product into the U.S. several years ago, \"This food is about the most perfect you can find for human diets.\" Although there are other areas where the seed will grow (including higher elevations in Colorado), the majority of the quinoa sold in the U.S. is imported from Peru and Bolivia. These two nations have a(n) ________________ in the production of quinoa.

Answer: Because the state of Colorado and other places with higher elevation levels are also able to produce quinoa seeds, Peru and Bolivia do not have the absolute advantage of its production. Absolute advantage exists when a country has a monopoly on producing a specific product. Therefore, Peru and Bolivia only have a comparative advantage.

#2 Staff positions in an organization:

Answer: Staff personnel support and assist the line personnel. They are employees who advise and assist line personnel in meeting their goals, and include those in marketing research, legal advising, information technology, and human resource management.

#6 Double taxation means:

Answer: Corporations pay taxes on their profits. If they distribute after-tax profits to the stockholders, the stockholders also pay taxes on the distribution. This happens because corporations are considered to be a separate legal entity from their owners.

#7 Which of the following statements about business cycles in the U.S. is most accurate?

Answer: Seasonal business cycles occur within a year. Over a period of one year, there are periodic rises and falls occurring in the economy. There are also cycles that occur every 48-60 years and those contain an economic boom, a recession, a depression and a recovery.

#13 When a company\'s strategy is ________, the firm makes arrangements for a foreign manufacturer to produce the product. The domestic company\'s label and/or trademark are attached to the completed product.

Answer: Contract manufacturing is a foreign country’s production of private-label goods to which a domestic company then attaches its brand name or trademark. It is part of the broad category of outsourcing.

#17 Honda and Toyota have used insourcing for years to produce cars in the United States. Insourcing:

Answer: Helps offset the number of jobs being outsourced. Outsourcing is when a company, usually based in a foreign country, is requested to perform tasks given by the contracting company. Insourcing is the opposite of this, meaning that foreign companies are setting up in the United States.

#20 The fee paid to a firm in a licensing agreement that gives another firm the right to manufacture their product or use its trademark is called:

Answer: A royalty. Another example of a royalty is the following; you are a music artist and you write a song. Your producer will then make the song available to the public, but he will receive a percentage of the profits you make by selling your song because he produced it.

#21 An owner of a corporation is known as a(n):

Answer: Stockholder. Stockholders legally own a share of stock in a public or private corporation

#22 Chase is a recent college graduate with a new job as an engineering trainee for a large defense company. Now that he is making good wages, he hopes to start saving for his first house and also contribute toward the company retirement plan. As he looks over his monthly bills, Chase is concerned about ever getting ahead of the game. His food bill, car payment, and mounting gasoline payments keep him in the \"just making ends meet\" category. As his mind wanders back to the \"good ol\' college days,\" he reflects on a time when gas and food seemed a lot more reasonable. Chase is experiencing the effects of:

Answer: Inflation, which occurs when the prices of goods go up. It is normal that he feels as though he is not able to purchase as much as he did before because prices are constantly rising, but not his wage.

#23 As a business strategy, the strategy behind \"dumping\" is to __________.

Answer: Gain a foothold in a new market. That way, a country is able to export a product or goods at prices that are significantly lower than the country they are being “dumped” into.

#25 A major advantage of S corporations is that they:

Answer: Avoid the problem of double taxation associated with conventional corporations. S corps are a unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships.

#37 A fast-growing form of foreign direct investment is sovereign wealth funds (SWFs). Why do these investments by governments with surplus cash flows worry trade experts?

Answer: Some fear that governments investing their SWFs in large firms may gain control of natural resources, sensitive technologies, and the decision making of management. Indeed, some trade experts worry that they might be used for achieving geopolitical objectives, gaining control of strategic natural resources, or obtaining sensitive technologies.

#38 Amanda, a regional manager for Flairol Cosmetics, has just seen a report showing that sales in her region are trending lower than anticipated for the third quarter. Her next task is to determine the reason for the disappointing results and find a way to get sales up to their desired level. Amanda\'s efforts are part of the ____________ function of management.

Answer: Controlling. This function of management is related to the verification of whether or not goals and objectives are being reached.

#40 A major advantage of licensing is:

Answer: That there is very little cost to the licensor. Indeed, licensing means that you’re not doing any work, therefore, it does not cost much.

#41 Which of the following was created as a solution to the temporary nature of the matrix structure?

Answer: Line-and-staff organizations. Matrix organization is an organization in which specialists from different parts of the organization are brought together to work on specific projects but still remain part of a line-and-staff structure.

#42 Which of the following indicators provides the clearest indication that an economy is experiencing deflation?

Answer: A decrease in the CPI. The Consumer Price Index measures whether we are experiencing deflation or inflation. Therefore, a decrease in the CPI indicates that prices of goods are going down.

#43 In most large cities there are a large number of bakeries. These bakeries produce similar, but not identical, products. Some bakeries claim to have the best cheesecakes in town, while others brag about their cookies or specialty breads. The bakery market in a large city is an example of:

Answer: Monopolistic competition. A large number of bakeries produce a large number of similar products. Yet, these products are perceived as different by the consumers.

#48 When the market price of a good is above its equilibrium value, and all other determinants are unchanged:

Answer: A surplus will exist in the market. The equilibrium point means that the quantity supplied is equal to the quantity demanded. Therefore, if the market price of a good is above that point, it means that the quantity supplied is greater than the equilibrium quantity, while the quantity demanded is lower than the equilibrium quantity.

#51 __________ are units within an organization that receive services from other units within the organization.

Answer: Internal customers. While internal customers may not necessarily purchase the products or services offered by their employer, the internal customer relationship also plays a key role in the business\'s success. In the sales example, the salesperson who does not work well with customer service may have greater difficulty placing orders or obtaining answers to his external clients\' questions, resulting in a poor level of service.

#54 A simple supply curve shows that an increase in the price of a good will cause the quantity supplied to:

Answer: Increase. When the price of a good increases, the quantity supplied increases, and when price of a good decreases, the quantity supplied decreases.

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