Exam: GT QTKD

EXAM: GT QTKD
PART 1: LEARNING THE LANGUAGE

Pls. choose the correct term (a, b, c…) for each definition & write in space
A. Resource development
b. Services
c. Capitalism
d. Business environnment
e. Multinational Corporation (MNC)
f. Market price
g. World Trade Organsation (WTO)
h. Producer Price index
i. Demand
j. Joint venture
1. The surrounding factors of the ________ either help or hinder the development of
the business.
2. 2. Products that intangible, such as education, healthcare, insurance, recreation and
travel are known as _______
3. 3. An organization that manufactures and markets products in many different
countries and has multinational stock ownership and management is a(an) _______
4. 4. This organization known as the _______ replaced the GATT (General
Agreementon Tariffs and Trade (GATT) agreement and was assigned the duty to
mediate trade disputes among nations
5. 5. In a _______ partnership has been formed in which two or more companies,
often from different countries, have joined to undertake a major project.
6. 6. The economic system known as _______ is one in which all or most of the
factors of production and distribution are privately owned and operated fro profit.
7. 7. The study of _______focuses on how to increase resources and to create the
conditions that will make better use of those resources.
8. 8. The _______ is the price deterrmined by supply and demand.
9. 9. The index that measures prices at the wholesale level is the _______
10. 10. _______ is the quanity of products that people are willing to buy at different
prices a
Ans: 1.C 2.B 3.E 4.G 5.J 6.D 7.A 8.F 9.I 10.H
PART 2: MULTIPLE CHOICE

Please write your answer (a, b, c or d) down in blank-space.
1. _________ The study of the economy as a whole

a. Resource development
b. Microeconomics
c. Capitalism
d. Macroeconomics
2. _________ Phrase coined by Adam Smith to refer to the self-regulating nature of a
free marketplace
a. National Debt
b. Command Economies
c. Keynesian Economic Theory
d. Invisible Hand
3. The percentage of the labor force that is unemployed (at least 16 years of age and
trying to find work within the prior four weeks) is_______________:
a. Gross Domestic Product (GDP)
b. Capitalism
c. Consumer Price Index (CPI)
d. Unemployment rate
4. ________________is theory that a government policy of increasing spending could

stimulate the economy in a recession
a. Theory of Free-market economies
b. Monetary Policy
c. Theory of Command Economies
d. Keynesian Economic theory
5. When the market largely determines what goods and services get produced, who
gets them, and how the economy grows is called ____________.
a. An economic system that combines private and state enterprises
b. A market structure in which a few large firms dominate a market
c. Economic boom
D. Free-market economies
6. Tangible products such as computers, food, clothing, cars and appliances is

________
a. Services
b. Quality of Life
c. factors of production
d. Goods
7. The general well-being of a society in terms of its political freedom, natural

environment, education, healthcare, safety, amount of leisure and rewards that add to
personal satisfaction.
a. Business Environment Surrounding Factors
b. Outsourcing
c. Standard of Living
d. Quality of Life
8. Companies can reduce their production costs by purchasing raw materials in bulk
a. Networking
b. Chain of the Command
c. Management
d. Economics of scale
9. The process used to accomplish organizational goals through planning, organizing,
leading, and controlling other organizational resources
a. Organizing
b. Leading
c. Planning
d. Management
10. Specific, short-term statements detailing how to achieve the organizations goals
a. Mission
b. Plan
c. Goals
d. Objectives
Ans: 1.D 2.D 3.D 4.D 5.C 6.D 7.D 8.D 9.A 10.B
PART 3: TRUE / FALSE (T/F)

Please give your answers in blank space
1. ______ There is basically no difference between “goods” and “services”.

2. ______ Business skills are not useful and necessary in non-profit institutions.
3. ______ Sucessful organzations must listen to the needs of consumers and adjust
products, policies and practices to meet customer needs.
4. ______ Where there’s a surplus of products, manufacturers will tend to raise the
price so that they will make a profit from those products they are able to sell. 5.
______ Mixed economies exist where come allocation of resources is made by the
marketplace, and some by the government.
6. ______ High tax rates are encouraged by small business owners because the
increase in government revenues from higher taxes will be used by the government
for small business loans.
7. ______ One reason that companies trade is because no nations, not even a
technologically advanced nations, can produce all the products it’s peaople need.
8. ______ E- commerce in some developing nations is difficul because computer and
internet use is negligible.
9. ______ Trade protectionism is based upon the idea that barriers will help domestic
producers grow and create more jobs.
10. ______ Even today, most large businesses are not involved in global trade
Ans: 1.F 2.F 3.T 4. F 5. 6. 7. 8. 9. 10.
PART 4: ASSESSEMENT CHECK

Please write briefly your answers in blank space
1. What are three reasons why countries trade with each other?
a. _______________________________________________________________
b. _______________________________________________________________
c. _______________________________________________________________
2. What are the advantages of international joint ventures?
a. _______________________________________________________________
b. _______________________________________________________________
c. _______________________________________________________________
3. What is the major principle of Keynesian economic theory?

Keynesian economic theory
_______________________________________________________________
_______________________________________________________________
_______________________________________________________________
4. What are the two major elements of the socio-cultural environment that have
significant impact on business operation?
a. _______________________________________________________________
_______________________________________________________________
b. _______________________________________________________________
_______________________________________________________________
5. What is the major principle of Adam Smith’s economic theory?
_______________________________________________________________
_______________________________________________________________

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Exam: GT QTKD

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EXAM: GT QTKD

PART 1: LEARNING THE LANGUAGE

PART 2: MULTIPLE CHOICE

1. _________ The study of the economy as a whole

4. ________________is theory that a government policy of increasing spending could

6. Tangible products such as computers, food, clothing, cars and appliances is

7. The general well-being of a society in terms of its political freedom, natural

PART 3: TRUE / FALSE (T/F)

1. ______ There is basically no difference between “goods” and “services”.

Ans: 1.F 2.F 3.T 4. F 5. 6. 7. 8. 9. 10.

PART 4: ASSESSEMENT CHECK

3. What is the major principle of Keynesian economic theory?

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