1) Ben and Ric are partners who share profits and losses in the ratio of 6:4 – 54,000

2) “If an individual is to maximize the utility received from the consumption, he or - that
saving is impossible and that the individual is not satiated in all goods.
3) A tax imposed on products deemed to be dumped and thereby – anti dumping
4) The reality that a decline in the price of a product causes producers to – law of supply
5) When income increases this good are increasingly demanded. – normal goods
6) The minimum capital in money or property except when immovable property or – 5,000
7) What is that economic situation where one company controls the supply of a –
monopoly
8) Specialist firm that provides various logistics and marketing services for focal firms as
part of the international supply chain, both in the focal firm’s home – distribution
channel intermediary
9) The problem of scarcity _____. – exists because of limited resources
10) It represents the extra satisfaction an individual derives from consuming an additional
unit of a good – marginal utility
11) A firm that grants another the right to use an entire business system in exchange –
franchisor
12) The outsourcing to independent suppliers of business service functions such as
accounting, payroll, human resource functions, travel services, IT services, customer
service, or technical support – business process outsourcing
13) If the partnership has the minimum capital, but the contract is not in a public instrument
or the same is not recorded with the SEC, the partnership:- still acquires juridical
personaliy.
14) The demand curve for the pure monopolist is – downward sloping
15) A tax imposed by a government on imported products, effectively increasing the cost of
acquisition for the customer. – tarrif
16) Which of the following statements is true about value chain and international business?
- Exporting firms perform most of the upstream value chain activities in the home
market.
17) Which of the following is not true of a worksheet? - The worksheet is included as part of
the published financial statements.
18) All are possible results when a high population growth rate continues in the Third
World except – increased Gross National Product
19) Intellectual property rights mean - The legal claim through which the proprietary assets
of firms and individuals are
 20) The law which states that as more and more of one commodity is consumed additional
or extra satisfaction decreases as:- diminishing marginal utility.
21) Although there are different views about the purpose of a political system, most
analysts agree that an essential task of a political system is to ________. - Integrate he
different elements of a society into a functioning unit
22)The measure of the economic activity of all people and business within a
country is called?- Gross Domestic Product
23) Ideas or works created by individuals or firms, including discoveries and inventions;
artistic, musical, and literary works; and words, phrases, symbols, and designs. –
intellectual property
24) Which best expresses the law of diminishing marginal utility? - The more a person
consumes a product, the smaller becomes the additional utility that she receives because
of consuming an additional unit of the product.
25) In a practical sense, the term political system is meant to signify the______ - working
government in country

The use of a discount lost account implies that the recorded cost of an inventory is - Invoice
price less the purchase discount allowable whether taken or not

26) In a totalitarian political system – one agent monopolizes political power

27) It restricts the physical volume or value of products that firms can import into a country.
– QOUTA
28) The procurement of selected value-adding activities, including production of
intermediate goods or finished products, from independent suppliers. –
OUTSOURCING
29) Which of the following would most likely be used in a totalitarian system to promote
unconditional support for the official ideology? - State control of the education system
30) Joy company conducted a physical count – 5,300,000
31) After eating four slices of pizza, you are offered another slice of pizza. You turn down
the fifth pizza, your refusal indicates that - Marginal utility is positive for fourth and
negative for the fifth slice of pizza
32) The full disclosure principle is best described by which of the following? - Disclosure of
any financial facts significant enough to influence the judgment of an informed reader.
33) Clotty and Cotto – 117,640 and 82,360
34)