11. Often, the _______ the risk, the _______ the rewards.

A. higher; higher C. higher; lower
B. lower; higher D. faster; quicker

12. When the government of Indonesia imposes a tax on imported electronics products to
help its young electronics industry compete in the global marketplace, it’s imposing
a/an _______ on foreign electronics products.
A. import quota C. embargo
B. protective tariff D. revenue tariff

13. Typically, the quantity of products people are willing to buy will _______ when prices
_______.
A. increase; increase C. decrease; increase
B. stay the same; increase D. increase; stay the same

14. The _______, created in 1995, is assigned the task of mediating international trade
disputes.
A. EU C. GATT
B. WTO D. NAFTA

15. In general, a person who owns and operates his or her own business can be thought of
as a/an
A. entrepreneur. C. gambler.
B. manager. D. pioneer.

16. Consider two used-car dealers: Bob’s Better Wheels and Dewey, Cheatum, and Howe
Motors. Their prices are basically the same for similar vehicles even as their advertising
screams that their products are different. Which kind of competition is going on here?
A. Perfect competition C. Monopolistic competition
B. Monopoly D. Oligopoly

17. Americans are often accused of being ethnocentric. This means that
A. Americans welcome diversity in their work force.
B. Americans feel their culture is superior to other cultures.
C. U.S. firms are actively seeking international markets.
D. U.S. businesses are pursuing a policy of multiculturalism.

18. Uniform product codes are also known as
A. bar codes.
B. product numbers.
C. customer service standards.
D. basic product quality standards

19. Which of the following about a capitalist system is correct?
A. It guarantees the success of almost any business.
B. It’s one in which the factors of production are owned by the government.
C. It relies on honesty, integrity, and high ethical standards.
D. It isn’t substantially damaged by unethical business behavior.

20. Among developed nations, the United States is typical in that it has a _______
economy.
A. mixed C. command
B. socialist D. free market

11.A
12.C
13.C
14.D
15. A or B but i think its A
16.C
17.B
18. either A or B but i believe A
19.C
20.B

11. A

12. B
13. C
14. B
15. A
16. C
17. B
18. A
19. C
20. A

11. Often, the higher the risk, the higher the rewards. In this case, option A is the correct answer. This statement means that when the level of risk is higher, the potential rewards or benefits are also higher.

12. When the government of Indonesia imposes a tax on imported electronics products to help its young electronics industry compete in the global marketplace, it’s imposing a protective tariff on foreign electronics products. Option B is the correct answer. A protective tariff is a tax imposed on imported goods to protect domestic industries from foreign competition.

13. Typically, the quantity of products people are willing to buy will decrease when prices increase. Option C is the correct answer. This statement is based on the law of demand, which states that as the price of a product increases, the quantity demanded decreases.

14. The World Trade Organization (WTO), created in 1995, is assigned the task of mediating international trade disputes. Option B is the correct answer. The WTO is an international organization that deals with the global rules of trade between nations.

15. In general, a person who owns and operates his or her own business can be thought of as an entrepreneur. Option A is the correct answer. An entrepreneur is someone who takes the initiative to start and manage a business, often taking on financial risks in the hope of profit.

16. In the scenario described, where two used-car dealers have similar prices for similar vehicles but advertise them as different, the kind of competition going on here is monopolistic competition. Option C is the correct answer. Monopolistic competition refers to a market structure where there are many sellers offering slightly differentiated products, allowing for some degree of market power through product differentiation and branding.

17. Americans being accused of being ethnocentric means that they feel their culture is superior to other cultures. Option B is the correct answer. Ethnocentrism is the belief in the superiority of one's own ethnic group or culture, often leading to a biased and narrow viewpoint.

18. Uniform product codes are also known as bar codes. Option A is the correct answer. Bar codes, also known as uniform product codes (UPC), are a series of black bars and white spaces that represent a numerical code unique to a particular product, which can be scanned by a barcode reader to retrieve product information.

19. In a capitalist system, it relies on honesty, integrity, and high ethical standards. Option C is the correct answer. A capitalist system is an economic system where the means of production are privately owned, and decisions regarding investment, production, and distribution are based on market forces. It is important for a capitalist system to operate with honesty, integrity, and high ethical standards to maintain trust and stability.

20. Among developed nations, the United States is typical in that it has a mixed economy. Option A is the correct answer. A mixed economy is an economic system that combines elements of both market capitalism and government intervention. In a mixed economy, there is a blend of private and public ownership of resources and a combination of market forces and government regulation.