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'Trade within major trading blocs tends to expand, whereas this is not necessarily the case regarding trade between major trading blocs'. True or false?
'Trade within major trading blocs tends to expand, whereas this is not necessarily the case regarding trade between major trading blocs'. True or false?A . TrueB . FalseView AnswerAnswer: A Explanation: This is true. The purpose of creating or entering into a trading bloc is to increase the volumes of...
Which one of the following is a commercial document issued by a seller seeking payment for goods or services?
Which one of the following is a commercial document issued by a seller seeking payment for goods or services?A . InvoiceB . Supplier quotationC . Pre-qualification questionnaireD . Delivery noteView AnswerAnswer: A Explanation: This should be straightforward. If unclear, check your notes / textbook.
A market situation where there is only one buyer in the marketplace is called:
A market situation where there is only one buyer in the marketplace is called:A . Perfect competitionB . OligopolyC . MonopolyD . MonopsonyView AnswerAnswer: D Explanation: A market with only one buyer is called a 'monopsony'. There may be other questions in this test about the other terms shown, so...
Which of the following could be described as an organisation?
Which of the following could be described as an organisation?A . A local authority / local governmentB . A self-employed tutor of online educationC . The University of Phoenix, ArizonaD . A business such as Ethiopian AirlinesView AnswerAnswer: A, C, D Explanation: All except the self-employed tutor have a social...
The abbreviation ‘SME’ stands for …
The abbreviation ‘SME’ stands for …A . Small and medium-sized entityB . Small and medium-sized enterpriseC . Supply management enterpriseD . Single-minded entrepreneurView AnswerAnswer: C Explanation: This is the standard definition, widely used, and given in your textbook.
A 'mixed economy' is:
A 'mixed economy' is:A . One which is confusedB . One in which private and public sectors operate togetherC . A market economyD . A centrally-planned economyView AnswerAnswer: B Explanation: It is an economy in which the public and private sectors work together. This is now the norm in most...
On a diagram of the Product Life Cycle, the x-axis shows:
On a diagram of the Product Life Cycle, the x-axis shows:A . GrowthB . TimeC . DeclineD . ProfitView AnswerAnswer: B Explanation: The x-axis shows time. For some products, it may represent a year; for others, a century. The other answers given could all be shown on the y-axis of...
The letters 'NFP' mean...
The letters 'NFP' mean...A . Newly focused (on) profitB . Not for procurementC . Non-funded purchaseD . Not-for-profitView AnswerAnswer: D Explanation: The answer is 'not-for-profit', meaning 'third sector' (charities, co-operatives, NGOs, etc). This is not the same as 'public sector'. You should be clear on this terminology.
Which of the following are ways of classifying organisations? (select all that apply)
Which of the following are ways of classifying organisations? (select all that apply)A . ActivityB . SizeC . Primary objectiveD . Structure and ownershipView AnswerAnswer: A, B, C, D Explanation: All of these are ways of classifying organisations. Examples: Retailers, SMEs, limited companies, etc
‘The optimum combination of whole life costs and quality’ is one definition of:
‘The optimum combination of whole life costs and quality’ is one definition of:A . Quality circlesB . Life cycle costingC . Contractual agreement (in English law)D . Value for moneyView AnswerAnswer: D Explanation: An earlier widely-used definition of value for money as the right combination of price and quality has...
