Devry Busn 115 Final Exam - Latest Essay examples

2012 Words Feb 25th, 2016 9 Pages
DeVry BUSN 115 Final Exam - Latest
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DeVry BUSN 115 Final Exam - Latest

1. (TCO 1) _____ refer to a resource or capability a company must have before it can start competing in a given market. (Points : 5)
Economies of scale
Barriers to entry
Technological requirements
Fixed costs

Question 2. 2. (TCO 1) Free-market capitalism is characterized by _____. (Points : 5)
the right of few sellers dominating the market
the right to bear and keep arms
…show more content…
6. (TCO 2) It is always best to put a contract in writing, even though oral contracts can be enforceable under contract law. A contract should _____. (Points : 5)
Specify the extent of profits expected by the original party
Be recorded at the secretary of state’s office
Contain a clear offer and agreement
Have only one party to the contract sign and date it
Question 7. 7. (TCO 3) One disadvantage of free trade is _____. (Points : 5)
domestic companies can lose their comparative advantage
uninterrupted flow of capital provides for lower interest rates
workers will be given across-the-board pay increases
a company’s productivity grows when it has an absolute advantage
domestic workers can be trained for additional jobs
Question 8. 8. (TCO 3) What are the advantages of corporations? (Points : 5)
has the power to own property and conduct business
It is owned by shareholders
It has stock which can be public or private
All statements are true
Question 9. 9. (TCO 2) Which category of business law originates from legislative action? (Points : 5)
Administrative Law
Common Law
Statutory Law
Civil Law
Question 10. 10. (TCO 3) Nations and companies trade internationally for any of the following reasons: (Points : 5)
Expanding into new markets to…

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