0. Basic Principles of Economics

In the context of economics, which term best describes the relationship where higher potential rewards are associated with taking greater risks?

In the context of economics, which type of diversification is generally associated with the lowest performance for firms?

Which of the following is a likely result of businesses expanding to serve global markets?

In Porter's Five Forces framework, which force is most directly influenced by the other four forces?

Which of the following exemplifies a service?

Which of the following is a function or component of a supply chain?

How do simple economic models assist in understanding complex economies?

If a country's gross domestic product (GDP) is consistently growing, what type of economy does it most likely have?

Why is a system of currency exchange necessary for international trade?

Unlike a socialist, a capitalist believes that competition will result in:

Which of the following best explains why it is often considered 'very expensive to be poor' in economic terms?

One major economic benefit of global competition is:

Which of the following is true about urban land use?

Cheap oil and natural gas are most likely to lead to which type of society?

In a Marxist economy, which force primarily dictates economic decisions?