1) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead?
A. General corporate liability insurance
B. Cost of landscaping the corporate office
C. The western division’s vice president’s salary
D. Factory janitor
2) Managerial accounting __________.
A. is governed by generally accepted accounting principles
B. pertains to the entity as a whole and is highly aggregated
C. places emphasis on special-purpose information
D. is concerned with costing products
3) What is value chain management best defined as?
A. A large chain that keeps the machines from falling on the production floor
B. Management decisions that affect how quickly the production run occurs
C. The incremental value of costs associated with hiring a new production floor leader
D. All activities associated with providing a product or service
4) The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:
Income Statement Balance Sheet
Dr.
Cr.
Dr.
Cr.
Totals $58,000
$48,000
$34,000 $44,000
The net income (or loss) for the period is __________.
A. $10,000 income
B. not determinable
C. $10,000 loss
A. $10,000 income
D. $48,000 income
5) The standards and rules that are recognized as a general guide for financial reporting are called __________.
A. generally accepted accounting principles
B. generally accepted accounting standards
C. standards of financial reporting
D. operating guidelines
6) If a company reports a net loss, it __________.
A. will not be able to pay cash dividends
B. will not be able to make capital expenditures
C. will not be able to get a loan
D. may still have a net increase in cash
7) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers?
A. Selling either results in the same additional income for the company
B. It should sell an equal quantity of both
C. Wine
D. Beer
8) The cost principle requires that when assets are acquired, they be recorded at __________.
A. selling price
B. list price
C. exchange price paid
A. selling price
D. appraisal value
9) Which one of the following is a product cost?
A. Office salaries
B. Indirect labor
C. Advertising costs
D. Sales person’s salaries
10) What exists when budgeted costs exceed actual results?
A. A favorable difference
B. A budgeting error
C. An unfavorable difference
D. An excess profit
11) The primary purpose of the statement of cash flows is to __________.
A. provide information about the investing and financing activities during a period
B. facilitate banking relationships
C. provide information about the cash receipts and cash payments during a period
D. prove that revenues exceed expenses if there is a net income
12) Multinational corporations __________.
A. are U.S. companies that sell goods and services in other countries
B. are U.S. companies that trade their securities on the exchanges in other countries
C. are required to use international accounting standards
D. are firms that conduct their operations in more than one country through subsidiaries, divisions, or branches in foreign countries
13) What exists when budgeted costs exceed actual results?
A. A favorable difference
B. An excess profit
C. A budgeting error
D. An unfavorable difference
14) A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be _____.
A. $75
B. $65
C. $60
D. $50
15) Institutions in the economy that help to match one person’s saving with another person’s investment are collectively called the __________.
A. Federal Reserve system
B. financial system
C. monetary system
D. banking system
16) Which of the following statements about GDP is correct?
A. Money continuously flows from households to government and then back to households, and GDP measures this flow of money.
B. GDP measures two things at once: the total income of everyone in the economy and the unemployment rate.
C. GDP is to a nation’s economy as household income is to a household.
D. GDP increases if the total population increases.
17) One characteristic of an oligopoly market structure is:
A. firms in the industry have some degree of market power.
B. the actions of one seller have no impact on the profitability of other sellers.
C. firms in the industry are typically characterized by very diverse product lines.
D. products typically sell at a price that reflects their marginal cost of production.
18) In computing GDP, market prices are used to value final goods and services because
__________.
A. market prices do not change much over time, so it is easy to make comparisons between years
B. market prices reflect the values of goods and services
C. if market prices are out of line with how people value goods, the government sets price ceilings and price floors
D. Market prices are not used in computing GDP
19) To move the allocation of resources closer to the social optimum, policymakers should typically try to induce firms in an oligopoly to __________.
A. form various degrees of cartels
B. cooperate rather than compete with each other
C. collude with each other
D. compete rather than cooperate with each other
20) The price of a good that prevails in a world market is called the
A. relative price.
B. world price.
C. absolute price.
D. comparative price.
21) A rational decision maker __________.
A. ignores the likely effects of government policies when he or she makes choices
B. takes an action only if the marginal benefit of that action exceeds the marginal cost of that action
C. takes an action only if the combined benefits of that action and previous actions exceed the combined costs of that action and previous actions
D. ignores marginal changes and focuses instead on “the big picture”
22) Many U.S. business leaders argue that the current state of U.S. net exports is the result of __________.
A. free trade policies of foreign governments.
B. unproductive U.S. workers.
C. unfair foreign competition.
D. U.S. export subsidies.
23) The political business cycle refers to __________.
A. the potential for a central bank to increase the money supply and therefore real GDP to help the incumbent get re-elected
B. changes in output created by the monetary rule the Fed must follow
C. the fact that about every four years some politician advocates greater government control of the Fed
D. the part of the business cycle caused by the reluctance of politicians to smooth the business cycle
24) The part of the balance of payments account that lists all long-term flows of payments is called the:
A. financial and capital account.
B. government financial account.
C. balance of trade.
D. current account.
25) In general, the longest lag for __________.
A. both fiscal and monetary policy is the time it takes for policy to affect aggregate demand
B. monetary policy is the time it takes to change policy, while for fiscal policy the longest lag is the time it takes for policy to affect aggregate demand
C. fiscal policy is the time it takes to change policy, while for monetary policy the longest lag is the time it takes for policy to affect aggregate demand
D. both fiscal and monetary policy is the time it takes to change policy
26) Edward Prescott and Finn Kydland won the Nobel Prize in Economics in 2004. One of their contributions was to argue that if a central bank could convince people to expect zero inflation, then the Fed would be tempted to raise output by increasing inflation. This possibility is known as __________.
A. the monetary policy reaction lag
B. the sacrifice ratio dilemma
C. the time inconsistency of policy
D. inflation targeting
27) Most economists use the aggregate demand and aggregate supply model primarily to analyze __________.
A. productivity and economic growth
B. the long-run effects of international trade policies
C. the effects of macroeconomic policy on the prices of individual goods
D. short-run fluctuations in the economy
28) ABC International carefully watches the actions of its most innovative competitor and learns from them. ABC can establish a low-cost position by:
A. Producing an imitation of the new technology that utilizes lower-quality and lower-cost materials
B. Technology followers are not successful at low-cost strategies C. Mass-producing products that have an established market niche
A. Producing an imitation of the new technology that utilizes lower-quality and lower-cost materials
D. Making subtle changes to the product, thereby avoiding patent restrictions
E. Learning from the leader thereby avoiding the costs and risks of technology leadership
29) Which of these describes a vision, as it pertains to leadership?
A. A mental image of a future state of an organization
B. The method through which leaders achieve goals
C. A short-term goal of an organization
D. A long-term goal of an organization
E. Likely to land you in a padded room
30) The pursuit of lucrative opportunities by enterprising individuals is called:
A. Independence
B. Social experimentation
C. Entrepreneurship
D. Intrapreneurship
E. Business incubating
31) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.
A. Less than $1; about 25
B. Less than $1; about 40
C. Less than $1; about 15
D. About $2; about 15
E. $2; about 25
32) Japanese manufacturers’ kaizen (continuous improvement) programs enable them to maintain:
A. Larger, faster facilities
B. A homogeneous workforce
C. A strategic alliance
D. A Learning advantage over their competition
E. Positive working relationships with all employees
33) Teams that operate separately from the regular work structure and exist temporarily are known as:
A. Parallel teams
B. Self-designing teams
C. Transnational teams
D. Management teams
E. Self-managed teams
34) The Aquatic Center, Inc. periodically reviews the goals of the company. During the process, The Aquatic Center managers analyze their current strategies as compared to their competitors, determine goals that they will pursue and decide upon specific actions for each area of the company to take in pursuit of these goals. The Aquatic Center managers have been engaged in the management function of:
A. Planning
B. Organizing
C. Goal Coordination
D. Controlling
E. Staffing
35) The Aquatic Center, Inc. periodically reviews the goals of the company. During the process, The Aquatic Center managers analyze their current strategies as compared to their competitors, determine goals that they will pursue and decide upon specific actions for each area of the company to take in pursuit of these goals. The Aquatic Center managers have been engaged in the management function of:
A. Goal Coordination
B. Staffing
C. Organizing
D. Planning
E. Controlling
36) The pursuit of lucrative opportunities by enterprising individuals is called:
A. Independence
B. Intrapreneurship
C. Entrepreneurship
D. Business incubating
E. Social experimentation
37) The best way for an employer to find out if a potential employee can do a job is by
__________.
A. using a written test
B. using the interview process
C. administering an IQ test
D. having them spend a day in the office
E. using a performance simulation test
38) Building a dynamic organization is another way of describing which function of management?
A. Organizing
B. Leading
C. Controlling
D. Staffing
E. Planning
39) An organization that is managed aggressively and has growth and high profits as primary objectives may be considered a(n):
A. Online Business
B. Small business
C. Entrepreneurship venture
D. Multinational corporation
E. Large corporation
40) The most dominant areas in the global economy include:
A. North America, Mexico and Asia
B. North America, South America and Western Europe
C. North America, Asia and Africa
D. Western Europe, Asia and Africa
E. North America, Western Europe and Asia
41) To be competitive in a global economy, Europeans must increase their level of:
A. Productivity
B. Population density
C. Philanthropic contributions
D. Espionage activity
E. Financial subsidy
42) Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18.
For this sample, the median is _____.
A. 3.5
B. 3
A. 3.5
C. 2
D. 2.5
43) Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18.
For this sample, which measure of central tendency is least representative of the “typical” student?
A. Median
B. Midrange
C. Mean
D. Mode
44) A poll showed that 48 out of 120 randomly chosen graduates of California medical schools last year intended to specialize in family practice. What is the width of a 90% confidence interval for the proportion that plan to specialize in family practice?
A. ± .00329
B. ± .07357
C. ± .04472
D. ± .08765
45) A financial institution wishes to estimate the mean balances owed by its credit card customers. The population standard deviation is estimated to be $300. If a 98 percent confidence interval is used and an interval of ±$75 is desired, how many cardholders should be sampled?
A. 629
B. 3382
C. 87
D. 62
46) Independent events A and B would be consistent with which of the following statements:
A. P (A) = .3, P (B) = .5, P (A B) = .4
B. P (A) = .4, P (B) = .3, P (A B) = .5
C. P (A) = .5, P (B) = .4, P (A B) = .3
D. P (A) = .4, P (B) = .5, P (A B) = .2
47) Dullco Manufacturing claims that its alkaline batteries last forty hours on average in a certain type of portable CD player. Tests on a random sample of 18 batteries showed a mean battery life of 37.8 hours with a standard deviation of 5.4 hours.
In determining the p-value for reporting the study’s findings, which of the following is true?
A. The p-value is greater than .05.
B. The p-value is less than .05.
C. The p-value cannot be determined without specifying .
D. The p-value is equal to .05.
48) Which one of the following statements concerning production and staffing plans is best?
A. A staffing plan is the intermediate link between the business plan and the master production schedule.
B. A master production schedule is a projected statement of income, costs, and profits.
C. Aggregation can be performed along three dimensions: product families, labor, and time.
D. Production plans are based primarily on information from the master production plan.
49) Suppose the estimated quadratic model Yt = 500 + 20 t – t2 is the best-fitting trend of sales of XYZ Inc. using data for the past twenty years (t = 1, 2,.., 20).
Which statement is incorrect?
A. Latest year sales are no better than in year zero.
A. Latest year sales are no better than in year zero.
B. Sales are increasing by about 20 units per year.
C. The trend was higher in year 10 than in year 20.
D. The turning point would be in period 10.
50) Which is not a tool of statistical quality control?
A. Pareto chart
B. Deming chart
C. Attribute control chart
D. Fishbone diagram
51) In a network diagram, an activity:
A. must always have a single, precise estimate for the time duration.
B. is the smallest unit of work effort consuming both time and resources that a project manager can schedule and control.
C. should always be something the company has had experience with.
D. is the largest unit of work effort consuming both time and resources that a project manager can schedule and control.
52) The one-worker, multiple machines approach functions as:
A. a production bottleneck.
B. a way to create uniform workstation loads.
C. a poka-yoke device.
D. a one-person production line.
53) The Global, Web-Based Platform enables individuals to do which of the following?
A. access information, services, and entertainment
B. produce and sell goods and services
A. access information, services, and entertainment
C. all of these are true
D. exchange knowledge
E. connect, compute, communicate, collaborate, and compete everywhere and all the time
54) Search engines and metasearch engines are examples of which network application?
A. Communications
B. Web services
C. Local Area Network
D. Collaboration
E. Discovery
55) A set of programs that enable the hardware to process data is _____.
A. procedures
B. database
C. network
D. hardware
E. software
56) Zappos built the majority of its information systems using which of the following?
A. Consultants
B. Open source software
C. Free software
D. Vendor software
E. Proprietary software
57) When customers access a Web site and make purchases, they generate __________.
A. Information
B. Web data
C. Hyperlink data
D. Clickstream data
E. Tracking cookies
58) Which of the following are not provided by digital dashboards?
A. Transaction processing
B. Exception reporting
C. Drill down
D. Key performance indicators
E. Status access
59) Which of the following is not a function of functional area information systems?
A. supports the managerial tasks of planning, organizing, and controlling operations
B. provides data from business events to the corporate database
C. provides information mainly in the form of reports
D. provides information to managers in the functional areas
E. provides analysis capabilities to middle level managers and staff
60) Credit card companies would most likely use which of the following to check for fraudulent credit card use?
A. Data mining
B. Expert systems
C. Neural networks
D. Multidimensional data analysis
E. Structured Question Assignment language
61) Computer support is greatest for which of the following problems?
A. Unstructured and operational control
B. Structured and operational control
C. Semistructured and management control
D. Structured and management control
E. Semistructured and strategic planning
62) International Game Technology’s new ERP system produced all of the following benefits except:
A. Company was able to maintain its original business processes
B. Operations employees were able to access manufacturing process details at their workstations
C. Integrated the company’s business functions
D. The company gained flexibility in manufacturing products E. ERP system connected the company’s global operations
63) If the quote for a forward exchange contract is greater than the computed price, the forward contract is:
A. at equilibrium.
B. undervalued.
C. overvalued.
D. a good buy.
64) Which of the following best represents the stream of income that is available to common stockholders?
A. Operating profit
B. Earnings before interest and taxes
C. Net profit after tax and after preferred dividend payments
D. Gross profit
65) You hold a portfolio with the following securities:
Security
Percent of Portfolio Beta Return
X Corporation
20%
1.35
14%
Y Corporation
35%
.95
10%
Z Corporation
45%
.75
8%
Compute the expected return and beta for the portfolio.
A. 9.9%, 1.02
B. 10.67%, 1.02
C. 34.4%, .94
D. 9.9%, .94
66) An increase in future value can be caused by an increase in the __________.
A. starting value
B. annual interest rate and number of compounding periods
C. rate of return
D. dividends paid
E. original amount invested
67) A stock with a beta greater than 1.0 has returns that are _____ volatile than the market, and a stock with a beta of less than 1.0 exhibits returns which are _____ volatile than those of the market portfolio.
A. more, less
B. more, more
C. less, more
D. less, less
68) Disadvantages of using current liabilities as opposed to long-term debt include: A. certainty of interest costs
A. certainty of interest costs
B. higher cash flow exposure
C. greater risk of illiquidity, and uncertainty of interest costs
D. decreased risk of liquidity
E. uncertainty of future liabilities
69) Which of the following represents an attempt to measure the earnings of the firm’s operations over a given time period?
A. Cash flow statement
B. Income statement
C. Quarterly statement
D. Balance sheet
70) A stock with a beta greater than 1.0 has returns that are _____ volatile than the market, and a stock with a beta of less than 1.0 exhibits returns which are _____ volatile than those of the market portfolio.
A. more, less
B. more, more
C. less, more
D. less, less
71) According to the hedging principle, permanent assets should be financed with _____
liabilities.
A. spontaneous
B. current
C. fixed
D. permanent
72) Given the following annual net cash flows, determine the IRR to the nearest whole percent of a project with an initial outlay of $1,520.
Year Net Cash Flow
1 $1,000
2 $1,500
3 $ 500
A. 40%
B. 32%
C. 28%
D. 48%
72) Given the following annual net cash flows, determine the IRR to the nearest whole percent of a project with an initial outlay of $1,520.
Year Net Cash Flow
1 $1,000
2 $1,500
3 $ 500
A. 40%
B. 32%
C. 28%
D. 48%
73) Which of the following best represents operating income?
A. Earnings before interest and taxes
B. Income from discontinued operations
C. Income after financing activities
D. Income from capital gains
74) Bondholders have a priority claim on assets ahead of: A. shareholders.
A. shareholders.
B. investors
C. creditors.
D. common and preferred stockholders.
75) Bell Weather, Inc. has a beta of 1.25. The return on the market portfolio is 12.5%, and the risk-free rate is 5%. According to CAPM, what is the required return on this stock?
A. 9.37%
B. 14.37%
C. 15.62%
D. 20.62%
76) Coca-Cola is taking advantage of the new willingness of Chinese leaders to engage in international trade by marketing its soft drinks in China. What type of opportunity is Coke pursuing?
A. diversification
B. market penetration
C. test marketing
D. market development
E. product development
77) When one considers the strategy decisions organized by the four Ps, branding is related to packaging as:
A. production is to marketing.
B. personal selling is to mass selling.
C. pricing is to promotion.
D. branding is to pricing.
E. store location is to sales force selection.
78) A cluster analysis of the “toothpaste market” would probably show that:
A. most consumers are mainly concerned about brightness of teeth.
B. different market segments seek different product benefits.
C. the broad product-market can be served effectively with one marketing mix.
D. factors such as taste, price, and “sex appeal” are not important.
E. most consumers are concerned about cost.
79) When one considers the strategy decisions organized by the four Ps, branding is related to packaging as:
A. personal selling is to mass selling.
B. production is to marketing.
C. branding is to pricing.
D. store location is to sales force selection.
E. pricing is to promotion.
80) Economists’ economic-buyer theory assumes that __________.
A. buyers logically compare choices in order to maximize their satisfaction B. consumers always make rational decisions
C. demographic data are very useful for predicting consumer behavior
D. consumers should purchase only low-priced products
E. consumers only want the cheapest price
81) “Positioning”:
A. helps strategy planners see how customers view competitors’ offerings.
B. is concerned with obtaining the best shelf space in retail outlets.
C. is useful for combining but not for segmenting.
D. applies to new products–but not existing products.
E. eliminates the need for judgment in strategy planning.
82) When evaluating macro-marketing:
A. the best approach is to consider the profit generated by individual firms within the overall system.
B. one must consider the society’s role in the marketing system.
C. the Assessment is necessarily subjective.
D. one must determine how efficiently the society’s resources are used.
E. one must consider each individual firm’s role in the marketing system.
83) “Positioning”:
A. helps strategy planners see how customers view competitors’ offerings.
B. eliminates the need for judgment in strategy planning.
C. applies to new products–but not existing products.
D. is concerned with obtaining the best shelf space in retail outlets.
E. is useful for combining but not for segmenting.
84) The basic objective of the U.S. market-directed economic system is to:
A. satisfy consumer needs as they–the consumers–see them.
B. provide each person with an equal share of the economic output.
C. achieve an annual growth rate of at least 10 percent.
D. minimize inflation.
E. make the most efficient use of the country’s resources.
85) Comparing GDP for foreign countries can help a marketing manager evaluate potential markets if the manager remembers that:
A. income tends to be evenly distributed among consumers in most countries.
B. GDP estimates may not be very accurate for very different cultures and economies.
C. GDP measures show the degree of competition in a market.
A. income tends to be evenly distributed among consumers in most countries.
D. GDP measures show people’s tendency to buy particular products.
E. Other countries most likely don’t use the US Dollar as their primary currency.
86) The basic objective of the U.S. market-directed economic system is to:
A. satisfy consumer needs as they–the consumers–see them.
B. minimize inflation.
C. achieve an annual growth rate of at least 10 percent.
D. provide each person with an equal share of the economic output.
E. make the most efficient use of the country’s resources.
87) The three basic tasks of ALL managers, according to the text, are:
A. marketing, production, and finance.
B. execution, feedback, and control.
C. planning, implementation, and control.
D. hiring, training, and compensating.
E. planning, staffing, and evaluating.
88) Which of the following terms need not be disclosed under Truth-in-Lending Act?
A. The cash price of the product.
B. The annual percentage rate (APR).
C. The total finance charge.
D. The terms available from competitors.
E. Amount of payments.
89) Justin was hired in February of 2004 as a salesperson. There is no written employment contract, and Justin is paid on a commission basis. Justin’s manager has said to Justin on several occasions that if Justin continues to meet his sales quotas, that the company “will keep him around for a long time.” Justin has always met his sales quotas, but is told one day
that they have decided to replace him because he does not project the image that the company wants. If Justin is an at-will employee, which of the following is true?
A. Because there is no written employment contract, the employer can terminate Justin.
B. As an at will employee, there are no restrictions on the employer terminating Justin.
C. The employer can terminate Justin only if the employer would suffer a loss by not terminating him.
D. The statements by the manager could likely give Justin contract rights that could amount to an exception to the at-will doctrine.
E. The employer would not be able to fire Justin on the basis of public policy.
90) Which of the following is correct about litigating commercial disputes?
A. Commercial disputes, because of their specialized nature, are first heard at the appellate court level.
B. Nearly all states have specialized trial courts that hear commercial disputes.
C. Businesses generally dislike the concept of specialized trail courts for commercial disputes because the large numbers of consumers who sue businesses in these courts have led the judges to become generally biased against business.
D. A few states have established specialized trial courts for commercial disputes.
E. In all states, commercial disputes must be heard in a limited-jurisdiction court.
91) Mary arrived at work one day, and her boss said to her, “That’s the ugliest dress I have ever seen. Because you wore that to work today, you are fired.” Assuming that Mary is an at-will employee, which of the following is true?
A. Mary can be fired only if it is in the best interest of the employer.
B. If Mary has the will to work, she cannot be fired without cause.
C. Mary can be fired for any reason.
D. If none of the exceptions to the at-will rule apply, Mary can be fired.
92) Product disparagement differs from defamation of a nonpublic figure in that:
A. Publication to a third party is required in the defamation case, but not in the disparagement case.
B. Intent is required for the defamation case, but not in the disparagement case.
C. Publication to a third party is required in the disparagement case, but not in the defamation case.
D. Intent is required for the disparagement case, but not in the defamation case.
E. Intent is only required in a disparagement case.
93) Which of the following is correct with regard to the relationship between law and ethics?
A. The law may not .permit something that would be ethically wrong.
B. Although much of law is based on ethical standards, not all ethical standards have been enacted as law.
C. Lawful conduct is always ethical conduct.
D. The rule of law and the golden rule of ethics demand the same response.
94) Information which comes to the knowledge of an agent is:
A. Is imputed to the principal.
B. Can be disclosed to the principal only with the third party’s consent.
C. Will result in termination of the agency arrangement if it is not communicated to the principal.
D. Required to be communicated to the principal in all circumstances.
95) Which of the following terms is not required to be disclosed under the Truth-in-Lending Act?
A. The date the finance charge begins to accrue.
B. The amount of attorneys fees to be charged if legal action is needed to collect the debt.
C. The amount of late charges or delinquency penalties.
D. The annual percentage rage of interest.
A. The date the finance charge begins to accrue.
E. The number of payments.
96) The Houston-based energy company that filed for Chapter 11 bankruptcy and whose business conduct is one of the grossest examples of corporate greed and fraud in America was:
A. Exxon Corporation.
B. Mobil Oil Company.
C. Enron Corporation.
D. Houston Oil and Gas Corporation.
E. Shell Oil Company.
97) Which of the following is true about trademark registration?
A. Once a trademark is registered, protection cannot be lost.
B. The registration of a trademark can be renewed an unlimited number of times.
C. A trademark must be registered prior to its actual use in commerce.
D. Trademark registration is optional because protection is automatic.
98) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.
A. About $2; about 15
B. $2; about 25
C. Less than $1; about 15
D. Less than $1; about 40
E. Less than $1; about 25
99) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States’ second largest trading partner.
A. Canada, Mexico
B. Mexico, Canada
C. Great Britain, Paraguay
D. Canada, Venezuela
E. Mexico, Venezuela
100) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.
A. About $2; about 15
B. $2; about 25
C. Less than $1; about 40
D. Less than $1; about 25
E. Less than $1; about 15
