Moving into the Global Marketplace Means That

question 26

Multiple Choice

Moving into the global marketplace means that

• A) fewer U.S. employees are traveling to other countries
• B) all company personnel must be sensitive to variations in cultures as they communicate with people of other countries
• C) traveling executives do not have to worry about varying time zones
• D) both A and C

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Definitions:

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, measuring the performance of a firm beyond its opportunity costs.

Economic Profit

Economic profit is the difference between a firm's total revenue and its total costs, including both explicit and implicit costs, representing the excess over the firm's opportunity costs.

Implicit Costs

The firm’s opportunity costs of using resources owned or provided by the owner.

Explicit Costs

Dollar costs incurred by business firms, such as wages, rent, and interest.