In Confronting the International Problems Caused by Lack of Language

question 2

Multiple Choice

In confronting the international problems caused by lack of language training,the MOST useful advice for North Americans is to

• A)be glad that English is used so widely for business transactions and not be overly concerned with the need for knowing other languages.
• B)try to acquire second language skills if possible, or at least learn a few words in the language of your audience.
• C)expect business representatives of other countries to know English.
• D)always travel with an interpreter.

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Definitions:

Voluntary Exchange

A transaction where both parties agree to trade goods or services by choice.

Perfect Competition

A market structure where many firms sell identical products, entry and exit are easy, and no single buyer or seller can affect prices.

Marginal Cost (MC)

The increase in total cost that results from producing 1 more unit of output. Marginal costs reflect changes in variable costs.

Marginal Cost

The financial increment incurred by the production of an extra unit of a product or service.