One of the Most Important Factors in Forming a Successful

question 98

Multiple Choice

One of the most important factors in forming a successful venture in China is guanxi, which means ________.

• A) bribing the government officials
• B) manufacturing cheap products
• C) personal relationships
• D) following Confucianism

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Definitions:

Substitution Effect

The economic principle that as prices rise or income decreases, consumers will replace more expensive items with less costly alternatives.

Income

The monetary amount received by an individual or entity in exchange for labor, services, or investment.

Price

The amount of money or compensation exchanged for the ownership or use of a good or service.

Apples

A type of fruit that comes in various colors and flavors, commonly grown in temperate climates.