_____ Involves Transactions Across National Boundaries

question 2

Multiple Choice

_____ involves transactions across national boundaries. It is a practice that brings together people who have different cultures, values, laws, and ethical standards.

• A)Global business
• B)Country cultural values
• C)Social democracy
• D)Cultural relativism
• E)Bimodal wealth distribution

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Definitions:

Average Variable Cost

the total variable cost divided by the quantity of output produced; it shows the variable cost per unit of output.

Short Run

The short run is a period in which at least one factor of production is fixed, limiting the ability of a business to expand or reduce its output.

Shut Down

A temporary choice made by a company to halt manufacturing because of unsuitable market circumstances.

Shutdown Point

The level of production and price at which the revenue of a firm covers its variable costs, below which the firm would cease operations.