A small manufacturer of office equipment faces new competition from foreign firms. In response, the company is MOST LIKELY to do which of the following? A buy the foreign companies B improve the quality of its product C impose a tariff on the foreign products D raise the price of its product

Answer:

B. improve the quality of its product

Explanation:

Competitive advantage can be defined as conditions, factors or circumstances that allow a business firm (organization) to manufacture finished goods or services better and perhaps cheaper than other (rival) firms in the same industry. Thus, it's responsible for putting a business firm in a superior or more favorable position than rival firms.

This ultimately implies that, a competitive advantage has a significant impact on a business because it increases its level of sales, revenue generation and profit margin when compared to rival firms in the same industry.

In this scenario, a small manufacturer of office equipment faces new competition from foreign firms. Thus, the company is most likely to respond to this competition by improving the quality of its product so as to increase value proposition.

In conclusion, competitive advantage is a feature that makes a customer to place a greater value on the product or service of a particular company than they do on similar products or services from its competitors (rivals) in the same industry.

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Which is a MAIN purpose of a protective tariff?

A
to gain a comparative advantage over other countries

B
to expand trade with other nations

C
to shield inefficient domestic industries from foreign competition

D
to increase government revenue

Which type of economy is associated with Adam Smith's belief that people pursuing their own self-interests will create a better society?

A
feudalist

B
communist

C
socialist

D
free market

What factors determine an interest group’s success?

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Read these sentences from paragraph 1.

Young adults in the United States have experienced higher rates of unemployment and lower rates of labor force participation than the general population for at least two decades. The Great Recession exacerbated this phenomenon.
What does exacerbated mean?

A
made worse

B
drew attention to

C
introduced

D
resulted from

Which statement best explains why the federal government collects statistics on unemployment?
A
The statistics are used to determine the rate of inflation.

B
The statistics are used to influence decisions related to the economy.

C
The statistics are needed to determine market prices of essential products.

D
The statistics are used by manufacturers to make production decisions.

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Which of the following is one of the MAIN roles of government in a market economy?

A
to own and control resources

B
to determine what is produced

C
to set prices on consumer goods

D
to protect private property

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It’s not that the good jobs you can do without a college degree have completely disappeared. Instead, jobs that require a college education haven’t kept pace with the number of college graduates. That imbalance trickles down; college grads are doing work a high school grad could do, and the high school grads are left out in the cold.
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A
Despite the importance of education and work experience, intangibles still play a role in the labor market.

B
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C
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D
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What were the intended effects of Roosevelt’s speech? Check all that apply.


to make Americans believe that going to war was the right thing to do

to help Americans believe in the strength of Britain’s leaders

to make Americans feel patriotic and noble

to prompt citizens to research more information about Hitler

to convince Congress to become involved in the war

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Which is the MOST LIKELY impact of globalization on countries’ abilities to raise revenues through taxes?

A
Revenues will decrease as corporations move their operations to countries with lower tax rates.

B
Revenues will increase as multinational corporations build new manufacturing plants in different parts of the world.

C
Revenues will decrease as increased competition puts multinational corporations out of business.

D
Revenues will increase as internet sales of products rises.

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A
an unexpected turn in the business cycle

B
a structural shift in the labor market

C
a period of temporary economic decline

D
a blend of high inflation with slow growth

Which is the MAIN argument against free trade used by American labor leaders?

A
Immigration to the U.S. will increase.

B
The quality of foreign products is poor.

C
Other countries have stricter laws.

D
U.S. workers will lose their jobs.

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Same with the previous question
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