Multiple choice questions:
1) A well-designed activity-based costing system starts with __________.
A. identifying the activity-cost pools
B. assigning manufacturing overhead costs for each activity cost pool to products
C. computing the activity-based overhead rate
D. analyzing the activities performed to manufacture a product
2) In what situations will a static budget be most effective in evaluating a manager's effectiveness?
A. The company has substantial fixed costs.
B. The planned activity levels match actual activity levels.
C. The company has substantial variable costs.
D. The company has no fixed costs.
3) The conceptual framework developed by the Financial Accounting Standards Board __________.
A. was approved by a vote of all accountants
B. is viewed as providing a constitution for setting accounting standards for financial reporting
C. are rules that all accountants must follow
D. is legally binding on all accountants
4) Disney's variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?
A. $18,000
B. $12,000
C. $28,000
D. $6,000
5) Of the following companies, which one would not likely employ the specific identification method for inventory costing?
A. Music store specializing in organ sales
B. Antique shop
C. Farm implement dealership
D. Hardware store
6) These are selected account balances on December 31, 2008.
Land (location of the corporation's office building) $100,000
Land (held for future use) 150,000
Corporate Office Building 600,000
Inventory 200,000
Equipment 450,000
Office Furniture 100,000
Accumulated Depreciation 300,000
What is the net amount of property, plant, and equipment that will appear on the balance sheet?
A. $1,300,000
B. $1,600,000
C. $1,100,000
D. $950,000
7) Which one of the following items is not generally used in preparing a statement of cash flows?
A. Adjusted trial balance
B. Current income statement
C. Comparative balance sheets
D. Additional information
8) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals:
Income Statement Balance Sheet
Dr. Cr. Dr. Cr.
Totals $58,000 $48,000 $34,000 $44,000
The net income (or loss) for the period is __________.
A. $48,000 income
B. $10,000 loss
C. $10,000 income
D. not determinable
9) What effect do current technology changes have on managerial accounting?
A. Creation of the middleman
B. Reduction of emphasis on the value chain
C. Increase in product costs
D. Reduction of reporting costs of managerial accounting information
10) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead?
A. Factory janitor
B. Cost of landscaping the corporate office
C. General corporate liability insurance
D. The western division's vice president's salary
11) The major reporting standard for management accounts is __________.
A. the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management
B. relevance to decisions
C. the Sarbanes-Oxley Act of 2002
D. generally accepted accounting principles
12) Which list below best describes the major services performed by public accountants?
A. Cost accounting, production scheduling, recruiting
B. Auditing, taxation, management consulting
C. Employee training, auditing, bookkeeping
D. Bookkeeping, mergers, budgets
13) Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess's break even point?
A. 2,133 units
B. 6,200 units
C. $25,600
D. 4,600 units
14) Managerial accounting __________.
A. places emphasis on special-purpose information
B. pertains to the entity as a whole and is highly aggregated
C. is governed by generally accepted accounting principles
D. is concerned with costing products
15) Maurice receives $100 as a birthday gift. In deciding how to spend the money, he narrows his options down to four choices: Option A, Option B, Option C, and Option D. Each option costs $100. Finally he decides on Option B. The opportunity cost of this decision is __________.
A. $300
B. $100
C. the value to Maurice of Options A, C and D combined
D. the value to Maurice of the option he would have chosen had Option B not been available
16) A tax on an imported good is called a __________.
A. trade tax
B. supply tax
C. tariff
D. quota
17) Lekeisha's income exceeds her expenditures. Lekeisha is a __________.
A. borrower who supplies money to the financial system
B. borrower who demands money from the financial system
C. saver who supplies money to the financial system
D. saver who demands money from the financial system
18) Lucy starts her own psychiatric practice, but her expenditures to open the practice exceed her income. Lucy is a __________.
A. borrower who supplies money to the financial system
B. borrower who demands money from the financial system
C. saver who supplies money to the financial system
D. saver who demands money from the financial system
19) A rational decision maker __________.
A. takes an action only if the combined benefits of that action and previous actions exceed the combined costs of that action and previous actions
B. takes an action only if the marginal benefit of that action exceeds the marginal cost of that action
C. ignores the likely effects of government policies when he or she makes choices
D. ignores marginal changes and focuses instead on "the big picture"
20) When a firm sells a good or a service, the sale contributes to the nation's income __________.
A. We have to know whether the item being sold is a good or a service in order to answer the question
B. whether the buyer of the good or a service is a household, another firm, or the government
C. only if the buyer of the good or service is a household or another firm
D. only if the buyer of the good or service is a household
21) Without trade, __________.
A. interdependence is more extensive than it would be with trade
B. a country can still benefit from international specialization
C. a country's production possibilities frontier is also its consumption possibilities frontier
D. a country is better off because it will have to learn to be self-sufficient without trade
22) The open-economy macroeconomic model includes __________.
A. neither the market for loanable funds or the market for foreign-currency exchange
B. both the market for loanable funds and the market for foreign-currency exchange
C. only the market for foreign-currency exchange
D. only the market for loanable funds
23) The political business cycle refers to __________.
A. changes in output created by the monetary rule the Fed must follow
B. the part of the business cycle caused by the reluctance of politicians to smooth the business cycle
C. the potential for a central bank to increase the money supply and therefore real GDP to help the incumbent get re-elected
D. the fact that about every four years some politician advocates greater government control of the Fed
24) Consider two items that might be included in GDP: (1) The estimated rental value of owner-occupied housing; and (2) purchases of newly-constructed homes. How are these two items accounted for when GDP is calculated?
A. Only item (2) is included in GDP and it is included in the investment component.
B. Item (1) is included in the investment component, while item (2) is included in the consumption component.
C. Item (1) is included in the consumption component, while item (2) is included in the investment component.
D. Both item (1) and item (2) are included in the consumption component of GDP.
25) The part of the balance of payments account that lists all long-term flows of payments is called the:
A. financial and capital account.
B. current account.
C. balance of trade.
D. government financial account.
26) Real GDP __________.
A. evaluates current production at the prices that prevailed in some specific year in the past.
B. evaluates current production at current prices.
C. is a measure of the value of goods only; it excludes the value of services.
D. is not a valid measure of the economy's performance, since prices change from year to year.
27) The open-economy macroeconomic model examines the determination of __________.
A. unemployment and the exchange rate
B. the output growth rate and the real interest rate
C. the trade balance and the exchange rate
D. the output growth rate and the inflation rate
28) An invisible barrier that makes it difficult for certain groups, such as minorities and women, to move beyond a certain level in the organizational hierarchy is referred to as the:
A. Job enrichment theory
B. Black box theory
C. Glass floor
D. Glass ceiling
E. Job enlargement concept
29) The basic components of an effective sexual harassment policy include the following EXCEPT:
A. To establish a formal complaint procedure
B. To develop an organization wide policy on sexual harassment
C. To establish a means for ongoing training
D. To establish a performance appraisal system
E. To act immediately when employees complain of sexual harassment
30) A leader is:
A. A strategic level manager
B. Someone with authority over others
C. Someone well-respected by others
D. The top level manager in a firm or business
E. Someone who influences others to attain goals
31) Teams that operate separately from the regular work structure and exist temporarily are known as:
A. Self-designing teams
B. Management teams
C. Transnational teams
D. Parallel teams
E. Self-managed teams
32) Which of these describes a vision, as it pertains to leadership?
A. The method through which leaders achieve goals
B. A long-term goal of an organization
C. A short-term goal of an organization
D. A mental image of a future state of an organization
E. Likely to land you in a padded room
33) Japanese manufacturers' kaizen (continuous improvement) programs enable them to maintain:
A. Larger, faster facilities
B. A strategic alliance
C. A homogeneous workforce
D. A Learning advantage over their competition
E. Positive working relationships with all employees
34) The term used to refer to all kinds of differences including religious affiliation, age, disability status, economic class and lifestyle in addition to gender, race, ethnicity and nationality is:
A. Selection
B. Diversity
C. Managerial ethics
D. Employment
E. Recruiting
35) A manager's ability to stimulate people to be high performers is referred to as:
A. Leading
B. Planning
C. Staffing
D. Organizing
E. Controlling
36) Which of the following has proven to be a particularly good predictor for jobs that require cognitive complexity?
A. work sampling
B. intelligence tests
C. behavioral assessment
D. integrity evaluations
E. aptitude tests
37) The best way for an employer to find out if a potential employee can do a job is by __________.
A. using the interview process
B. having them spend a day in the office
C. using a written test
D. using a performance simulation test
E. administering an IQ test
38) A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of both producers and consumers is:
A. Total quality management
B. ISO 9000
C. Just-in-time control (JIT)
D. Customer-based integration
E. Computer-integrated manufacturing (CIM)
39) Which of the following statements does NOT support Total Quality Management?
A. Strive for long-term improvement rather than short-term profit
B. Build long-term relationships instead of awarding business on price tag alone
C. Break down barriers among departments
D. Creating silos between departments
E. Use numerical quotas
40) Building a dynamic organization is another way of describing which function of management?
A. Planning
B. Leading
C. Organizing
D. Staffing
E. Controlling
41) The pursuit of lucrative opportunities by enterprising individuals is called:
A. Intrapreneurship
B. Business incubating
C. Independence
D. Social experimentation
E. Entrepreneurship
42) Use the following table to answer question:
P(S | W) is approximately _____.
A. .12
B. .30
C. .40
D. .58
43) Dullco Manufacturing claims that its alkaline batteries last forty hours on average in a certain type of portable CD player. Tests on a random sample of 18 batteries showed a mean battery life of 37.8 hours with a standard deviation of 5.4 hours.
In a left-tailed test at = .05 we would __________.
A. switch to alpha of 0.01 for a more powerful test
B. feel uncomfortable with either decision (too close)
C. comfortably accept the claim
D. comfortably reject the claim
44) Thirty patients are selected from a filing cabinet containing 812 patient folders by choosing every 27th patient folder. Which sampling method is this?
A. Cluster sample
B. Stratified sample
C. Systematic sample
D. Simple random sample
45) William used a sample of 68 U.S. cities to estimate the relationship between Crime (annual property crimes per 100,000 persons) and Income (median income per capita). His estimated regression equation was Crime = 428 + .050 Income.
From this information, we can conclude that __________.
A. none of these are correct
B. wealthy individuals tend to commit more crimes
C. crime creates additional income in a city
D. the slope is not significantly different from zero
46) Which of the following statements is true?
A. If event (A) occurs, then its complement (A') will also occur.
B. The probability of A and its complement (A') will always sum to one.
C. The sum of two mutually exclusive events is one.
D. If A and B are independent events, the P(B) = P(A) P(B).
47) Independent events A and B would be consistent with which of the following statements:
A. P (A) = .4, P (B) = .5, P (A B) = .2
B. P (A) = .3, P (B) = .5, P (A B) = .4
C. P (A) = .4, P (B) = .3, P (A B) = .5
D. P (A) = .5, P (B) = .4, P (A B) = .3
48) In an activity-on-node [AON] network, the nodes represent ____________, whereas the arcs represent ____________.
A. activities; time
B. activities; precedence relationships
C. events; activities
D. precedence relationships; time
49) Assume that the arrival of airplanes at a one-runway airport is a Poisson distribution with a mean rate of = 8 planes per hour. The landing time is an exponential distribution with a mean of 5 minutes per plane. What is the mean number of planes in the system?
A. 1.67
B. 1.33
C. 1
D. 2
50) In statistical process control a p-chart could __________.
A. have more than one characteristics
B. measure the fraction of conforming parts in a sample
C. measure the number of defects per sample unit
D. use the student's distribution
51) Which one of the following statements concerning production and staffing plans is best?
A. When production and staffing plans are made, aggregation can be performed only along two dimensions: products and time.
B. Production and staffing plans attempt to achieve several objectives, all of which must be consistent with one another.
C. Production and staffing plans specify production rates, workforce levels, and inventory holdings, but do not account for capacity limitations because they are aggregated.
D. The impact of production and staffing plans cuts across several functional areas of the firm.
52) Companies using lean systems generally have:
A. suppliers that are willing to accept short-term contracts.
B. suppliers that are located nearby to decrease delivery lead time.
C. many suppliers to ensure that material shortages never occur.
D. suppliers who are low-cost producers.
53) The Global, Web-Based Platform enables individuals to do which of the following?
A. produce and sell goods and services
B. exchange knowledge
C. connect, compute, communicate, collaborate, and compete everywhere and all the time
D. all of these are true
E. access information, services, and entertainment
54) Zappos built the majority of its information systems using which of the following?
A. Free software
B. Open source software
C. Vendor software
D. Consultants
E. Proprietary software
55) Which of the following are disadvantages of the buy option for acquiring IS applications?
A. software may not integrate with existing systems
B. company will not have control over software improvements
C. software may not exactly meet the company's needs
D. all of the these are disadvantages
E. software may be impossible to modify
56) Fundamental points about network computing in organizations include all of the following except:
A. Networks have had limited impact on organizational productivity
B. Networks can be of any size, from small to enormous
C. Computers constantly exchange data
D. Networks support new ways of doing business
E. Computer data exchange provides significant advantages to organizations
57) The force behind globalization in _____ was the amount of muscle, horsepower, wind power, or steam power that a country could deploy.
A. Globalization 3.0
B. Globalization 2.0
C. Globalization 1.0
D. None of these
58) Which of the following is not a reason that managers need IT support?
A. Need to access remote information sources
B. Decisions are becoming more complex
C. Number of alternatives are decreasing
D. Decision makers are often in different locations
E. Decisions must typically be made under time pressure
59) __________ integrate the planning, management, and use of all of an organization's resources, and are designed to tightly integrate the functional areas of the organization.
A. Enterprise resource planning systems
B. Functional area information systems
C. Transaction processing systems
D. Corporate extranets
E. Supply chain management systems
60) Computer support is greatest for which of the following problems?
A. Semistructured and management control
B. Structured and operational control
C. Semistructured and strategic planning
D. Structured and management control
E. Unstructured and operational control
61) Which of the following is not a function of functional area information systems?
A. supports the managerial tasks of planning, organizing, and controlling operations
B. provides analysis capabilities to middle level managers and staff
C. provides information mainly in the form of reports
D. provides information to managers in the functional areas
E. provides data from business events to the corporate database
62) _____ is the acquisition and efficient use of resources in accomplishing organizational goals.
A. Management control
B. Wisdom
C. Strategic planning
D. Operational control
E. Expertise
63) Bell Weather, Inc. has a beta of 1.25. The return on the market portfolio is 12.5%, and the risk-free rate is 5%. According to CAPM, what is the required return on this stock?
A. 20.62%
B. 15.62%
C. 9.37%
D. 14.37%
64) Dublin International Corporation's marginal tax rate is 40%. It can issue three-year bonds with a coupon rate of 8.5% and par value of $1,000. The bonds can be sold now at a price of $938.90 each. The underwriters will charge $23 per bond in flotation costs. Determine the approximate after-tax cost of debt for Dublin International to use in a capital budgeting analysis.
A. 5.1%
B. 9.2%
C. 6.0%
D. 8.5%
65) Your company is considering an investment in a project which would require an initial outlay of $300,000 and produce expected cash flows in Years 1 through 5 of $87,385 per year. You have determined that the current after-tax cost of the firm's capital (required rate of return) for each source of financing is as follows:
Cost of debt 8%
Cost of preferred stock 12%
Cost of common stock 16%
Long-term debt currently makes up 20% of the capital structure, preferred stock 10%, and common stock 70%. What is the net present value of this project?
A. $463
B. $1,568
C. $871
D. $1,241
66) You hold a portfolio with the following securities:
Security Percent of Portfolio Beta Return
X Corporation 20% 1.35 14%
Y Corporation 35% .95 10%
Z Corporation 45% .75 8%
Compute the expected return and beta for the portfolio.
A. 10.67%, 1.02
B. 9.9%, .94
C. 9.9%, 1.02
D. 34.4%, .94
67) A machine costs $1,000, has a three-year life, and has an estimated salvage value of $100. It will generate after-tax annual cash flows (ACF) of $600 a year, starting next year. If your required rate of return for the project is 10%, what is the NPV of this investment? (Round your answerwer to the nearest $10.)
A. $490
B. -$150
C. $570
D. $900
68) The common stockholders are most concerned with:
A. the percentage of profits retained.
B. the spread between the return generated on new investments and the investor's required rate of return.
C. the size of the firm's beginning earnings per share.
D. the risk of the investment.
69) Petrified Forest Skin Care, Inc. pays an annual perpetual dividend of $1.70 per share. If the stock is currently selling for $21.25 per share, what is the expected rate of return on this stock?
A. 36.13%
B. 13.6%
C. 12.5%
D. 8.0%
70) Suppose you determine that the NPV of a project is $1,525,855. What does that mean?
A. In all cases, investing in this project would be better than investing in a project that has an NPV of $850,000.
B. The project's IRR would have to be less that the firm's discount rate.
C. The project would add value to the firm.
D. Under all conditions, the project's payback would be less than the profitability index.
71) Which of the following is most consistent with the hedging principle in working capital management?
A. Fixed assets should be financed with short-term notes payable.
B. Inventory should be financed with preferred stock.
C. Accounts receivable should be financed with short-term lines of credit.
D. Borrow on a floating rate basis to finance investments in permanent assets.
72) According to the hedging principle, permanent assets should be financed with _____ liabilities.
A. permanent
B. fixed
C. spontaneous
D. current
73) What is the yield to maturity of a nine-year bond that pays a coupon rate of 20% per year, has a $1,000 par value, and is currently priced at $1,407? Round your answer to the nearest whole percent and assume annual coupon payments.
A. 5%
B. 11%
C. 14%
D. 12%
74) Tri State Pickle Company preferred stock pays a perpetual annual dividend of 2 1/2% of its par value. Par value of TSP preferred stock is $100 per share. If investors' required rate of return on this stock is 15%, what is the value of per share?
A. $37.50
B. $6.00
C. $15.00
D. $16.67
75) Exchange rate risk:
A. doesn't affect trades made in US Dollars.
B. has been phased out due to recent international legislation.
C. applies only to certain types of domestic businesses.
D. arises from the fact that the spot exchange rate on a future date is a random variable.
76) In an effort to increase its total sales, Champion has started exporting its spark plugs for use by several German auto producers. Champion is pursuing a _____ opportunity.
A. market development
B. mass marketing
C. product development
D. diversification
E. market penetration
77) The clustering techniques that can be used in segmenting:
A. looks for differences between groups of people.
B. group people together based on age.
C. try to find similar patterns within sets of data.
D. eliminate the need for management intuition and judgment.
E. group people together into heterogeneous product-market segments.
78) The difference between target marketing and mass marketing is that target marketing:
A. aims at increased sales, while mass marketing focuses on increased profits.
B. does not rely on e-commerce but mass marketing does.
C. focuses on specific customers, while mass marketing aims at an entire market.
D. means focusing on a small market.
E. focuses on short-run objectives, while mass marketing focuses on long-run objectives.
79) __________ is a marketing management aid which refers to how customers think about proposed and/or present brands in a market.
A. Customer relationship management (CRM)
B. Market segmentation
C. Market scanning
D. Brand familiarity
E. Positioning
80) Regarding organizational buying, the people who have the power to select or approve the supplier--especially for larger purchases--are called:
A. users.
B. gatekeepers.
C. buyers.
D. influencers.
E. deciders.
81) Analysis of demographic dimensions:
A. only considers age.
B. can be used along with analysis of other dimensions to identify attractive target markets.
C. is the most effective way to identify unmet consumer needs.
D. is the most important step to successful segmentation.
E. considers income and sex, but not age.
82) "Positioning":
A. eliminates the need for judgment in strategy planning.
B. is useful for combining but not for segmenting.
C. is concerned with obtaining the best shelf space in retail outlets.
D. applies to new products--but not existing products.
E. helps strategy planners see how customers view competitors' offerings.
83) Comparing GDP for foreign countries can help a marketing manager evaluate potential markets if the manager remembers that:
A. Other countries most likely don't use the US Dollar as their primary currency.
B. GDP measures show the degree of competition in a market.
C. GDP estimates may not be very accurate for very different cultures and economies.
D. GDP measures show people's tendency to buy particular products.
E. income tends to be evenly distributed among consumers in most countries.
84) When one considers the strategy decisions organized by the four Ps, branding is related to packaging as:
A. pricing is to promotion.
B. personal selling is to mass selling.
C. store location is to sales force selection.
D. branding is to pricing.
E. production is to marketing.
85) Good marketing strategy planners know that:
A. target markets cannot be large and spread out.
B. the terms "mass marketing" and "mass marketer" mean basically the same thing.
C. mass marketing is often very desirable and effective.
D. firms like Nabisco and Wal-Mart are too large to aim at clearly defined target markets.
E. target marketing does not limit one to small market segments.
86) Economists' economic-buyer theory assumes that __________.
A. consumers should purchase only low-priced products
B. demographic data are very useful for predicting consumer behavior
C. consumers only want the cheapest price
D. buyers logically compare choices in order to maximize their satisfaction
E. consumers always make rational decisions
87) "Marketing strategy planning" means:
A. selecting an attractive target market.
B. finding attractive opportunities and developing profitable marketing strategies.
C. selecting a target market and developing a marketing strategy.
D. finding attractive opportunities and selecting a target market.
E. selecting an attractive marketing mix.
88) Minimum wages, hours of employment, and child labor are regulated by the:
A. Regulated Hours Act.
B. Right to Work Laws.
C. Fair Labor Standards Act.
D. Federal Employment Act of 1940.
89) Which of the following receives at least some protection under the U.S. Constitution?
A. Offensive speech
B. Obscene speech
C. Neither obscene speech nor offensive speech
D. Both obscene speech and offensive speech
90) Which of the following statements is generally not true about state intermediate appellate courts?
A. The appellate court allows the parties to make oral arguments outlining their position.
B. The appellate court reviews the record of the trial court.
C. Appellate court decisions are final and further appeal is not possible.
D. The appellate court usually allows the parties to file briefs outlining support for their positions.
E. The appellate court allows the parties to introduce new evidence so long as it was not previously introduced at the original trial.
91) Which of the following activities by an administrative agency requires public notice and participation?
A. Substantive rule making and statements of policy only.
B. Substantive rule making only.
C. Substantive rule making, interpretive rule making, and statements of policy.
D. Substantive rule making and interpretive rule making only.
E. Statements of policy only.
92) In a criminal proceeding, what is the difference between an indictment and an information?
A. Guilt or innocence is determined in an indictment, but not in an information.
B. The defendant is charged with a crime in an indictment, but not in an information.
C. An indictment requires proof beyond a reasonable doubt, but an information does not.
D. A grand jury issues an indictment, but does not issue an information.
93) For which of the following kinds of intellectual property is a filing or registration required in order to receive protection?
A. Trademarks
B. Copyrights
C. Copyright and Service marks
D. Patents and Trademarks
E. Service marks
94) Which social responsibility theory has been advocated by Novel Prizewinning economist Milton Friedman?
A. Maximizing profits.
B. Stakeholder interest.
C. Moral minimum.
D. Corporate social audit.
E. Corporate citizenship.
95) What is the major convention that provides international protection to patents?
A. The Berne Convention of 1786.
B. The Paris Convention.
C. The General Agreement on Tariffs and Trade (GATT).
D. The Digital Millennium Treaty.
96) What makes a publicly held corporation different from a public corporation?
A. A publicly held corporation has many shareholders rather than being a corporation owned by a governmental entity.
B. A publicly held corporation must have a charitable purpose, but a public corporation need not have a charitable purpose.
C. A publicly held corporation is entitled to limited liability, but a public corporation is not.
D. They are two terms that have the same meaning.
97) The Houston-based energy company that filed for Chapter 11 bankruptcy and whose business conduct is one of the grossest examples of corporate greed and fraud in America was:
A. Shell Oil Company.
B. Houston Oil and Gas Corporation.
C. Exxon Corporation.
D. Mobil Oil Company.
E. Enron Corporation.
98) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.
A. Less than $1; about 15
B. Less than $1; about 25
C. About $2; about 15
D. Less than $1; about 40
E. $2; about 25
99) Which country does the text describe as becoming the largest producer and consumer of many of the world's goods?
A. Japan
B. Mexico
C. Canada
D. Ecuador
E. China
100) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States' second largest trading partner.
A. Canada, Venezuela
B. Mexico, Canada
C. Canada, Mexico
D. Great Britain, Paraguay
E. Mexico, Venezuela