Saint GBA440 quiz 2

1. Question :

Laissez-faire economics refers to which of the following?

Student Answer: Less government interference in commerce and greater individual economic freedom

A centrally planned economic system

Government-controlled commerce and individual control effort

Creating monopolies through government partnership

Points Received: 1 of 1

Comments:

Question 2. Question :

In most failed centrally planned economies ________.

Student Answer: market conditions helped determine who produced various goods

prices of products were a function of supply and demand

central planning agencies specified production goals and decided prices

central planners paid attention to efficiency improvement

Points Received: 1 of 1

Comments:

Question 3. Question :

According to mercantilism, accumulation of national wealth depended on ________.

Student Answer: increasing a nation’s trade surplus

expanding a nation’s total value of trade

expanding a nation’s total volume of trade

increasing a nation’s trade deficit

Points Received: 1 of 1

Comments:

Question 4. Question :

Adam Smith believed which of the following?

Student Answer: International trade should be restricted by tariffs and quotas.

Governments should intervene to maintain a balance of exports and imports.

Market forces should determine trade flows.

Countries should produce most goods themselves and trade as little as possible.

Points Received: 1 of 1

Comments:

Question 5. Question :

According to the theory of ________, trade is still beneficial even if one country is less efficient in the production of two goods, as long as it is less inefficient in the production of one of the goods.

Student Answer: absolute advantage

mercantilism

comparative advantage

factor proportions

Points Received: 1 of 1

Comments:

Question 6. Question :

The focus of factor proportions theory is on the ________.

Student Answer: productivity of the production process

cost-effectiveness of the production process

use of abundant production factors

use of expensive production factors

Points Received: 1 of 1

Comments:

Question 7. Question :

The Porter diamond consists of all the following except ________.

Student Answer: factor conditions

demand conditions

supply conditions

firm strategy, structure, and rivalry

Points Received: 1 of 1

Comments:

Question 8. Question :

Which of the following is not a problem associated with the infant industry argument?

Student Answer: It can cause domestic companies to become overly innovative.

Once protection of an industry is given, it can be politically difficult to eliminate.

Protection can do more economic harm than good.

Governments might have difficulty identifying the industries worth protecting.

Points Received: 1 of 1

Comments:

Question 9. Question :

Which of the following is not an example of an instrument that government uses to promote trade?

Student Answer: Tariffs

Subsidies

Export financing

Foreign trade zones

Points Received: 1 of 1

Comments:

Question 10. Question :

A tariff levied by the government of a country that is exporting a product is called a(n)________.

Student Answer: export tariff

ad valorem tariff

compound tariff

specific tariff

Points Received: 1 of 1

Comments:

Question 11. Question :

Which of the following is not a way in which the Uruguay Round of Negotiations modified the original General Agreement on Tariffs and Trade (GATT) treaty?

Student Answer: It clearly defined intellectual property rights.

It established the World Trade Organization to regulate trade between nations.

It drastically reduced tariffs and nontariff barriers in telecommunications.

It included international trade in services for the first time.

Points Received: 1 of 1

Comments:

Question 12. Question :

The purchase of physical assets or a significant amount of ownership (stock) of a company in another country to gain a measure of management control is called ________.

Student Answer: foreign direct investment

portfolio investment

mergers

vertical integration

Points Received: 1 of 1

Comments:

Question 13. Question :

In the ________ product stage of the international product life cycle theory, increased competition pressures a company to produce in low-cost developing nations.

Student Answer: new

IN maturing

standardized

declining

Points Received: 0 of 1

Comments:

Question 14. Question :

Economic integration whereby countries remove all barriers to trade among themselves, but each country determines its own barriers against nonmembers, is called a(n) ________.

Student Answer: economic union

IN customs union

common market

free trade area

Points Received: 0 of 1

Comments:

Question 15. Question :

________ is the set of planned actions taken by managers to help a company meet its objectives.

Student Answer: Mission formulation

Planning

Value chain analysis

Strategy

Points Received: 1 of 1

Comments:

Question 16. Question :

A strategy that establishes research and development (R&D), production, and marketing at the subsidiary level is called a ________ strategy.

Student Answer: retrenchment

global

multinational

stability

Points Received: 1 of 1

Comments:

Question 17. Question :

A ________ strategy can cause a company to overlook important differences in buyer preferences from one market to another.

Student Answer: global

retrenchment

multidomestic

multinational

Points Received: 1 of 1

Comments:

Question 18. Question :

Collection and analysis of information used to assist managers in making informed decisions is known as ________.

Student Answer: data collection

market research

secondary market research

market analysis

Points Received: 1 of 1

Comments:

Question 19. Question :

In countries with high illiteracy rates, a(n) ________ should not be used to collect information.

Student Answer: personal interview

observation of behavior

written survey

group interview

Points Received: 1 of 1

Comments:

Question 20. Question :

The process of obtaining information that already exists within the company or that can be obtained from outside sources is called ________.

Student Answer: secondary market research

logistics management

primary market research

invalid market research

Points Received: 1 of 1

Comments:

Question 21. Question :

When an exporter ships merchandise and later bills the importer for its value, it is using a(n) ________ type of export/import financing.

Student Answer: advance payment

open account

letter of credit

documentary collection

Points Received: 1 of 1

Comments:

Question 22. Question :

Which of the following is a contractual entry mode in which one company supplies another with intangible property and other assistance over an extended period?

Student Answer: Franchising

Management contract

Licensing

Strategic alliance

Points Received: 1 of 1

Comments:

Question 23. Question :

Which of the following refers to the name of one or more items in a product line that identifies the source or character of the items?

Student Answer: Product description

Image tag

Brand name

Unique descriptor

Points Received: 1 of 1

Comments:

Question 24. Question :

Which of the following is not an example of a product that is commonly counterfeited?

Student Answer: Perfume

Books

Clothing

Watches

Points Received: 1 of 1

Comments:

Question 25. Question :

The term ________ refers to a company’s efforts to reach distribution channels and target customers through communications such as personal selling, advertising, public relations, and direct marketing.

Student Answer: marketing objectives

distribution policies

promotion mix

value density

Points Received: 1 of 1

Comments:

Question 26. Question :

Examples of pull strategies include each of the following except ________.

Student Answer: mass media advertising

direct marketing techniques

free trial packages

encouraging good retail visibility

Points Received: 1 of 1

Comments:

Question 27. Question :

Companies along a distribution channel that work together in delivering products to customers are called ________.

Student Answer: arbitrageurs

intermediaries

solicitors

reduction planners

Points Received: 1 of 1

Comments:

Question 28. Question :

________ refers to the process of selecting the location for production facilities.

Student Answer: Capacity planning

Facilities layout planning

Facilities location planning

Production location planning

Points Received: 1 of 1

Comments:

Question 29. Question :

An expatriate manager who returns from an overseas assignment to find that there is no position for him in his home country office would most likely experience which of the following?

Student Answer: Reverse culture shock

Decruitment

Expatriate failure

Culture shock

Points Received: 1 of 1

Comments:

Question 30. Question :

Top management contends that Hafstrom would benefit most from continuing to manufacture its own parts, even if they are made at another location overseas. Which of the following is being recommended in this approach?

Student Answer: Venture capitalization

Just-in-time manufacturing

Vertical integration

Outsourcing

Points Received: 1 of 1

Comments:

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