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Question 6: Which of the following economic goals focuses on equal opportunities for education? (5 points)

-Equity

-Freedom

-Growth

-Security

Question 7: Marcel takes out student loans and works part-time to put himself through college. In time, he earns an advanced medical degree and goes to work in an understaffed city -hospital. Marcel's economic decisions benefit the goal of efficiency by (5 points)

-making his own job

-related decisions

-paying back loans to reduce the debt

-contributing to the nation's productivity

-taking advantage of equal opportunities

Question 8: Two countries produce milk and dairy products efficiently. Neither has an absolute advantage. However, Country A exports milk to Country B, and Country A imports cotton from Country B. Which of the following is inferred? (5 points)

-The opportunity cost of producing milk is lower for Country A.

-The opportunity cost of producing cotton is higher for Country B.

-Country A has a natural resource advantage in cotton.

-Country B has a natural resource advantage in milk.

Question 9: Worker hours to produce one unit of natural gas; Worker hours to produce one unit of oil; Brazil 4 9; Argentina 2 10; Mexico 3 7; United States 1 6. According to the chart, which country has the comparative advantage in oil production? (5 points)

-Brazil

-Mexico

-Argentina

-United States

Question 10: The United States can manufacture books at a much more rapid pace than manufacturers in Indonesia. Which of the following is a reason? (5 points)

-Indonesia, as a developed country, has a highly paid and experienced workforce

-Indonesia, as a developing country, has a less advanced manufacturing infrastructure

-The United States, as a developing country, has a high comparative advantage in manufacturing.

-The United States, as a developed country, has a lower cost of living than Indonesia

Question 11: A group of nations establishes a free-trade zone. What is the most likely effect? (5 points)

-Cost of trade increases

-Exports decrease

-Imports decrease

-Trade increases

Question 12: The United States may have a tariff on cotton products from China in order to (5 points)

-prevent Chinese manufacturers from losing profit because of low prices

-protect the business of the American cotton growers and manufacturers

-stop trade due to political disagreement on economic policy

-promote sales in the United States of cotton products from China

Question 13: A Chinese international salesperson hoping to increase exports to the U.S. may worry about the inflation of the U.S. dollar because the inflation may (5 points)

-increase the United States' supply of Chinese products

-decrease tariffs on Chinese products sold to the United States

-increase taxes on the United States' products sold to China

-reduce the United States' demand for Chinese products

Question 14: How would a strong U.S. dollar impact the trade of grain produced in the United States? (5 points)

-U.S. grain exports decrease

-U.S. grain exports increase

-U.S. grain imports decrease

-U.S. grain imports stagnate

Question 15: Which of these can be a result of inflation? (5 points)

-Businesses grow cautious about spending

-The government has to cut spending

-The price of household items increases

-Workers benefit from a lower cost of living

Question 16: If the inflation rate increases faster than their income, people will most likely (5 points)

-use a higher proportion of their incomes on basic needs

-spend a lower proportion of their incomes on basic needs

-get more goods and services for less money

-obtain fewer goods and services for less money

Question 17: To increase your standard of living, your wages must (5 points)

-rise faster than the inflation rate

-rise more slowly than the inflation rate

-keep pace with the inflation rate

-have a negative inflation rate

Question 18: Look at the map showing the European Union (EU) and its free-trade agreement (FTA) countries. Which is true about most current EU free-trade agreements? (5 points)

-The European Union's free-trade agreements are with all of the most developed nations in the world.

-The European Union's free-trade agreements include agreements with both developed and developing nations.

-The European Union's free-trade agreements focus on nations with access to overland trade routes

-The European Union's free-trade agreements focus on the Southern Hemisphere, as distant countries have access to goods not grown in Europe.

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019
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Jeffrey
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14 May 2020

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Related questions

A bowed out PPF reflects which of the following ideas?

i.increasing opportunity cost

ii. resources are not equally productive in all activities

iii. prices of goods increase over time

   

I only
   

I and iii
   

ii and iii
   

I and ii

1 point

QUESTION 2

With no international trade, a country ________ consume at a point outside of its PPF; with international trade, a country ________ consume at a point outside of its PPF.

   

can; cannot
   

cannot; can
   

cannot; cannot
   

can; can

1 point

QUESTION 3

If the production possibilities frontier between two goods is a straight line, then the

   

the line does not qualify as a production possibilities frontier because the unattainable production points are too close to the inefficient production points.
   

opportunity cost is not a ratio.
   

increasing opportunity costs.
   

resources are equally productive in both goods.

1 point

QUESTION 4

As an economy produces more of one of the goods on a bowed out production possibilities frontier, what happens to the opportunity cost of producing the good?

   

It might increase, decrease, or remain constant depending on how much people value the additional units of the good.
   

It decreases.
   

It increases.
   

It remains constant.

1 point

QUESTION 5

"Comparative advantage" is defined as a situation in which one person can produce

   

more of a good than another person.
   

a good for a lower dollar cost than another person.
   

a good for a lower opportunity cost than another person.
   

more of all goods than another person.

1 point

QUESTION 6

When a production possibilities frontier is bowed outward, as more of one good is produced, its opportunity cost

   

increases.
   

decreases.
   

might increase, decrease, or remain constant depending on how much people value the additional units of the good.
   

remains constant.

1 point

QUESTION 7

A bowed out production possibility frontier shows that the

   

opportunity cost relationship is linear.
   

the opportunity cost of a good is constant as more of the good is produced.
   

the opportunity cost of a good increase as more of the good is produced.
   

the opportunity cost of a good decrease as more of the good is produced.

1 point

QUESTION 8

Which of the following statements is correct?

   

The production possibilities frontier shows that there are no limits to production.
   

Any point on or within the PPF is production efficient.
   

If capital is idle, the economy is producing at its full potential.
   

A tradeoff is a limit that forces an exchange or a substitution of one thing for something else.

1 point

QUESTION 9

A major earthquake occurs in the central part of the United States. What impact would this have on the nation's production possibilities frontier and why?

   

A tradeoff would occur to replace the resources and goods destroyed.
   

It would shift inward because some of the nation's resources, such as capital and labor, would be destroyed.
   

It would shift outward because unemployment would be reduced.
   

Nothing would happen because the nation would still have the same capabilities.

1 point

QUESTION 10

When a nation is producing on its production possibilities frontier, if more resources are used to produce one good, then the production of other goods

   

must increase.
   

must decrease.
   

must remain the same.
   

must change but they might increase or decrease.

1 point

QUESTION 11

Moving along a country's PPF, a reasonable opportunity costs increase is that

   

unemployment increases as a country produce more and more of one good.
   

unemployment decreases as a country produces more and more of one good.
   

some resources are better suited for producing one good rather than the other.
   

technology declines as a country produce more and more of one good.

1 point

QUESTION 12

A reason the production possibilities frontier exists is

   

scarcity of resources and unlimited technology.
   

unemployment.
   

scarcity of resources.
   

unlimited resources and technology.

1 point

QUESTION 13

Moving from one point to another on a production possibilities frontier implies

   

increasing the production of one good and decreasing the production of another.
   

increasing the production of both goods.
   

decreasing the production of both goods.
   

holding the production levels of both goods constant.

1 point

QUESTION 14

Specialization and trade make a country better off because with trade the country can consume at a point

   

outside its production possibilities frontier.
   

on its trading partner's production possibilities frontier.
   

inside its production possibilities frontier.
   

on its production possibilities frontier.

1 point

QUESTION 15

The production possibilities frontier is the

   

the boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced when technology is changing.
   

the minimum output that can be produced when resources are used inefficiently.
   

the boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology.
   

maximum output that can be produced at an opportunity cost of zero.

1 point

QUESTION 16

The opportunity cost of economic growth is ________ and the benefit of economic growth is ________.

   

decreased current consumption; decreased future consumption
   

decreased current consumption; increased future consumption
   

increased current consumption; increased future consumption
   

increased current consumption; decreased future consumption

1 point

QUESTION 17

In terms of a nation's production possibilities frontier, what impact does international trade have?

   

International trade shifts the nation's production possibilities frontier outward.
   

International trade shifts the production possibilities frontier outward for the goods that are exported and inward for the goods that are imported.
   

International trade shifts the nation's production possibilities frontier inward.
   

International trade allows the nation to consume at a point outside its production possibilities frontier.

1 point

QUESTION 18

The production possibilities frontier illustrates the

   

goods and services that people want.
   

limits to people's wants.
   

resources the economy possesses, but not it is the level of technology.
   

maximum combinations of goods and services that can be produced.

1 point

QUESTION 19

As we move along the production possibilities frontier,

   

the possibilities of tradeoffs diminish.
   

the production of one good increases as the production of the other good decreases.
   

more of both goods can be produced.
   

a tradeoff is not possible because nations need all goods.

1 point

QUESTION 20

What is the opportunity cost of economic growth?

   

Eliminate scarcity
   

Land.
   

Capital goods.
   

Consumption of goods.

1 point

QUESTION 21

Which of the following statements is correct?

i.As the economy grows, the opportunity costs of economic growth decrease.

ii. Economic growth has no opportunity cost.

iii. The opportunity cost of economic growth is current consumption forgone.

   

ii only
   

iii only
   

I only
   

I and iii

1 point

QUESTION 22

Does economic growth depend upon which of the following?

i. Increasing the quantity of labor.

ii. Lowering the prices of goods and services.

iii. Advancing technology.

   

ii only.
   

I only.
   

I and iii.
   

iii only.

1 point

QUESTION 23

When drawing a production possibilities frontier, which of the following is held constant?

   

the amount of money in the economy
   

the prices of goods and services
   

the quantity of the goods and services that are produced
   

the available factors of production and the state of technology

1 point

QUESTION 24

To increase its economic growth, a nation should

   

encourage spending on goods and services.
   

increase in current consumption.
   

encourage education because that increases the quality of labor.
   

limit the number of people in college because they produce nothing.

1 point

QUESTION 25

The opportunity cost of one more slice of pizza in terms of sodas is the

   

some pizza slices we have to give up to get one extra soda.
   

the total number of sodas that we have divided by the total number of pizza slices that we have.
   

the total number of pizza slices that we have divided by the total number of sodas that we have.
   

the number of sodas we have to give up to get one extra pizza slice.

Question 1 If it was impossible to have a comparative advantage, there would be no gains from trade. True False 4 points

Question 2 If the price of Good X is $10 and price of Good Y is $15, the slope of the budget constraint is 1.5. True False 4 points

Question 3 If the demand and supply curves have equal slopes in absolute value, the burden of a commodity tax will be split equally regardless of on whom the tax is placed. True False 4 points

Question 4 Suppose that supply is fixed at 100 units and demand is Q = 500 P. A price ceiling of $100 creates a shortage of 400 units. True False 4 points

Question 5 Housing shortages caused by rent controls are larger in the long run because the supply of housing is more elastic in the long run. True False 4 points

Question 6 Firms should exit the industry if average costs are greater than marginal costs. True False 4 points

Question 7 If a 3.67 percent increase in price causes a 1.97 percent decrease in quantity demanded, then total revenue must fall following an increase in price. True False 4 points

Question 8 Which of the following choices best illustrates the concept of Adam Smith's invisible hand ? A Vietnamese farmer grows rice; an exporter ships it to the United States, and a grocer in New York sells it to a customer. A fishery's stock of fish becomes depleted due to overfishing as boats from around the world converge. A government regulates a firm to clean up the pollutants it has released as part of its production process. An apartment building is built, which provides much needed housing, on the site of the only playground for children in that town. 4 points

Question 9 Figure: Labor Supply and Welfare Refer to the figure. The budget constraint is: ABC. BD. ABDC. ABD. 4 points Question 10 The price of coffee has increased, yet evidence suggests the demand for coffee has been stable. A possible explanation is that: there has been no change in the supply of coffee. there has been increased use of subsidies in coffee production. wages of workers in coffee production might have decreased. wages of workers in coffee production might have increased. 4 points Question 11 Which of the following statements is TRUE regarding profit maximization in competitive markets? I. When all firms pursue profits, none of them achieve profits. II. When all firms pursue profits, only the most innovative will achieve profits. III. Production is divided in such a way that total costs of production are minimized. I only II only I and III only II and III only 4 points Question 12 Suppose France can produce four phones or three computers with one unit of labor, and Sweden can produce one phone or two computers with one unit of labor. If France can trade only with Sweden, then the theory of comparative advantage suggests that: France should specialize in producing phones and import computers from Sweden. France should specialize in producing computers and import phones from Sweden. France should produce both phones and computers, and import nothing from Sweden. France should import both phones and computers from Sweden. 4 points Question 13 Potato chips and popcorn are substitutes. A subsidy for potato chips will ______the demand for popcorn and the quantity of popcorn sold will ______. (Table: Barrels of Oil) Refer to the table. What is the total amount of producer surplus (per barrel of oil) earned by all four producers if the market price per barrel of oil is $51? Table: Barrels of Oil Minimum willingness to sell Country a single barrel of oil Country A $32.00 Country B 16.00 Country C 17.25 Country D 56.99 increase; increase increase; decrease decrease; decrease decrease; increase 4 points Question 14 In the market for Good X a necessity good without any good substitutes the workers and capital in the industry can easily find work producing other goods. The burden of the tax is likely to fall: more heavily on buyers, given that demand is more inelastic than supply. evenly between buyers and sellers. more heavily on sellers, given that supply is more inelastic than demand. more heavily on buyers, given that demand is more elastic than supply. 4 points Question 15 A U.S. manufacturer arranges to purchase parts from a German supplier for 500,000 euros in six months. The U.S. manufacturer is concerned that the dollar will depreciate against the euro, meaning the dollar cost of the 500,000 euros will rise. What should the U.S. manufacturer do? lobby the Fed to lower interest rates on six-month T-bills buy a futures contract that fixes the dollar cost of 500,000 euros in six months buy an exchange rate contract that pegs the interest rate to the discount rate on interbank loans sell a naked option to cover the output spread 4 points Question 16 Which of the following scenarios would cause a speculator to buy low and sell high ? Farmers expect to have a bumper harvest of corn next year. Imports of corn begin to flood the country. The government is expected to pass legislation making it mandatory for all vehicles to use corn-based fuels within one year. The government is expected to subsidize corn production for farmers. 4 points Question 17 In a market with a price ceiling which of the following is TRUE? Buyers and sellers experience unexploited gains from trade. Resources are allocated to their most efficient uses. The supply of goods is sold by the sellers with the lowest costs. The supply of goods is bought by the buyers with the highest willingness to pay. 4 points Question 18 Consider the following statements: I. Relative to a no-trade situation, if the United States exported wheat, the U.S. domestic wheat price would rise and domestic production of wheat would expand. II. Relative to a no-trade situation, international trade causes prices of all goods to rise. I is true; II is false. I is false; II is true. Both I and II are true. Both I and II are false. 4 points Question 19 As the price of a good fluctuates, a profit-maximizing firm will expand or contract production along its: average cost curve. average product curve. marginal cost curve. marginal product curve. 4 points Question 20 An increase in demand and a decrease in supply occur in a market. What happens to the equilibrium price and quantity? The equilibrium price decreases; the change in the equilibrium quantity is ambiguous. The equilibrium price decreases; the equilibrium quantity increases. The equilibrium price increases; the change in the equilibrium quantity is ambiguous. The equilibrium price increases; the equilibrium quantity decreases.

QUESTION 1

_____ refer to the forces of change whose direction and sometimes timing can be predicted.

Uncertainties

Trends

Occurrences

Scenarios

Forecasts

2 points

QUESTION 2

Management institutes, certification agencies, and headhunting firms are examples of specialized intermediaries for:

financial markets.

markets for managerial talent.

markets for products.

auction markets.

labor market.

2 points

QUESTION 3

_____ involves analyzing markets for their potential size, accessibility, cost of operations, and buyer needs and practices to aid the company in deciding whether to invest in entering that market.

Search retargeting

Unique selling proposition

Rebranding

First-mover advantage

Market due diligence

2 points

QUESTION 4

Consumer safari refers to the initiatives taken by Unilever executives to spend a day with consumers in their homes to:

understand how they use products.

convince them to use more Unilever products.

train them to make multiple use of their products.

estimate how many products they use.

help them set up cottage industries for their products.

2 points

QUESTION 5

_____ refer to the forces of change whose direction and pace is largely unknown.

Uncertainties

Trends

Occurrences

Scenarios

Forecasts

2 points

QUESTION 6

_____ are straight-line, one-factor projections from present to future.

Estimates

Opportunities

Scenarios

Forecasts

Plans

2 points

QUESTION 7

The United States is separated from Nigeria by 5,840 miles and the Atlantic Ocean. According to the CAGE framework this is a case of:

emotional distance.

economic distance.

cultural distance.

geographic distance.

administrative distance.

2 points

QUESTION 8

The GDP of France is 2.113 trillion USD whereas Sierra Leone's GDP is approximately 4.812 billion USD. According to the CAGE framework, this is a case of:

emotional distance.

economic distance.

cultural distance.

geographic distance.

administrative distance.

2 points

QUESTION 9

_____ occurs when a function is taken out of one's country of residence to be performed in another country, generally at a lower cost.

Open sourcing

Offshoring

Exporting

Importing

Licensing

2 points

QUESTION 10

Which of the following is true of acquisitions?

The acquiring company will be eligible for any financial help from the company whose shares it is trying to acquire.

It affords the firm maximum control and has the most potential to provide above-average returns.

The acquiring company enters into an agreement with the target business to pursue a set of agreed-upon goals while remaining independent organizations.

The acquiring firm avoids the expense of establishing operations in the new country.

The acquiring company gains control of another firm by purchasing its stock.

2 points

QUESTION 11

Which of the following statements holds true for the ISO 9001:2008 certification?

Organizations which supply raw materials are barred from applying for the ISO 9001:2008 certification.

Companies which meet the criteria of a minimum financial turnover can apply for the ISO 9001:2008 certification.

The ISO 9001:2008 certification is a mark that a company's products and services have met quality standards.

Companies that had achieved ISO 9001:2000 certification were exempt from being recertified to meet ISO 9001:2008 standards.

ISO 9001:2008 certification specifically focuses on the environment.

2 points

QUESTION 12

_____ refers to buying goods and services from foreign sources and bringing them back into the home country.

Open sourcing

Offshoring

Exporting

Importing

Farmshoring

2 points

QUESTION 13

The _____ is the contract between the exporter and the carrier, authorizing the carrier to transport the goods to the buyer's destination.

letter of credit

bill of lading

customs invoice

export declaration

license

2 points

QUESTION 14

_____ is the document by which the exporter tells the importer to pay a specified amount at a specified time.

Letter of credit

Bill of lading

Customs invoice

Insurance certificate

Bill of exchange

2 points

QUESTION 15

Which of the following can also function as collateral against loans?

Certificate of origin

Export declaration

License

Customs invoice

Bill of lading

2 points

QUESTION 16

_____ refers to the financing granted against collateral, which can be the imported/exported goods.

Angel funding

Purchase Order Financing

Secured financing

Overdraft

Cash advance

2 points

QUESTION 17

Which of the following is a contractual mode of entry into a foreign market?

Greenfield ventures

Licensing

Joint ventures

Acquisition

Merger

2 points

QUESTION 18

_____ refers to an organization that assists foreign companies in exporting their products to Japan by providing free-market entry information and business-partner matching as well as some subsidies.

Japan Bank for International Cooperation

Japan External Trade Organization

Development Bank of Japan

Master Trust Bank of Japan

Japan Post Bank Company

2 points

QUESTION 19

Which of the following statements holds true for a nonentity joint venture?

In a nonentity joint venture, the partner with the smaller capital investment loses control over the joint venture after a period of two months.

In a nonentity joint venture, each of the partners contributes capital and resources in exchange for an equity stake and share in any resulting profits.

In a nonentity joint venture, the control of the joint venture is in the hands of the party which makes the larger capital investment.

In a nonentity joint venture, there is no contribution of capital to form a new entity.

In a nonentity joint venture the benefit gained is in the form of collective profits rather than individual profits.

2 points

QUESTION 20

The _____ is a legal document issued by a bank at the importer's (or buyer's) request wherein the importer promises to pay a specified amount of money when the bank receives documents about the shipment.

export declaration

license

letter of credit

bill of lading

customs invoice

2 points

QUESTION 21

_____ refers to the constellation of business, corporate, and international strategy elements, which managers must consider when making decisions.

Five Forces Analysis

Cluster model

Strategy diamond

Porter's four corners model

Strategic grouping

2 points

QUESTION 22

Strategy implementation is the process of:

deciding which strategies to follow in order to diversify.

performing all the activities necessary to do what has been planned.

deciding the businesses in which an organization would compete.

addressing the issue of the kind of strategies an organization would follow.

devising plans to add value to the existing line of business.

2 points

QUESTION 23

The _____ function requires monitoring performance so that it meets the performance standards established by the organization.

controlling

leading

planning

organizing

job design

2 points

QUESTION 24

_____ refers to the sequence of activities that include the various steps of the supply chain as well as additional activities, such as marketing, sales, and service.

Value chain

Differentiation

Cost leadership

Scope

Homesourcing

2 points

QUESTION 25

Outsourcing involves:

diversifying into a new business.

the sale of products or services in one country that are sourced in another country.

the company delegating an entire process to the outsource vendor.

guiding the choice of markets that a firm competes in.

performing a service by staff from within an organization and also by an external service provider.

2 points

QUESTION 26

The U.S. fast-food chain Sonic will only open new outlets in states that are adjacent to states where it already has stores. This is an example of:

differentiation.

increasing vertical scope.

diversification.

offshoring.

increasing geographic scope.

2 points

QUESTION 27

_____, which are a part of the SWOT analysis, assess the external attractive factors that represent the reason for a business to exist and prosper.

Strengths

Weaknesses

Threats

Opportunities

Strategies

2 points

QUESTION 28

_____ refers to the number of different topographical markets in which an organization participates.

Geographic scope

Value chain

Differentiation

Cost leadership

Offshoring

2 points

QUESTION 29

The first step in the planning process is:

establishing organizational objectives.

formulating and ensuring the effective implementation of plans.

the SWOT analysis.

identifying multiple ways of achieving organizational objectives.

monitoring the progress and evaluating the success of the plans.

2 points

QUESTION 30

In Holland, KFC makes a potato-and-onion croquette, while in France it sells pastries alongside chicken. KFC:

has centralized its business processes to enable it to provide the services mentioned.

assumes that consumer needs and desires vary by country.

assumes that the world is flat.

sells the same products in the same way in every country.

is following the cost-leadership strategy.

2 points

QUESTION 31

An automobile giant headquartered in the United States sells high-end bikes across the world. It wants to enter an emerging market. Customers in the market cannot afford the types of accessories used in the bikes. Thus the regional branch of the organization makes an autonomous decision to remove the accessories and to offer a toned-down version of the bikes to compete in the emerging market. This decision is accepted by the headquarters on the principle that the man on the ground is the best judge of local conditions. The above serves as an example of a(n):

decentralized organizational structure.

reverse engineering.

centralized organizational structure.

reverse innovation.

open sourcing.

2 points

QUESTION 32

Nike products are manufactured in factories in countries such as China, Vietnam, Indonesia, and Mexico. Wholesalers, retailers, agents, and brokers are intermediaries who help in bringing the products to the consumer. These intermediaries bring the products from the factories to the consumers. They serve as an example of:

product branding.

market positioning.

market segmentation.

channel of distribution.

social marketing.

2 points

QUESTION 33

Which of the following statements holds true for a global brand?

It refers to the brand name of a product that has worldwide recognition.

It refers to the marketing strategy in which a firm marketing a product with a well-developed image uses the same brand name in a different product category.

It refers to products that make the world less flat because of lack of recognition across countries.

It refers to the product that is distributed nationally under a brand name owned by the producer or distributor.

It refers to the changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market.

2 points

QUESTION 34

An organization that manufactures readymade cotton shirts sources the raw material from all over the world. It does this as a precaution against the failure of one or more companies to deliver the raw materials. The above serves as an example of:

open-sourcing.

multisourcing.

sole-sourcing.

home sourcing.

outsourcing.

2 points

QUESTION 35

Which of the following holds true for product adaptation?

It refers to the company strategy of modifying an existing product in a way that makes it better fit local needs.

It refers to the total composite of products offered by a particular organization.

It refers to the strategy of taking the company's current products and selling them in other countries without making changes to the product.

It refers to the creation of a new name, term, symbol, design, or a combination of them for an established brand with the intention of developing a differentiated position in the mind of stakeholders and competitors.

It refers to the strategy of creating an entirely new product for a given local market.

2 points

QUESTION 36

In marketing, market segmentation refers to the:

process of dividing a larger market into smaller markets that share a common characteristic, such as age, gender, income level, or lifestyle.

combination of the four Ps of marketing that can be customized for different countries.

commerce areas where because of price differences across countries, consumers are able to cross international borders to legally purchase products at lower prices than in their home country.

commerce areas where vendors purposely deceive buyers by altering products and then selling them as branded products at a bargain cost.

set of expectations, memories, stories and relationships that-taken together-account for a consumer's decision to choose one product or service over another.

2 points

QUESTION 37

In marketing, which of the following holds true for counterfeit markets?

It refers to the process of dividing a larger market into smaller markets that share a common characteristic, such as age, gender, income level, or lifestyle.

It refers to the trade of goods and services that are illegal in themselves and/or distributed through illegal channels.

It refers to the commerce areas where, because of price differences across countries, consumers are able to cross international borders to legally purchase products at lower prices than in their home country.

It refers to the commerce areas where vendors purposely deceive buyers by altering products and then sell them as branded products at a bargain cost.

It refers to the secretive, unregulated (though often technically legal) trading in commodity futures.

2 points

QUESTION 38

_____ refers to buying raw materials, components, or services from one supplier exclusively, rather than buying from two or more suppliers.

Open-sourcing

Multisourcing

Sole-sourcing

Home-sourcing

Outsourcing

2 points

QUESTION 39

_____ refers to a situation which means that there is no more stock of the company's product.

Stock of record

Stock-check

Safety stock

Stock call

Stock-out

2 points

QUESTION 40

Which of the following statements holds true for the indirect channel of distribution?

It refers to the shortest channel of distribution, consisting of just the producer and the end consumer.

It refers to the combination of the four Ps of marketing that can be customized for different countries.

It refers to a channel of distribution which contains one or more intermediaries between the consumer and the producer.

It refers to a channel of distribution where the customer is the first and not the last link in the distribution chain.

It refers to the channel of distribution where the company sells its products to the consumers in other countries via the internet without using local retailers.

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