ch 2 quiz
Which of the following terms indicates ways to dress, how to speak, what to eat, how to eat, and how to behave? A. Demographics B. Collectivist culture C. Individualist culture D. Social norms E. Consumer ethnocentrism
D
Which of the following terms refers to limitations set by a government on the amount of a product allowed to enter or leave a country? A. Tariffs B. Protectionism C. Embargo D. Quota E. Economic communities
D
An economy experiencing falling demand, employment, and income is in which stage of the business cycle? A. Inflation B. Standard of living C. Recession D. Recovery E. Prosperity
C
Which of the following countries make up the economic community known as USMCA? A. Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua B. Brazil, Paraguay, Uruguay, and Argentina C. Canada, Mexico, and the United States D. Bolivia, Colombia, Ecuador, and Peru E. Philippines, Singapore, Thailand, and Vietnam
C
Which of the following is one of the goals of the American Marketing Association? A. To promote the use of a utilitarian approach to marketing whenever possible B. To create a single open market where goods flow freely between countries C. To establish free trade zones worldwide D. To promote high standards of ethical norms and values E. To promote ethical relativism
C
Which of the following market entry strategies involves an agreement in which one firm gives another firm the right to produce and market its product in a specific country or region in return for royalties? A. Franchise agreement B. Exporting C. Licensing agreement D. Direct investment E. Joint venture
C
Which of these does the chapter identify as the biggest human rights problem in the world? A. Individualist cultures B. Environmental disruption C. Slavery D. Global economic disruption E. Consumer ethnocentrism
C
Which term refers to items that are imported without the consent of the trademark holder? A. Dumping B. Backward invention strategy C. Gray market goods D. Product adaption strategy E. Free trade zone
C
Which term refers to the process of gathering and analyzing publicly available information about rivals? A. Product competition B. Bottom of the Pyramid (BOP) C. Competitive intelligence D. Brand competition E. G8
C
Within the food industry, a growing trend is locavorism, which means consumers actively look for products that come from farms within ________ miles of where they live. A. 500 to 1000 B. 100 to 500 C. 50 to 100 D. Over 2000 E. 1000 to 2000
C
How do countries benefit by being members of economic communities? A. Quotas are established to prohibit commerce and trade with nonmember countries. B. Domestic competitors have advantage based on price. C. Tariffs on imported goods increase, creating a higher standard of living. D. Trade policies are coordinated and there are fewer restrictions on imports and exports. E. The balance of payments become equalized.
D
If a firm offers the same product for domestic and foreign markets, the company is demonstrating which type of product strategy? A. Product invention strategy B. Strategic alliance C. Product adaption strategy D. Straight extension strategy E. Backward invention strategy
D
In which competitive macroenvironment do athletic shoe manufacturers such as Nike, New Balance, Adidas, and Under Armour vigorously compete with one another for consumers? A. Perfect competition B. Monopoly C. Competitive intelligence D. Monopolistic competition E. Oligopoly
D
Which of the following refers to a form of protectionism that stipulates a certain proportion of a product must consist of components supplied by industries in the host country or economic community? A. Nationalization B. Economic sanctions C. Expropriation D. Local content rules E. U.S. Generalized System of Preferences (GSP)
D
Which of the following is the MOST commonly used measure of a country's economic health? A. LDC B. Economic infrastructure C. Level of economic development D. Foreign exchange rate E. GDP
E
Which of the following occurs when someone in authority extracts payment under duress? A. Bribery B. Business ethics C. Code of ethics D. Ethical relativism E. Extortion
E
Which of the following replaced the General Agreement on Tariffs and Trades (GATT) and sets global rules of trade between nations? A. International Monetary Fund B. Economic communities C. Forex exchange D. World Bank E. World Trade Organization
E
Which term refers to a market entry strategy involving two or more firms creating a new entity, allowing the partners to pool their resources for common goals? A. Licensing agreement B. Joint venture C. Franchise agreement D. Direct investment E. Exporting
B
The price of one country's currency in terms of another country's currency is known as the ________. A. exchange rate B. currency fluctuation C. dollar rate D. balance of payment E. money exchange
A
What is the term for the buyer belief that products of certain other countries are superior to similar products made in one's own country? A. Consumer xenocentrism B. Social norms C. Individualist cultures D. Consumer ethnocentrism E. Global economic disruption
A
Which of the following is defined as the flow of goods and services among different countries—the total value of all the exports and imports of the world's nations? A. World trade B. Protectionism C. General Agreement on Tariffs and Trade (GATT) D. Countertrade E. World Trade Organization (WTO)
A
________ occurs when someone voluntarily offers payments to get an illegal advantage. A. Bribery B. Ethical relativism C. Exchange D. Extortion E. Payment plan
A
The ________ consisted of a series of anti-government protests and uprisings in a number of Arab countries that were largely aided by new social media tools, gave hope to many that dictatorships in countries in the Middle East would become democracies and bring a better life to peoples of the countries. A. Anti-Dictator Movement B. Arab Spring C. Occupy the Desert Uprising D. Arabian Uprising E. Middle East Protest Movement
B
What part of the sustainable marketing mix involves producing more environmentally friendly products, such as electric automobiles? A. Promotion strategies B. Product strategies C. Target marketing strategies D. Place strategies E. Price strategies
B
Which of the following refers to the availability of resources that make doing business in another country possible? A. Competitive intelligence B. Economic infrastructure C. Exchange rate D. Standard of living E. Business cycle
B
