Question 1

Since the introduction of the iPhone,a booming market for smartphone applications has emerged.It is most accurate to say that this new opportunity was created through changes in the ________ environment.

Accepted Answer

The introduction of the iPhone brought technological changes that allowed for the creation of smartphone applications, which in turn created a booming market for these apps.

Question 2

The gross domestic product (GDP)is the overall pattern of changes or fluctuations of an economy,such as prosperity,recession,and recovery.

Accepted Answer

Gross Domestic Product (GDP) measures the total value of all goods and services produced over a specific time period within a country's borders; it does not describe the pattern of changes or fluctuations in the economy.

Question 3

A country that is shifting from an agricultural based economy to an industrial based economy is known as a developing country.

Accepted Answer

Developing countries are characterized by a shift from an agricultural-based economy to an industrial-based economy, with a focus on manufacturing and services.

Question 4

Poland has a growing middle class and boasts a large skilled labor force.Poland is most likely categorized as a developing country.

Accepted Answer

Poland's economy is considered to be a developing or emerging market economy, with a growing middle class and a large skilled labor force. However, it is important to note that Poland has made significant progress in recent years and is considered a success story in terms of economic development.

Question 5

Foreign exchange rate is used more frequently than gross domestic product (GDP)as a measure of a country's economic health.

Accepted Answer

Gross Domestic Product (GDP) is a primary indicator used to gauge the health of a country's economy, as it represents the total dollar value of all goods and services produced over a specific time period. Foreign exchange rates, while important, mainly reflect the value of one currency against another and are influenced by various factors including economic health, but are not a direct measure of it.

Question 6

Which of the following is the best example of a cultural value?

Accepted Answer

The statement "Marriage is important" is a cultural value because it reflects the beliefs and customs of a society regarding the significance of the institution of marriage.

Question 7

On the Upper West Side of Manhattan,there are hundreds of independent restaurants offering different specialties,services,and prices.The market for restaurants in this neighborhood is in a state of monopolistic competition.

Accepted Answer

Monopolistic competition is a market structure where there are many firms selling differentiated products, facing a downward-sloping demand curve, and with some control over price. In the case of the Upper West Side restaurants, each restaurant offers a different experience and menu, creating a differentiated product and making the market highly competitive, but not perfectly competitive. Therefore, the market for restaurants in this neighborhood can be classified as monopolistic competition.

Question 8

Tupperware uses a business model that relies on women running their own businesses as agents of Tupperware.Tupperware successfully exports to China and India.Explain why these countries provide attractive markets for Tupperware.

Accepted Answer

The answer of Tupperware uses a business model that relies...

Question 9

In a monopolistic competition market structure,each seller is very conscious of other sellers' actions,since there is a small number of sellers in the industry.

Accepted Answer

In monopolistic competition, there are many sellers, each with differentiated products, so individual sellers are less concerned with the actions of others compared to oligopoly markets.

Question 10

In Thailand and Turkey,most people subordinate their personal goals to those of a stable community.These countries are examples of collectivist cultures.

Accepted Answer

Collectivist cultures prioritize the goals and well-being of the community over the individual, which is common in Thailand and Turkey.

Question 11

One of the two purposes of laws governing businesses in the United States is to make sure that businesses compete fairly with each other.

Accepted Answer

One of the main purposes of laws and regulations governing businesses in the United States is to ensure fair competition between businesses. This is achieved through antitrust laws and other regulations that seek to prevent monopolies, price fixing, and other anti-competitive behaviors.

Question 12

U.S.marketing campaigns that stress the desirability of "Made in America" products are most likely to appeal to ________ U.S.consumers.

Accepted Answer

Ethnocentric consumers have a strong preference for products and services from their own country and they may perceive "Made in America" products as superior in quality and patriotic. Therefore, marketing campaigns that stress the desirability of "Made in America" products are most likely to appeal to ethnocentric U.S. consumers.

Question 13

Per capita gross domestic product (GDP)may be a deceiving economic measure because the wealth of a country may be concentrated among just a small percentage of the population.

Accepted Answer

Per capita GDP only calculates the average wealth of a population, which can be skewed if a small percentage of the population holds a disproportionate amount of wealth. This was famously illustrated by economist Simon Kuznets in his theory of the "Kuznets curve," which suggests that in early stages of economic growth, income inequality tends to increase before eventually decreasing as a country develops further.

Question 14

Oligopolies most often exist in industries that require little investment in equipment,technology,or materials to produce a product.

Accepted Answer

Oligopolies typically exist in industries that require significant investment in equipment, technology, or materials, which creates a barrier to entry for new competitors. Examples of oligopolistic industries include airlines, telecommunications, and automobile manufacturing.

Question 15

Japanese who give currency as gifts will typically wash the money before making the presentation.This is a(n)________ in a nation of people who place high importance on cleanliness.

Accepted Answer

The act of washing money before presentation is a custom in Japan as it is a traditional practice observed by many Japanese people. This custom is rooted in their cultural value of cleanliness, which is highly regarded in the country. The other answer choices are inaccurate in describing this phenomenon in Japan.

Question 16

Describe and compare the three basic levels of economic development.

Accepted Answer

The answer of Describe and compare the three basic levels...

Question 17

Companies need to understand the differences in the cultures in which they operate.Explain the terms cultural values and social norms,giving an example of each.

Accepted Answer

The answer of Companies need to understand the differences in...

Question 18

Consumers pay for necessities out of their discretionary income.

Accepted Answer

Consumers pay for necessities out of their non-discretionary income, which is the portion of their income that is allocated for essential expenses such as housing, food, and healthcare. Discretionary income, on the other hand, is the amount of money that is left over after essential expenses are paid and can be used for non-essential purchases such as entertainment and travel.

Question 19

What are the two purposes of the laws governing American business? Describe how at least two regulatory agencies fulfill these purposes.

Accepted Answer

The answer of What are the two purposes of the...

Question 20

Marketers monitor the technological environment.How can changes in technology impact marketing communication strategy? Provide at least two examples.

Accepted Answer

The answer of Marketers monitor the technological environment.How can changes...

Quiz 2: Global, ethical, and Sustainable Marketing