Question 1

Countries with ________ economies consist mostly of households with very low family incomes.
A) industrial
B) industrializing
C) raw material exporting
D) emerging
E) subsistence

Accepted Answer

Subsistence economies rely primarily on the production of food and other basic necessities for survival, with little surplus for trade or export. Households in these economies typically have very low family incomes and engage in small-scale agriculture or fishing.

Question 2

If Azerbaijan imported wheat from Romania in exchange for crude oil, and Vietnam exchanged rice for Philippine fertilizer and coconuts then these scenarios would be examples of ________.
A) cash transaction
B) compensation
C) buyback
D) blocked currency
E) barter

Accepted Answer

These scenarios describe a barter transaction, where goods are exchanged directly for other goods without the use of money.

Question 3

Which of the following is a demographic factor that a company should consider before deciding to enter into a new country?
A) transportation structure
B) natural resources
C) political stability
D) languages
E) education

Accepted Answer

The answer of Which of the following is a demographic...

Question 4

Which of the following is an example of an industrial economy?
A) Japan
B) China
C) Vietnam
D) India
E) North Korea

Accepted Answer

Japan is an example of an industrial economy, as it has a highly developed manufacturing sector and a strong emphasis on technological innovation. China, Vietnam, India, and North Korea are all classified as emerging economies with a mix of industrial and agrarian sectors.

Question 5

In a(n) ________ economy, fast growth in manufacturing results in rapid overall economic growth.
A) industrial
B) industrializing
C) materials exporting
D) subsistence
E) agrarian

Accepted Answer

The answer of In a(n) ________ economy, fast growth in...

Question 6

The BRIC countries are ________.
A) Bolivia, the Republic of Haiti, Israel, and Chile
B) Britain, the Republic of the Marshall Islands, Ireland, and the Commonwealth of Australia
C) Brazil, Russia, India, and China
D) Burundi, Rwanda, Ivory Coast, and Congo
E) Belarus, Romania, Iceland, and Czech Republic

Accepted Answer

BRIC countries refer to Brazil, Russia, India, and China. These countries are known for their emerging economies and growing influence on the global stage.

Question 7

Demographic characteristics, geographic characteristics, economic factors, sociocultural factors, and political and legal factors all help a company ________.
A) determine a market's potential
B) determine a country's degree of globalization
C) evaluate its marketing objectives
D) evaluate its value delivery network
E) determine a country's income distribution

Accepted Answer

Demographic characteristics, geographic characteristics, economic factors, sociocultural factors, and political and legal factors are all important in understanding a market's potential. By analyzing these factors, companies can determine the size and characteristics of the target market and tailor their marketing strategies accordingly.

Question 8

Nike inadvertently offended Chinese officials when it ran an ad featuring LeBron James crushing a number of revered Chinese figures in a kung fu-themed television ad. As a result, Nike has to release a formal apology. This is an example of the impact of ________ on marketing strategy.
A) culture
B) political stability
C) level of industrialization
D) income distribution
E) monetary regulations

Accepted Answer

The incident highlights the importance of considering cultural differences when developing marketing strategies. Nike's ad was seen as disrespectful and offensive to the Chinese culture, indicating the need for a deeper understanding of cultural nuances and sensitivities. Political stability, level of industrialization, income distribution, and monetary regulations may also impact marketing strategies, but they are not directly relevant in this specific example.

Question 9

Sellers might accept a(n) ________, one whose removal from the country is restricted by the buyer's government, if they can buy other goods in that country that they need themselves or can sell elsewhere for a needed currency.
A) blocked currency
B) countervailing duty
C) custom duty
D) anti-dumping duty
E) tariff

Accepted Answer

A blocked currency is one whose removal from the country is restricted by the buyer's government. Sellers might accept a blocked currency if they can use it to purchase other goods in that country that they need themselves or can sell elsewhere for a needed currency.

Question 10

________ are major exporters of manufactured goods, services, and investment funds.
A) Raw material exporting economies
B) Subsistent economies
C) Industrializing economies
D) Industrial economies
E) Emerging economies

Accepted Answer

Industrial economies are the major exporters of manufactured goods, services, and investment funds. They have developed industries, infrastructure, and a skilled workforce, and are able to produce high-quality goods and services, which they export to other countries. Examples of industrial economies include the United States, Japan, Germany, and the United Kingdom.

Question 11

Which of the following is the LEAST critical decision a company should make before going abroad?
A) Can the company learn to understand buyer behavior of consumers in other countries?
B) Can the company offer competitively attractive products?
C) Can the company adapt to other countries' business cultures?
D) How many foreign nationals should the company employ?
E) Do the company's managers have the necessary international experience?

Accepted Answer

While employing foreign nationals can be an important consideration, it is not a critical decision compared to understanding buyer behavior, offering competitive products, and adapting to business cultures. International experience of managers is also important in successful international expansion.

Question 12

Industrializing economies are also known as ________ economies.
A) emerging
B) raw material exporting
C) totalitarian
D) subsistence
E) capitalist

Accepted Answer

Industrializing economies are also known as emerging economies because they are countries undergoing rapid economic growth and development, often through industrialization.

Question 13

Which of the following characterizes emerging economies?
A) Industrialization typically creates a new rich class and a growing middle class, both demanding new types of imported goods.
B) They trade goods among themselves and also export them to other types of economies for raw materials and semifinished goods.
C) Most African countries fall into this category.
D) They consume most of their output and barter the rest for simple goods and services.
E) These countries are the best markets for large equipment, tools and supplies, and trucks.

Accepted Answer

The answer of Which of the following characterizes emerging economies?
A)...

Question 14

Foreign businesses in India appear to receive unusually close scrutiny and must meet special regulations, aimed at protecting local businesses. This includes nontariff trade barriers. This reflects that a country's ________ should be carefully considered before doing business in that country.
A) political-legal environment
B) industrial structure
C) cultural norms
D) natural resources
E) income distribution

Accepted Answer

The close scrutiny and special regulations that foreign businesses face in India suggest that the country's political-legal environment should be carefully considered before doing business there. The government policies and laws can greatly impact the operations and success of foreign businesses in the country.

Question 15

BRIC countries are examples of ________ economies.
A) raw material exporting
B) industrializing
C) subsistence
D) industrial
E) totalitarian

Accepted Answer

BRIC countries (Brazil, Russia, India, China) are known for their rapid industrialization in recent years. They have been able to transform their economies from being largely agricultural-based to becoming more industrialized with increasing manufacturing industries and technological advancements.

Question 16

India needs more imports of raw materials such as textiles, steel, and heavy machinery and fewer imports of finished textiles, paper products, and automobiles. In the context of industrial structures, India is most likely a(n) ________ economy.
A) subsistence
B) totalitarian
C) raw material exporting
D) agrarian
E) industrializing

Accepted Answer

India's need for more imports of raw materials and less imports of finished goods suggests an industrializing economy. This means that India is in the process of shifting from an agricultural-based economy towards manufacturing and industry.

Question 17

Which of the following is a sociocultural factor that a company should consider before deciding to enter into a new country?
A) political stability
B) population density (urban vs. rural)
C) education
D) income distribution
E) consumer lifestyles, beliefs, and values

Accepted Answer

Consumer lifestyles, beliefs, and values are important sociocultural factors because they can impact the demand for products and services. For example, a country that values traditional and natural remedies may not be a good market for pharmaceutical products. Additionally, consumer behaviors may differ based on cultural norms and beliefs, such as the importance of family or religion, which may impact advertising and marketing strategies. Therefore, understanding the sociocultural factors specific to a new market is critical for successfully entering and competing in that market.

Question 18

The United States and Norway are examples of ________ economies.
A) subsistence
B) industrializing
C) emerging
D) industrial
E) raw material exporting

Accepted Answer

Both the United States and Norway have well-developed manufacturing and service sectors, making them examples of industrial economies.

Question 19

Which of the following involves the direct exchange of goods and services?
A) cash transaction
B) compensation
C) buyback
D) blocked currency
E) barter

Accepted Answer

Barter involves the direct exchange of goods and services without the use of currency. The other options involve the use of money or other forms of financial compensation.

Question 20

Which of the following is a geographic factor that a company should consider before deciding to enter into a new country?
A) climate
B) population size
C) GDP size and growth
D) government bureaucracy
E) business norms and approaches

Accepted Answer

The answer of Which of the following is a geographic...

Quiz 19: The Global Marketplace

Countries with ________ economies consist mostly of households with very low family incomes.

If Azerbaijan imported wheat from Romania in exchange for crude oil, and Vietnam exchanged rice for Philippine fertilizer and coconuts then these scenarios would be examples of ________.

Which of the following is a demographic factor that a company should consider before deciding to enter into a new country?

Which of the following is an example of an industrial economy?

In a(n) ________ economy, fast growth in manufacturing results in rapid overall economic growth.

The BRIC countries are ________.

Demographic characteristics, geographic characteristics, economic factors, sociocultural factors, and political and legal factors all help a company ________.

Nike inadvertently offended Chinese officials when it ran an ad featuring LeBron James crushing a number of revered Chinese figures in a kung fu-themed television ad. As a result, Nike has to release a formal apology. This is an example of the impact of ________ on marketing strategy.

Sellers might accept a(n) ________, one whose removal from the country is restricted by the buyer's government, if they can buy other goods in that country that they need themselves or can sell elsewhere for a needed currency.

________ are major exporters of manufactured goods, services, and investment funds.

Which of the following is the LEAST critical decision a company should make before going abroad?

Industrializing economies are also known as ________ economies.

Which of the following characterizes emerging economies?

Foreign businesses in India appear to receive unusually close scrutiny and must meet special regulations, aimed at protecting local businesses. This includes nontariff trade barriers. This reflects that a country's ________ should be carefully considered before doing business in that country.

BRIC countries are examples of ________ economies.

India needs more imports of raw materials such as textiles, steel, and heavy machinery and fewer imports of finished textiles, paper products, and automobiles. In the context of industrial structures, India is most likely a(n) ________ economy.

Which of the following is a sociocultural factor that a company should consider before deciding to enter into a new country?

The United States and Norway are examples of ________ economies.

Which of the following involves the direct exchange of goods and services?

Which of the following is a geographic factor that a company should consider before deciding to enter into a new country?