Question 1

Globalization expands economic freedom,spurs competition,and lowers the productivity and living standards of people in countries that open themselves to the global marketplace.

Accepted Answer

Globalization typically increases productivity and living standards by providing access to larger markets, more resources, and advanced technologies, although it can also lead to challenges such as inequality and job displacement in certain sectors.

Question 2

Which of the following indicates a benefit of outsourcing?

Accepted Answer

Outsourcing can lead to increased corporate growth by allowing companies to focus on their core competencies and leverage external expertise and resources.

Question 3

Which of the following countries has the highest gross domestic product?

Accepted Answer

Acquardica has the highest gross domestic product because the market value of final goods and services is $260 billion, which is higher than the other countries.

Question 4

Fresnas Corp.,a company that designs in its New York headquarters and had manufactured apparel in Malaysia,now practices inshoring.Given this information,which of the following is most likely to be true of Fresnas Corp.?

Accepted Answer

Inshoring refers to bringing manufacturing back to the company's home country. Therefore, Fresnas Corp. likely keeps its research team close to its domestic manufacturers.

Question 5

Which of the following is true of outsourcing?

Accepted Answer

Outsourcing can sometimes lead to production delays if the outsourced parts are faulty or do not meet quality standards, affecting the overall production timeline.

Question 6

Which of the following companies is in the first stage of developing a global business?

Accepted Answer

The first stage of developing a global business is exporting, where a company sells its products to other countries without establishing a physical presence there. The Footwear Corp. fits this description as it sells its products internationally from its original location.

Question 7

Which of the following statements is true of globalization?

Accepted Answer

Globalization often leads to expanded economic freedom and can increase living standards by providing access to a wider range of goods and services, fostering competition, and encouraging innovation.

Question 8

Marketing that aims at markets across the world is called _________.

Accepted Answer

Global marketing aims at markets across the world.

Question 9

Which of the following refers to the total market value of all final goods and services produced in a country during a given time period?

Accepted Answer

The answer of Which of the following refers to the...

Question 10

GE has been in the news lately for _____,or bringing back the production of GE appliances to its Louisville,Kentucky plant from China.

Accepted Answer

Inshoring refers to bringing back production or business operations to the company's home country, which is what GE is doing by moving appliance production back to Louisville, Kentucky from China.

Question 11

Which of the following is NOT correct regarding the practice of inshoring?

Accepted Answer

Inshoring is often driven by the need to reduce development and manufacturing timelines, not expand them.

Question 12

Which term refers to understanding international marketing opportunities,using effective global marketing strategies,and knowing the threats from foreign competitors in all markets?

Accepted Answer

Global vision refers to the ability to recognize and understand international marketing opportunities, develop effective global marketing strategies, and be aware of threats from foreign competitors.

Question 13

Global marketing is a one-way street whereby only U.S.companies sell their wares and services throughout the world.

Accepted Answer

Global marketing involves companies from various countries selling their products and services internationally, not just U.S. companies.

Question 14

Discuss the impact of international trade on the United States.

Accepted Answer

The answer of Discuss the impact of international trade on...

Question 15

Which of the following is/are the benefits of outsourcing?

Accepted Answer

Outsourcing can lead to cost savings, support corporate growth, and increase productivity and revenue, making all options correct.

Question 16

Which of the following is correct regarding the benefit of globalization?

Accepted Answer

Globalization provides access to global export markets and advanced technology, which can enhance economic growth and development.

Question 17

Melrow Inc.,a U.S.firm,suffers heavy losses and lays off many of its employees.To reduce its manufacturing costs,it shifts its production units to another country where labor costs are less.In this scenario,Melrow Inc.is engaged in _____.

Accepted Answer

Melrow Inc. is outsourcing because it is moving its production to another country to take advantage of lower labor costs.

Question 18

If a country can boost exports and limit imports,then fewer jobs are created and there is more competition for local businesses.

Accepted Answer

Boosting exports and limiting imports generally leads to more job creation and less competition for local businesses, as domestic industries expand to meet increased demand and face less competition from foreign goods.

Question 19

Often small ventures are skeptical about entering the global market because it:

Accepted Answer

Small ventures are often skeptical about entering the global market due to the complexities and costs associated with various trade laws or tariffs, which can be challenging to navigate and may impact profitability.

Question 20

A company that is heavily engaged in global trade,beyond exporting and importing,is called ___________.

Accepted Answer

A multinational corporation is a company that is heavily engaged in global trade, beyond exporting and importing.

Quiz 5: Developing a Global Vision