Question 1

Some pricing strategies are illegal.

Accepted Answer

Certain pricing strategies, such as price fixing, predatory pricing, and price discrimination, can be illegal under antitrust laws and regulations designed to promote fair competition.

Question 2

Consumers pay for necessities out of discretionary income.

Accepted Answer

The answer of Consumers pay for necessities out of discretionary...

Question 3

Norms are specific rules dictating what is right or wrong,acceptable or unacceptable.

Accepted Answer

Norms are established standards of behavior maintained by a society, indicating what is considered right or wrong, acceptable or unacceptable.

Question 4

All a company needs to know to determine if a country's environment will make an attractive market is the nation's gross domestic product (GDP).

Accepted Answer

GDP alone does not provide a complete picture of a market's attractiveness; other factors such as political stability, legal environment, cultural factors, and consumer behavior are also important.

Question 5

An oligopoly is a market structure in which a relatively small number of sellers compete in a market with many buyers.

Accepted Answer

An oligopoly is characterized by a small number of firms that dominate the market, leading to limited competition, while there are typically many buyers.

Question 6

In an monopolistic competition market structure each seller is very conscious of other seller's actions,since there are 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 where few sellers exist.

Question 7

The World Trade Organization (WTO)does not deal with issues concerning the protection of copyright and patent rights.

Accepted Answer

The World Trade Organization (WTO) does indeed address issues related to the protection of intellectual property rights, including copyright and patents. In fact, the WTO has an agreement called the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) which sets out the minimum standards for intellectual property protection that WTO members must adhere to.

Question 8

In marketing,the tendency to prefer products or people of one's own culture over those from other countries is called ethnocentrism.

Accepted Answer

Ethnocentrism in marketing refers to the preference for products or people from one's own culture, often leading to a bias against foreign products.

Question 9

Governments use tariffs to give domestic competitors an advantage in the marketplace by making foreign competitors' goods more expensive.

Accepted Answer

This is correct. Tariffs are often used as a tool of protectionism to support domestic producers by making imports more expensive and less competitive in the market.

Question 10

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

Accepted Answer

This statement is true as a developing country is generally characterized by a shift from a primarily agricultural-based economy to an industrial-based economy as they progress towards economic growth and development.

Question 11

In Thailand and Turkey the people subordinate their personal goals to those of a stable community because they are collectivist cultures.

Accepted Answer

Thailand and Turkey are considered collectivist cultures where the emphasis is on group goals and community stability over individual desires.

Question 12

One of the important issues the World Trade Organization (WTO)tackles is the pursuit of human rights.

Accepted Answer

The WTO primarily focuses on international trade rules and regulations, not directly on human rights issues.

Question 13

Marketers need to understand the economic environment,the customs,characteristics and the culture of the consumers,in global markets.

Accepted Answer

The answer of Marketers need to understand the economic environment,the...

Question 14

An examination of legal business practices would look at how companies deal with their customers and other businesses as well as how customers like you and me interact with those firms.

Accepted Answer

An examination of legal business practices involves analyzing the interactions and transactions between companies and their customers, as well as between companies themselves, to ensure compliance with laws and regulations.

Question 15

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 16

It may seem unethical,however,it is legal for companies to practice product dumping.

Accepted Answer

The answer of It may seem unethical,however,it is legal for...

Question 17

American laws governing businesses have the purpose to make sure that businesses compete fairly with each other.

Accepted Answer

American laws, such as antitrust laws, are designed to promote fair competition and prevent monopolistic practices, ensuring a level playing field for businesses.

Question 18

Export merchants develop the strategy that allows a business to adapt an entire way of doing business in a host country.

Accepted Answer

Export merchants typically focus on selling and distributing products in foreign markets rather than developing comprehensive business strategies for adapting operations in a host country.

Question 19

A company evaluating a country as a possible market may use per capita gross domestic product (GDP)which be deceiving because the wealth of a country may be concentrated in the hands of a few.

Accepted Answer

Per capita GDP is an average measure and does not account for income distribution, so it may not reflect the actual economic situation of the majority if wealth is concentrated among a few individuals.

Question 20

Two or more firms pooling their resources for common goals have established a joint venture.

Accepted Answer

This statement accurately describes a joint venture, where two or more firms collaborate for a mutually beneficial purpose while still maintaining their legal independence.

Quiz 3: Thriving in the Marketing Environment: the World Is Flat