Question 1

Industrializing economies are also known as ________ economies.

Accepted Answer

Industrializing economies are also known as emerging economies because they are in the process of transitioning from agricultural-based to industrial-based economies, and are typically characterized by rapid economic growth and urbanization.

Question 2

The United States and Norway are examples of ________ economies.

Accepted Answer

Both the United States and Norway have highly developed, industrialized economies with advanced technological and manufacturing sectors.

Question 3

Which of the following is an example of a raw material exporting economy?

Accepted Answer

Chile is mainly dependent on exporting raw materials like copper, wood, and paper products.

Question 4

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

Accepted Answer

Subsistence economies depend on the production and consumption of food and other basic items that are produced within the community. The households in these economies typically have very low family incomes and rely on their own labor to meet their basic needs.

Question 5

BRICS countries are examples of ________ economies.

Accepted Answer

BRICS countries (Brazil, Russia, India, China, South Africa) are considered as emerging or industrializing economies due to their significant growth and development in various industries such as manufacturing, technology, and services. They have increased their presence in the global economy and have become major players in international trade and investment.

Question 6

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

Accepted Answer

The answer of Which of the following is an economic...

Question 7

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.

Accepted Answer

A blocked currency is a currency that is restricted from being converted into other currencies or taken out of the country. Sellers may accept this kind of currency if they are able to use it to purchase other goods they need or sell it elsewhere for a needed currency. The other options listed do not relate to the concept of a restricted currency.

Question 8

A company should consider political and legal factors such as monetary regulations, political stability, the country's attitudes toward international buying, and ________ when determining whether to enter a specific country.

Accepted Answer

Government bureaucracy can impact a company's ability to do business in a specific country. Regulations, permits, and licenses are often required to operate within a country, and the complexity and efficiency of the government bureaucracy can greatly affect a company's ability to obtain these necessary approvals in a timely manner.

Question 9

Which of the following characterizes emerging economies?

Accepted Answer

The answer of Which of the following characterizes emerging economies?
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Question 10

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.

Accepted Answer

The fact that foreign businesses in India face special regulations and non-tariff trade barriers suggests that the political-legal environment of India should be carefully considered before doing business in the country. This includes the policies and laws governing trade, investment, and intellectual property rights.

Question 11

Income distribution is the second economic factor. While much of Africa consists of countries with subsistence economies, companies are increasingly targeting ________ consumers in subsistence and emerging economies.

Accepted Answer

The phrase "bottom of the economic pyramid" refers to consumers in subsistence and emerging economies who have low income. Therefore, option B is the best choice. Option A (upper-class) and C (middle-income) are not relevant to the statement about subsistence economies. Option E is too broad and includes both middle and low-income consumers, while the statement only mentions subsistence economies.

Question 12

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

Accepted Answer

Barter involves the direct exchange of goods and services without the use of money. It is a system of trade where one product or service is exchanged for another without the involvement of money.

Question 13

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

Accepted Answer

Japan is known for its highly developed industrial economy, with a focus on manufacturing and technology industries. China, Vietnam, India, and North Korea are all transitioning from agricultural or developing economies to industrial economies, but Japan has already achieved significant levels of industrialization.

Question 14

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.

Accepted Answer

India's need for more raw materials such as textiles, steel, and heavy machinery indicates an industrializing economy that is developing its manufacturing sector. The need for fewer imports of finished products, such as textiles, paper products, and automobiles, suggests that India is starting to produce these goods domestically.

Question 15

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

Accepted Answer

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

Question 16

A(n) ________ economy is rich in one or more natural resources but poor in other ways and much of its revenue comes from exporting its natural resources.

Accepted Answer

A raw material exporting economy is defined by its reliance on exporting natural resources for revenue. It may be rich in those natural resources, but is often lacking in other areas of development such as infrastructure and industry. The other options do not accurately describe this type of economy.

Question 17

Coffee, tea, cotton, and tobacco are the main exports of Uganda. It is most likely that Uganda has a(n) ________ economy.

Accepted Answer

The answer of Coffee, tea, cotton, and tobacco are the...

Question 18

The BRICS countries are ________.

Accepted Answer

BRICS stands for Brazil, Russia, India, China, and South Africa. These five countries form an association aimed at enhancing cooperation in areas such as trade, finance, and technology among themselves and with other developing countries.

Question 19

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

Accepted Answer

Monetary and trade regulations can have a significant impact on a company's ability to operate in a new country, including issues related to taxes, tariffs, and currency exchange rates. It is important for companies to closely examine the political and legal factors in a potential new market before making a decision to enter.

Question 20

________ are major importers and exporters of manufactured goods and services

Accepted Answer

Industrial economies are countries that have a high level of industrialization and are major importers and exporters of manufactured goods and services. They typically have significant infrastructure, advanced technology, and skilled labor forces. Examples of industrial economies include the United States, Japan, Germany, and South Korea.

Quiz 19: The Global Marketplace