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Exam 3: Doing Business in Global Markets

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Question 161

Multiple Choice

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Workers in the nation of Argenia prefer managers that forcefully tell employees what to do and how to do it.Conversely,employees in the U.S.prefer to participate in decision making in the workplace.This __________ difference between Argenian workers and U.S.workers represents a management challenge for firms trading in the global market.

A) geo-political
B) economic
C) sociocultural
D) regulatory

E) A) and D)
F) B) and D)

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Question 162

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Today,there are more countries that have some form of absolute advantage in a product or service,than years ago.

A) True
B) False

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Question 163

Multiple Choice

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Some governments initiate restrictive standards that detail exactly how a product must be sold in a country.Trade experts call these restrictions _______________.

The common market arrangement that groups Brazil,Argentina,Paraguay,Uruguay,Chile,and Bolivia is called the:

When trading in global markets,most countries prefer to import more than they export.

A Mexican firm has agreed to trade petroleum to an American importer in return for U.S.made computers.This arrangement is an example of:

_______ is a complex form of bartering in which several countries may be involved,each trading products and services,for the products and services of another country.

Nike _________________ its products in foreign countries,where labor is cheap and production sites are owned by other companies.This strategy allows Nike to experiment in new markets without incurring large start-up costs involved with building their own production facilities.

The nation of Redland reported that its imports for the previous year were $4 billion greater than its exports.During the same period,Redland reported a favorable balance of payments.This information suggests:

_______________ are specialists that match buyers and sellers from different countries and provide services to ease the process of entering global markets.

Mini-Case Since he was five years old,Rhett Tenna struggled with poor eyesight.He suffered through all the names that went along with wearing eyeglasses for most of his young life.Rhett eventually switched from traditional eyeglasses to contact lens,but he always wondered why glasses were considered to be "ugly" and not fashionable.After graduation from college,Rhett set out on a lifelong goal: to make eye wear synonymous with high fashion.He opened a specialty store called "The Eyes Have It." His marketing plan was to remove the social stigma of wearing glasses,and replace it with a sense of flair and high fashion.From the day he opened his first store,Rhett's plan met with resounding success.Today,"The Eyes Have It" has grown from that single outlet to a medium-sized company with dozens of stores located in six states,and a manufacturing plant that turns out designer frames. A recent internal audit,however,suggested a problem that Rhett had not anticipated.The study indicated that the U.S.market is just about saturated and growth of "The Eyes Have It" stores will be very limited.The audit concerned Rhett until he recognized an untapped market existed overseas.If people all over the world have the same problem,the global market opportunities are fantastic! All in favor of going global say: "The Eyes Have It"! -The company was informed by the Japanese Ministry of Trade that they could only export 1.5 million pairs of eyeglasses to the Japanese market during a given year.The Japanese have imposed a(n) :

Sovereign wealth funds (a form of foreign direct investment)are investment funds controlled by governments that hold large stakes in foreign companies.

The introduction of standardized international laws regulating business organizations has greatly simplified global trade.

The benefits of protective tariffs are:

Licensing is a popular strategy because:

While Asia represents an important source of U.S.imports,few export opportunities exist for U.S.firms to sell goods and services to Asian consumers.

Global markets rely on the U.S.dollar as the universal currency.

Climate and terrain in several South American countries are conducive to growing coffee efficiently.While other countries can grow coffee,they are not as efficient and effective at coffee growing because of short seasons and climate concerns.This fact would lead you to believe that South American countries have a(n) __________ advantage in the production of coffee.

A major goal of the Mercosur common market consisting of several South American countries is to develop a common currency.

U.S.firms that produce sophisticated military hardware are prohibited from exporting that equipment to "unfriendly" governments,such as Iran.This complete ban on exporting sensitive technology to specific countries is an example of a(n) :