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Understanding Business
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Understanding Business
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TEST BANK FOR UNDERSTANDING BUSINESS, 13TH EDITION BY WILLIAM NICKELS, JIM MCHUGH, SUSAN MC
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TEST BANK For Understanding Business 13th Edition byNickels, McHugh and McHugh
Which statement best supports the claim that greater uniformity replaces diversity
in the context of global markets? - ANSWER: As rival global firms follow each other
across countries, they bring with them their brand names, products, and marketing
strategies from other national markets, thus creating some homogeneity across
markets.
The range of problems that a manager in an international business faces is typically
more complex than those faced by a manager in a domestic business. - ANSWER:
True
Ivory Piano is headquartered in Michigan and has production plants in Mexico and
Indonesia. Ivory Piano is an example of - ANSWER: a multinational enterprise.
Which statement reflects the changing demographics of the global economy? -
ANSWER: U.S. dominance in export markets has waned as Japan, Germany, and a
number of newly industrialized countries have taken a larger share of world exports.
Monique, a French fashion designer, sells her merchandise by exporting it to retail
stores in the United States, United Kingdom, and Brazil. According to this
information, Monique is participating in - ANSWER: international trade.
One criticism of globalization is that falling trade barriers encourage companies to
locate manufacturing activities in another country to take advantage of lower wage
rates. - ANSWER: True
Containerization has revolutionized the transportation business, significantly
lowering the costs of shipping goods over long distances. - ANSWER: True
As a result of globalization, international businesses can avoid the haggle of currency
exchanges during cross-border transactions. - ANSWER: False
The lowering of trade and investment barriers creates fewer opportunities for
companies to have the world as their market. - ANSWER: False
Tomorrow's Tech Inc., a U.S.-based company, has productive activities in more than
two countries. Tomorrow's Tech is what type of enterprise? - ANSWER: multinational
, Morning Fresh Skin Care, a U.S.-based beauty products manufacturer, has set up a
manufacturing plant in Hong Kong. This is an example of - ANSWER: foreign direct
investment
Sanjay purchased a computer for $500 in 2018. Compared to the $900 computer
that he purchased in 2011, the new one seems better in terms of the price he has
paid and the power of the microprocessor technology. This is best explained by -
ANSWER: Moores law
On an island nation, citizens are restricted in how much land they can own if it
creates opposition to the rule of the "common good." What is the political system of
the island based on? - ANSWER: collectivism
A government of a European nation believes that its citizens should have complete
freedom in their economic and political pursuits, and the ideology is "private profit
over public good." It can be said that this nation follows the philosophy of - ANSWER:
individualism
Shondra Watson, a U.S.-based business executive, paid the equivalent of $30 to an
official of a European country to expedite the overnight delivery of critical
documents necessary to expedite a work permit. When questioned, Shondra claimed
this was a way to facilitate the performance of an obligation that was already agreed
upon. The $30 is an example of - ANSWER: grease payment
After the collapse of communism in Russia, successful business owners often had to
pay "protection money" to the mafia or face violent retribution. In the context of
property rights, the behavior of the mafia is an example of - ANSWER: private action
While he was shopping for new clothes, Sanjay noticed there was a sale on shirts by
Tommy Hilfiger. The Tommy Hilfiger name is an officially registered __________ in
menswear clothing. - ANSWER: trademark
Nolan is a lawyer representing Killian Auto Group in a lawsuit. During the trial, Nolan
referred to a court case from twenty years ago and asked the witness if she felt
Killian Auto Group had acted in a similar manner as the company in the previous
case. When Nolan referred to the previous court case, he was relying on __________
to make his case. - ANSWER: precedent
A European government took Scottish Alliance, a domestic energy firm, into state
ownership to save the company from bankruptcy. However, the other private
competitors in the energy industry were enraged by this decision. As a result, the
government had to reduce the tax burden on all private energy firms so that both
the state-owned enterprise and private firms could coexist. What type of economy
does this portray? - ANSWER: mixed
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