Which of the following is NOT a common criticism of the IMF? Provides excessively lenient repayment terms to poor countries Inappropriate policies Moral hazard Lack of accountability 1 points Question 5 Empirical research has demonstrated that corruption tends to _______economic growth, foreign direct investment, and international trade. increase reduce precede preclude 1 points Question 6 Why would a manufacturing firm prefer to execute a green-field investment instead of acquiring an existing asset in a foreign country? Because green-field investments are typically less costly to execute Because green-field investments are typically less risky Because green-field investments are less likely to be targeted by host governments and/or protesters Because the acquiring firm may want to have full control of facility design and layout 1 points Question 7 Firms that compete in the global marketplace typically face two types of competitive pressures. They face pressures for cost reductions and: pressures for volume increases pressures to be locally responsive pressures to be politically savvy pressures for price reductions 1 points Question 8 _____ refers to identifying distinct groups of consumers whose purchasing behavior differs from others in important ways. Market penetration Market development Market segmentation Product development 1 points Question 9 The _____ refer(s) to systematic reductions in production costs that have been observed to occur over the life of a product. experience curve learning effects location economies efficiency slope 1 points Question 10 According to the article "Strategies that Fit Emerging Markets," McDonald's experience in Russia suggests that: Institutional voids can be overcome Some countries, particularly those with collectivist orientations, are just not open to Western fast-food restaurants Business models developed for advanced, Western markets rarely succeed in the developing world Even the most successful multinational firms can lose their way when they forsake the four elements of Porter's diamond 1 points Question 11 A (an) _________ may be defined as a situation in which none of the available alternatives seems morally acceptable. existential conflict tragedy of the commons cognitive conundrum ethical dilemma 1 points Question 12 In terms of the influence of cultural differences on product attributes, which of the following is evidence of the trends that Theodore Levitt described? Differences in traditional eating habits Cultural differences due to historical and idiosyncratic reasons Market segments that remained confined to national borders Tastes and preferences becoming cosmopolitan 1 points Question 13 Which of the following strategies is most likely to pursued by a firm when there are strong pressures for cost reductions and demands for local responsiveness are minimal? Domestic strategy Global standardization strategy International strategy Transnational strategy 1 points Question 14 In return for licensing one of its products to a foreign firm, the licensor: gets preferential trade treatment from the country of the licensee gets a special subsidy from the country of the licensee collects a royalty fee on every unit the licensee sells gets a suitcase full of unmarked bills tossed from a bridge 1 points Question 15 In the context of value chain analysis, which of the following is an example of a "primary" activity? Materials management Research and development Manufacturing Human relations 1 points Question 16 A country's __________ of FDI refers to the total accumulated value of foreign-owned assets at a given time. portfolio inventory flow Stock 1 points Question 17 The task of the International Monetary Fund, as established by the Bretton Woods agreement, is to: promote general economic development maintain order in the international monetary system provide letters of credit on behalf of first-time exporters facilitate the establishment of regional trade agreements 1 points Question 18 ______ is (are) payment/s made to ensure that a foreign company receives standard treatment that might otherwise be obstructed by a host country government official. facilitating payments hush money blackmail arbitrage 1 points Question 19 Labor productivity increases over time as individuals understand the most efficient ways to perform particular tasks. This is as a result of _____. diminishing returns location economies economies of time learning effects 1 points Question 20 Which of the following is true according to Theodore Levitt's article in the Harvard Business Review about the globalization of world markets? Multinational corporations consider the world to consist of distinct and unique entities. Multinational corporations operate at low relative costs. Multinational corporations operate from a single country. Multinational corporations do not adjust their products and practices to suit each country. 1 points Question 21 According to the article "How Wal-Mart is Changing China," which of the following is NOT a reason why Wal-Mart established the Direct Farm Program in China? To drive down costs by eliminating unproductive pieces of the supply chain To be able to get produce to customers in cities faster, thereby reducing spoilage To be better able to control the standards of the food it advertises as green and organic To comply with Beijing's demand that they purchase food directly from rural communes 1 points Question 22 In the 1930s, confidence in the _____________ shattered because countries were devaluing their currencies at will. fixed exchange system international currency board gold standard International Monetary Fund 1 points Question 23 A Jamaican brewery is working on its methods of advertising, promoting, and selling its product. This is an example of _____. primary activities in the value chain support activities in the value chain procurement activities in the value chain service activities in the value chain 1 points Question 24 How did the U.S. Justice Department learn about Chiquita's payments to illegal groups in Colombia? A private company cable was discovered by U.S. investigators Colombian politicians filed a complaint A competitor spilled the beans The company came forward and admitted it 1 points Question 25 Which of the following did Chiquita CEO Fernando Aquirre NOT do in dealing with his company's crisis in Colombia? turn itself into the U.S. Justice Department cease making illegal payments sell off its Colombia banana unit pay reparations to the family members murdered by guerrillas and paramilitaries 1 points Question 26 In international business, the benefits frequently associated with entering a foreign market early are known as _____. pioneering costs first-mover advantages absolute advantages bandwagon effects 1 points Question 27 Chinese towel-maker Loftex is cited in the article "How Wal-Mart is Changing China," as a success story. How come? Because it has achieved ambitious energy-reduction goals set by Wal-Mart Because it has developed new synthetic micro-fibers that are cheaper than cotton Because it has found a way to lower production costs while simultaneously improving working conditions within its factories Because it has found a way to lower production costs while raising worker salaries by 25 percent 1 points Question 28 The number of intermediaries between the product (or manufacturer) and the consumer is referred to as _____. channel length channel quality channel exclusivity channel fragmentation 1 points Question 29 _____ explicitly rejects the idea that businesses should undertake social expenditures beyond those mandated by the law and required for the efficient running of a business. The Friedman doctrine The Sullivan principle Utilitarianism Kantian ethics 1 points Question 30 Whereas in developing countries most FDI takes the form of _______, in developed countries most FDI take the form of _______. greenfield investments; acquisitions acquisitions; greenfield investments joint ventures; licensing deals licensing deals; turnkey operations 1 points Question 31 In terms of an international firm considering foreign expansion, _____ include the costs of promoting and establishing a product offering, and educating customers. Sunk costs Pioneering costs Opportunity costs Intangible costs 1 points Question 32 In the film "The Curse of Inca Gold," Newmont executive Larry Kurlander is caught on tape telling Peruvian intelligence chief Vladamiro Montesinos that he wants a ______. $1 million kickback deposited into his Swiss bank account friend for life guarantee that the government will suppress protests at the Yanacocha mine guarantee that the government will award Newmont and its partners a $1 billion mining concession 1 points Question 33 Which of the following is an element of a firm's marketing mix? Product attributes Employee management Customer service Population demographics 1 points Question 34 According to the article "How Wal-Mart is Changing China," October 24, 2005 was a critical date in the company's recent history. How come? Because the CEO gave an important speech committing the company to going green Because the company opened its 100th store in China, becoming the country's largest foreign retailer Because Wal-Mart was selected by China's government as a top-tier corporate sponsor for the 2008 Beijing Summer Olympics, bestowing upon it copious amounts of guanxi and good karma Because the CEO gave an important speech committing the company to enhancing worker rights in its supplier factories 1 points Question 35 A _____ means the value of the currency is fixed relative to a reference currency, and then the exchange rate between that currency and other currencies is determined by the reference currency exchange rate. flexible exchange rate pegged exchange rate real exchange rate dirty float exchange rate 1 points Question 36 Managers pursuing a ____ seek to make their product or service different from those of competitors on dimensions valued by customers. global strategy differntiation strategy cost leadership strategy multipoint competition strategy 1 points Question 37 A strategy that focuses primarily on increasing the attractiveness of a product is referred to as a _____ strategy. standardization differentiation target-identification low-cost 1 points Question 38 Kapstein argues in "Avoiding Unrest in a Volatile Environment," that savvy multinational companies should to seek to win the favor of foreign governments and their citizens by embedding themselves deeply in the communities in which they operate. In other words, they ought to follow a (an) ______ strategy. engagement multi-domestic enclave transnational 1 points Question 39 In a _____, a mode of entry into foreign markets, a firm agrees to set up an operating plant for a foreign client and hand over the plant when it is fully operational. franchising agreement turnkey project licensing agreement wholly owned subsidiary 1 points Question 40 Which of the following modes of entry into foreign markets have the advantage of being characterized by low development costs and risks? Exporting Licensing A greenfield investment A wholly owned subsidiary 1 points Question 41 In the 1960s, RCA licensed its leading-edge color television technology to a number of Japanese companies, which later took over the market. This demonstrates: The Japanese are not to be trusted There are certain capabilities that are often not amenable to licensing Licensing may result in a firm's giving away valuable technological know-how to a potential foreign competitor Licensing does not give a firm the tight control over manufacturing, marketing, and strategy in a foreign country that may be required to maximize its profitability 1 points Question 42 The _____ of a firm is measured by the difference between the value of a product to an average consumer and the average unit cost of producing that product. customer surplus value creation cost curve value efficiency 1 points Question 43 If Boeing won an order to sell 50 of its new 787 airplanes to China, but the Chinese government stipulated that 40 percent of the component parts be produced in China, that stipulation would be an example of a (an): ad valorem quota anti-dumping duty administrative policy local content requirement 1 points Question 44 Which of the following is an advantage of wholly owned subsidiaries as a mode of entry into foreign markets? A foreign firm is relieved of many of the costs and risks associated with opening a foreign market on its own. The risk of losing control over a firm's technological competence is reduced. A foreign firm is insulated completely from the threat posed by high transport costs. It is the most politically acceptable mode of entry into foreign markets. 1 points Question 45 According to Michael Porter, primary value chain activities involve _____. planning, finance, accounting, legal activities, and government relations acquiring, training, evaluating, compensating, and developing human resources expertise and the tools or equipment related to the exercise of that expertise creating a product or service and distributing it to customers 1 points Question 46 Which of the following is true of the marketing and research and development (R&D) departments in an international firm? Marketing and R&D should always work independently. R&D identifies gaps in a market so that marketing can work to fill those gaps. R&D defines the market's needs for the marketing personnel. A major contributor to the success of new-product introductions is a close relationship between marketing and R&D. 1 points Question 47 _____ implicitly rejects the idea that universal notions of morality transcend different cultures. Just distribution Cultural relativism The Kantian ethic Utilitarianism 1 points Question 48 Franchising, a mode of entry into foreign markets, is employed primarily by _____ firms. service manufacturing online high-technology 1 points Question 49 According to our textbook, firms often view _____ and licensing as alternatives to FDI: importing exporting franchising dumping 1 points Question 50 A righteous moralist is most likely to claim that: a multinational s home-country standards of ethics are the appropriate ones for companies to follow in foreign countries. a firm should adopt the ethics of the culture in which it is operating. people should be treated as ends and never purely as means to the ends of others. human beings have fundamental rights and privileges that transcend national boundaries and cultures. 1 points Question 51 BMW announces plans to build a state-of-the-art automobile assembly factory in Jacksonville, Florida. Shortly thereafter, Delphi automotive, a parts supplier, opens a warehouse down the street and hires 200 people to staff the facility. With respect to BMW s initial investment, the new Delphi jobs are considered: Direct employment Indirect employment Supplemental employment None of the above 1 points Question 52 A _____ allows two or more firms to share the fixed costs (and associated risks) of developing new products or processes. franchising agreement global web free trade agreement strategic alliance 1 points Question 53 The turning point for Newmont Mining in Peru took place when ______. The company refused to pay a bribe to intelligence chief Vladamiro Montesinos The minister of energy and mines revoked the company's license to operate An accidental mercury spill sent dozens of local villagers to the hospital The Fujimori government expropriated its assets 1 points Question 54 Other things being equal, FDI is ________ and ________ compared to exporting or licensing. expensive, risky expensive, risk averse inexpensive, risky inexpensive, risk averse 1 points Question 55 _____ are the economies that arise from performing a value creation activity in the optimal place for that activity, wherever in the world that might be. Diversification economies value-building economies Location economies Support economies 1 points Question 56 Which of the following is an advantage of exporting as a mode of entry into foreign markets? A firm can avoid the cost of establishing manufacturing operations in the host country. A firm does not have to bear the development costs and risks associated with opening a foreign market. A firm can earn returns from process technology skills in countries where FDI is restricted. A firm has access to local partner s knowledge. 1 points Question 57 Which of the following is true of a localization strategy? It allows a firm to capture the cost reductions of mass-producing a standardized product. It reduces duplication of functions. It involves longer production runs. It makes sense if the value added by customization supports higher pricing. 1 points Question 58 The Sullivan principles attempted to fight against _____. globalization apartheid laws legalization of facilitating payments democratic structures 1 points Question 59 According to the article "How Wal-Mart is Changing China," the country's burgeoning middle class has embraced Western branded fast-food and grocery chains primarily because: They have new purchasing power and like the novelty of Western brands They are captivated by Western advertising campaigns featuring characters like Colonel Sanders and Ronald McDonald They are seen as more trustworthy food purveyors than their local counterparts Their prices are on average 25 percent cheaper than at their Chinese counterparts 1 points Question 60 A _____ refers to a system under which some currencies are allowed to float freely, but the majority are either managed by government intervention or pegged to another currency. managed-float system pegged exchange rate system fixed exchange rate system floating exchange rate system 1 points Question 61 _____ arises when people behave recklessly because they know they will be saved if things go wrong. Systemic risk Moral hazard Ethical dilemma Tragedy of the commons 1 points Question 62 The pragmatic nationalist view sees FDI as having: both benefits and costs benefits and essentially no costs costs and essentially no benefits neither benefits nor costs 1 points Question 63 According to the video on Chiquita in Colombia, the U.S. banana company admitted to paying protection money to: left-wing guerrillas right-wing paramilitaries drug lords corrupt government officials
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