Question Quiz 2 Question 1. Question : Which of the following is the main goal of privatization? Reduce responsibility and accountability Increase economic efficiency Increase subsidies to companies Slow economic growth Question 2. Question : In most failed centrally planned economies ________. market conditions helped determine who produced various goods prices of products were a function of supply and demand central planning agencies specified production goals and decided prices central planners paid attention to efficiency improvement Points Received: 0 of 1 Question 3. Question : The trade theory that nations should accumulate financial wealth, usually in the form of gold, by encouraging exports and discouraging imports is called ________. absolute advantage mercantilism comparative advantage factor proportions theory Question 4. Question : The theory of absolute advantage measures a nation’s wealth by determining the ________. gold it has on reserve silver it has on reserve cash it has on reserve living standards of its people Points Received: 0 of 1 Question 5. Question : Which of the following is not a limitation of the absolute and comparative advantage theories? The theories assume that there are only two countries engaged in the production and consumption of just two goods. The theories assume that there are no costs for transporting traded goods from one country to another. The theories consider labor the only resource used in the production process. The theories assume that specialization in the production of one particular good results in gains in efficiency. Question 6. Question : Factor proportions theory was developed by ________. Smith and Ricardo Ricardo and Ohlin Hecksher and Ohlin Hecksher and Smith Points Received: 0 of 1 Question 7. Question : Which element of national competitive advantage theory divides resources into two groups, basic and advanced? Demand conditions Factor conditions Related and supporting industries Firm, strategy, structure, and rivalry Question 8. Question : The ________ argument says that a country’s emerging industries need protection from international competition during their development. national security infant industry strategic trade policy GATT treaty Question 9. Question : Which of the following is not an example of an instrument that government uses to promote trade? Tariffs Subsidies Export financing Foreign trade zones Question 10. Question : Which of the following adds to the cost of an imported product by levying an additional tax upon it? Tariffs Quotas Local content requirements Embargoes Question 11. Question : An additional tariff placed on an imported product that a nation believes is receiving an unfair subsidy is called a(n) ________. countervailing duty ad valorem duty dumping duty compounded tariff Points Received: 0 of 1 Question 12. Question : Which of the following are main drivers of foreign direct investment? Diversity and telecommunications Telecommunications and transportation Globalization and mergers and acquisitions (M&A) Diversity and globalization Question 13. Question : A market that is said to operate at peak efficiency and where goods are readily and easily available is said to be a(n) ________. perfect market eclectic market imperfect market greenfield market Question 14. Question : Economic integration whereby countries remove all barriers to trade among themselves, but each country determines its own barriers against nonmembers, is called a(n) ________. economic union customs union common market free trade area Points Received: 0 of 1 Question 15. Question : The strategy formulation process involves both ________. planning and strategy strategy and structure planning and marketing strategy and production Question 16. Question : Which of these strategies are appropriate for companies in industries where buyer preferences do not converge across na
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