Marketing Essentials Chapter 3/4

Question 1

Restrict imports in order to protect domestic industries.

Accepted Answer

Protectionism

Question 2

In 1989, the US placed a ban on Chilean grapes due to poisoned fruit. What is this known as?

Accepted Answer

Embargo

Question 3

A nation experiences a trade surplus when it imports more than it exports.

Accepted Answer

False

Question 4

One economic factor relevant to starting a business in another country is:

Accepted Answer

Foreign Exchange Rate

Question 5

The exchange of goods and services among nations.

Accepted Answer

International Trade

Question 6

In which phase of the business cycle do an increasing number of people find jobs?

Accepted Answer

recovery

Question 7

What is the system by which a country makes decisions about how to deal with its scarcity?

Accepted Answer

economy

Question 8

Global marketing strategies include globalization, adaptations, and

Accepted Answer

customization

Question 9

Use of a trademark, patent, special formula, or company name for a fee.

Accepted Answer

Licensing

Question 10

Selling government-owned businesses to private individuals.

Accepted Answer

Privatization

Question 11

Establishment of a business in a foreign country.

Accepted Answer

Foreign Direct Investment

Question 12

How is the total output of goods and services produced within a country measured?

Accepted Answer

Gross Domestic Product

Question 13

A country's _____________ includes its roads, ports, and communication systems.

Accepted Answer

infrastructure

Question 14

Difference in value between exports and imports.

Accepted Answer

Balance of trade

Question 15

Agreement comprised of US, Canada, and Mexico.

Accepted Answer

NAFTA

Question 16

Coalition of nations that makes rules governing international trade.

Accepted Answer

WTO

Question 17

A nation's balance of trade is the difference in value between its exports and imports.

Accepted Answer

True

Question 18

Kendra is a biologist who measures the effect of toxic waste on marine life. She represents:

Accepted Answer

Labor

Question 19

Purchasing goods from a foreign country.

Accepted Answer

Importing

Question 20

An embargo is a limit on the number or monetary value of a product that can be imported.

Accepted Answer

False

Questions 20