Marketing Essentials Chapter 3/4

Question 1

Agreement comprised of US, Canada, and Mexico.

Accepted Answer

NAFTA

Question 2

Global marketing strategies include globalization, adaptations, and

Accepted Answer

customization

Question 3

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

Accepted Answer

Gross Domestic Product

Question 4

Coalition of nations that makes rules governing international trade.

Accepted Answer

WTO

Question 5

Purchasing goods from a foreign country.

Accepted Answer

Importing

Question 6

Difference in value between exports and imports.

Accepted Answer

Balance of trade

Question 7

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

Accepted Answer

True

Question 8

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

Accepted Answer

economy

Question 9

Restrict imports in order to protect domestic industries.

Accepted Answer

Protectionism

Question 10

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

Accepted Answer

Embargo

Question 11

Establishment of a business in a foreign country.

Accepted Answer

Foreign Direct Investment

Question 12

Selling government-owned businesses to private individuals.

Accepted Answer

Privatization

Question 13

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

Accepted Answer

Foreign Exchange Rate

Question 14

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

Accepted Answer

False

Question 15

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

Accepted Answer

recovery

Question 16

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

Accepted Answer

False

Question 17

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

Accepted Answer

infrastructure

Question 18

The exchange of goods and services among nations.

Accepted Answer

International Trade

Question 19

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

Accepted Answer

Labor

Question 20

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

Accepted Answer

Licensing

Questions 20