Question 1

The decline of Kodak Inc.in the camera and film business is NOT explained by

Accepted Answer

A)   the rise of Japanese rivals such as Fuji Photo Film Co.
B)   the development of digital cameras and smart phones that operate as cameras.
C)   antimonopoly laws that broke Kodak up into small, competing companies.
D)   constant innovation and attention to changing trends in recreational photography.E) A) and B)
F) A) and C)

Question 2

With globalization and import competition, U.S.prices generally

Accepted Answer

A)   increase.
B)   decrease.
C)   remain stable.
D)   fluctuate wildly.E) A) and C)
F) C) and D)

Question 3

How has technology impacted the globalization of economic activity?

Accepted Answer

A)   Technological innovation has led to decreased mechanization of economic activities.
B)   Technological innovation and invention have increased productivity.
C)   The rise of the Internet has increased communication costs in the service industry.
D)   Technology has led to a greater separation between people and enterprises.E) C) and D)
F) None of the above

Question 4

Which statement about globalization is true?

Accepted Answer

A)   It has led to more quotas on trade around the world.
B)   It is a purely economic term used to describe interrelated global markets.
C)   It has been fueled by trade, immigration, and foreign investment.
D)   It is the process by which more countries are becoming economically self-sufficient around the globe.E) None of the above
F) All of the above

Question 5

Workers sometimes face demands for wage reductions from their employers, which threaten to export jobs abroad if wage reductions are not accepted.

Accepted Answer

A) True 
 B)False

Question 6

Which term describes the ability of a firm/industry, under free and fair market conditions, to design, produce, and market goods and services that are better and/or cheaper than those of other firms/industries?

Accepted Answer

A)   competitiveness
B)   protectionism
C)   comparative advantage
D)   absolute advantageE) All of the above
F) A) and B)

Question 7

The largest amount of trade with the United States in recent years has been conducted with

Accepted Answer

A)   China.
B)   Germany.
C)   Canada.
D)   the United Kingdom.E) B) and C)
F) A) and C)

Question 8

Specialization is an advantage of

Accepted Answer

A)   large-scale production.
B)   monopolies.
C)   smaller production runs.
D)   high wages for foreign workers.E) A) and B)
F) B) and D)

Question 9

Element Electronics decided to locate TV production in America instead of abroad.What influenced this decision?

Accepted Answer

A)   Element Electronics wanted to capitalize off the successful television manufacturing industry in the U.S.
B)   Element Electronics wanted to create quality manufacturing jobs in the U.S.
C)   Element Electronics wanted to cut back on labor costs by locating their factory in Detroit.
D)   Element Electronics wanted to reduce the number of television parts they imported.E) B) and C)
F) B) and D)

Question 10

What is the most important factor that contributes to competitiveness?

Accepted Answer

Key to the concept o...

Exam 1: The International Economy and Globalization

What is the most important factor that contributes to competitiveness?

Correct Answer
verified
Key to the concept o...
View Answer

The largest amount of trade with the United States in recent years has been conducted with

Correct Answer
verified

With globalization and import competition, U.S.prices generally

Correct Answer
verified

Workers sometimes face demands for wage reductions from their employers, which threaten to export jobs abroad if wage reductions are not accepted.

Correct Answer
verified

Which term describes the ability of a firm/industry, under free and fair market conditions, to design, produce, and market goods and services that are better and/or cheaper than those of other firms/industries?

Correct Answer
verified

Specialization is an advantage of

Correct Answer
verified

Which statement about globalization is true?

Correct Answer
verified

Element Electronics decided to locate TV production in America instead of abroad.What influenced this decision?

Correct Answer
verified

The decline of Kodak Inc.in the camera and film business is NOT explained by

Correct Answer
verified

How has technology impacted the globalization of economic activity?

Correct Answer
verified

Exam 1: The International Economy and Globalization

What is the most important factor that contributes to competitiveness?

Correct AnswerverifiedKey to the concept o...View AnswerShow Answer

The largest amount of trade with the United States in recent years has been conducted with

Correct AnswerverifiedShow Answer

With globalization and import competition, U.S.prices generally

Correct AnswerverifiedShow Answer

Workers sometimes face demands for wage reductions from their employers, which threaten to export jobs abroad if wage reductions are not accepted.

Correct AnswerverifiedShow Answer

Which term describes the ability of a firm/industry, under free and fair market conditions, to design, produce, and market goods and services that are better and/or cheaper than those of other firms/industries?

Correct AnswerverifiedShow Answer

Specialization is an advantage of

Correct AnswerverifiedShow Answer

Which statement about globalization is true?

Correct AnswerverifiedShow Answer

Element Electronics decided to locate TV production in America instead of abroad.What influenced this decision?

Correct AnswerverifiedShow Answer

The decline of Kodak Inc.in the camera and film business is NOT explained by

Correct AnswerverifiedShow Answer

How has technology impacted the globalization of economic activity?

Correct AnswerverifiedShow Answer

Correct Answer
verified
Key to the concept o...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified