Coastline bus150 M07-08 Quiz Chapter 7 and 8 Quiz latest 2017

QuestionQuestion 1When a business pays for the use of an equipment owned by an outside supplier for a specified period of time, the process is known as:leasing.outsourcing.nearshoring.supply inversion.Question 2The agreements that set terms for various aspects of commercial relations with other countries such as the right to conduct business in the treaty partner's domestic market are called _____.treaty of establishment, commerce and navigationfree trade agreementsfriendship, commerce, and navigation treatiestrade and investment framework agreementsQuestion 3Which of the following trade barriers puts a complete ban on the import of specified products?EmbargoImport quotaRevenue tariffSubsidyQuestion 4The _____ is a trade bloc that establishes a free-trade area and a uniform tariff for trade with nonmember nations.customs unioncooperation councilcommon area of administrationcommon marketQuestion 5Which of the following is true regarding leasing needed products from other organizations?It increases the sunk costs incurred by a firm.It requires a high level of capital commitment.It makes it difficult for a firm to customize the product according to their needs.It provides flexibility for a growing business allowing it to easily upgrade when needed.Question 6The linkage between demand for a company's output and its purchases of resources such as machinery, components, supplies, and raw materials is referred to as a(n) _____.derived demandinelastic demandjoint demandversatile demandQuestion 7Which of the following actions generally helps marketers encounter new products, new approaches to distribution, or clever new promotional ideas?GlobalizationDeveloping core valuesMarket penetrationProduct standardizationQuestion 8Which of the following stages of the organizational buying process involves comparing vendors' proposals?Evaluating proposals and selecting suppliersSearching for potential sourcesRecognizing and determining the characteristics of a needAcquiring and analyzing proposalsQuestion 9Praga is an automobile manufacturing company that makes cars. Praga buys steel, aluminum, paints, car engines and other necessary components from various suppliers around the world and assembles them together to make a final product. Praga belongs to the _____ component of the business-to-business market.institutionscommercial marketgovernmental organizationstrade industriesQuestion 10A global marketing strategy differs from a multidomestic marketing strategy in that the global marketing strategy:is tailored to meet the specific needs of the target markets in each nation.is a standardized marketing mix that can be used in all markets with minimal modifications.is ideal for highly differentiated products or products that are designed on the basis of local preferences.does not bring the advantage of economies of scale to production and marketing activities.