QuestionAnswered step-by-stepHello, could you kindly assist and provide the correct answers to…Hello, could you kindly assist and provide the correct answers to the practice questions?Question 1Which concept is closely associated with comparative advantage?Select one:a.?fficiencyb.?abor unionsc.?Taxesd.?onzi games Question 2There is a small, family-owned store that sells food and household goods in a small town. The owners have good relations with the community, especially with local farmers who supply much of the food. The farmers aren’t organized into a cooperative or union, and the store deals with each individually. Which is a stakeholder in the store?Select one:a.?he firm’s familyb.?he farmersc.?The customersd.?ll of the aboveClear my choiceQuestion 3To ensure ethical business practices, what step is sufficient when engaging in international business?Select one:a.?ll home country laws are followed.b.?ll foreign country laws are followed.c.?The Law of the Sea is followed.d.?here is not a single step since ethics are relative. Clear my choice Question 4Who typically participates in the formulation of a company’s SWOT?Select one:a.?ll stakeholdersb.?overnment officialsc.?Senior managementd.?he corporate audienceClear my choiceQuestion 5a.? restaurant supply company buys a chain of restaurants.b.? soap company launches a new line of fragrance-free and hypoallergenic soaps.c.?A horse farm buys an insurance agency.d.? television station buys a radio station. Clear my choice Question 6There is a small, family-owned store that sells food and household goods in a small town. The owners have good relations with the community, especially with local farmers who supply much of the food. The farmers aren’t organized into a cooperative or union, and the store deals with each individually. Suppose the store wanted to buy some farms to control the supply of certain vegetables. How would you classify this strategic move?Select one:a.?orizontal integrationb.?orward integrationc.?Backward integrationd.?oncentric integrationClear my choiceQuestion 7What is the most important business tool to access the economic gains from globalization?Select one:a.?and-held calculatorb.?olar energy cellc.?Booksd.?he internet Clear my choice Question 8Which of the following is an example of related diversification?Select one:a.? restaurant supply company buys a chain of restaurants.b.? soap company launches a new line of fragrance-free and hypoallergenic soaps.c.?A horse farm buys an insurance agency.d.? television station buys a radio station.Clear my choiceQuestion 9There is a large European multinational firm that sells coffee to consumers. They buy coffee from around the world, process it, and distribute it to stores around the world. What is the best term for this activity?Select one:a.?iversificationb.?ntegrationc.?Value chaind.?rofit maximizationClear my choice Question 10Cash reserves, exclusive control over a factor of production, and high quality labor are all examples of which strategic element?Select one: a. Scopeb.?esourcesc.?Environmentd.?heoryClear my choiceQuestion 11There is a small, family-owned store that sells food and household goods in a small town. The owners have good relations with the community, especially with local farmers who supply much of the food. The farmers aren’t organized into a cooperative or union, and the store deals with each individually. Based on this scenario, where would the firm’s good relations with the community and farmers be placed in the Five Forces analysis?Select one:a.?hreat of new entrantsb.?hreat of substitutesc.?Bargaining power of buyersd.?argaining power of suppliers Clear my choice Question 12There is a small, family-owned store that sells food and household goods in a small town. The owners have good relations with the community, especially with local farmers who supply much of the food. The farmers haven’t been organized into a cooperative or union, and the store has dealt with each individually. Suppose the farmers organized to form a cooperative to coordinate sales to suppliers. What can we expect will happen to the profit from the farming production?Select one:a.?ome of the profit shifts from the store to the farmers.b.?ome of the profit shifts from the farmers to the store.c.?The profit allocation does not change because farming is perfectly competitive.d.?he profit allocation does not change because the price of the product in the store remains the same. Clear my choiceQuestion 13There is a large European multinational firm that sells coffee to consumers. They buy coffee from around the world, process it, and distribute it to stores around the world. The firm attempts to buy the coffee beans at the lowest possible cost. Suppose there is an effective social movement to pay coffee farmers a “fair trade” higher wage. In a Five Forces analysis, where would this be classified?Select one:a.?hreat of new entrantsb.?hreat of substitutesc.? Bargaining power of buyersd.?argaining power of suppliersClear my choiceQuestion 14How are economies of scale generally achieved?Select one:a.?overnment regulationb.?atents and copyrightsc.?Exclusive control over a resourced.?ass production techniquesClear my choiceQuestion 15Answer savedMarked out of 1.00Flag question Question textWhen Pfizer sold its Listerine brand of mouthwash to Johnson & Johnson, what strategy was it using?Select one:a.?iquidationb.?urnaroundc.?Captive companyd.?ell out Clear my choice Question 16Answer savedMarked out of 1.00Flag question Question textWhich strategy uses lean manufacturing techniques?Select one:a.?iquidationb.?urnaroundc.?Captive companyd.?ell outClear my choiceQuestion 17Answer savedMarked out of 1.00There is a small, family-owned store that sells food and household goods in a small town. The owners have good relations with the community, especially with local farmers who supply much of the food. The farmers aren’t organized into a cooperative or union, and the store deals with each individually. Based on this scenario, where would the firm’s good relations with the community and farmers be placed in a PEST?Select one:a.?oliticalb.?conomicc.?Sociald.?echnological Clear my choice Question 18Answer savedMarked out of 1.00Flag question Question textWhich is the best example of “disruptive innovation?”Select one:a.?pple introduces the iPhone.b.?eneral Electric sells its nuclear power plants in Japan.c.?ING Bank increases savings rates when all other banks reduce their rates.d.?eneral Biscuit discontinues its oldest brand of crackers.Clear my choiceQuestion 19Answer savedMarked out of 1.00 Question textIn the strategic choice process, what contributes to greater feasibility for a firm?Select one:a.? favorable change in government regulations.b.?he “fit” of strategic options.c.?Positive cash flow every month.d.?ertical integration’s costs and benefits. Clear my choice Question 20Answer savedMarked out of 1.00Flag question Question textWhat is the driving force in globalization?Select one:a.?opulationb.?echnologyc.?Currencyd.?ultureClear my choiceQuestion 21Answer savedMarked out of 1.00There is a large European multinational firm that sells coffee to consumers. They buy coffee from around the world, process it, and distribute it to stores around the world. The firm is considering buying a tea company from India. What kind of diversification would this be?Select one: a. Relatedb.?nrelatedc.?Conglomeratedd.?malgamated Clear my choice Question 22Answer savedMarked out of 1.00Flag question Question textIf country A can produce 10 tons of gold and 21 tons of silver and country B can produce 10 tons of gold and 10 tons of silver, which country has the absolute advantage in which goods?Select one:a.?ountry A in both goods.b.?ountry B in both goods.c.?Country A in silver.d.?ountry B in silver.Clear my choiceQuestion 23Answer savedMarked out of 1.00Question textWhat is another name for a niche strategy?Select one: a. Verticalb.?ocused genericc.?Concentricd.?ligopolistic Clear my choice Question 24Answer savedMarked out of 1.00Flag question Question textWhich two categories are internal in nature?Select one:a.?trengths & Weaknessesb.?trengths & Threatsc.?Weaknesses & Opportunitiesd.?hreats & OpportunitiesClear my choiceQuestion 25Answer savedMarked out of 1.00There is a small, family-owned store that sells food and household goods in a small town. The owners have good relations with the community, especially with local farmers who supply much of the food. The farmers aren’t organized into a cooperative or union, and the store deals with each individually. Based on this scenario, where would the firm’s good relations with the community and farmers be placed in a SWOT?Select one:a.?trengthsb.?eaknessesc.?Opportunitiesd.?hreatsQuestion 27Answer savedMarked out of 1.00 Clear my choice Question 26Answer savedMarked out of 1.00Flag question Question textA beverage company decides to differentiate its cola to appeal to a niche market. From a production viewpoint, what is a risk of this strategy?Select one:a.?onsumers may not like the taste of the niche cola.b.?he government may require approvals for the new product.c.?Standard cost for the niche product may be significantly higher.d.?he economy may turn sour and dampen sales.Clear my choice What kind of strategy best describes this statement: The manufacturing division will have less than five defects a day over the next month.Select one:a.?alues-drivenb.?oncentricc.?Functionald.?ooperativeQuestion 29Answer savedMarked out of 1.00 Clear my choice Question 28Answer savedMarked out of 1.00Flag question Question textThere is a large European multinational firm that sells coffee to consumers. They buy coffee from around the world, process it, and distribute it to stores around the world. The firm attempts to buy the coffee beans at the lowest possible cost. Suppose there is a new excise tax on raw coffee beans. In a PEST, where would this be classified?Select one:a.?oliticalb.?conomicc.?Sociald.?echnologicalClear my choiceWhich of the following is the best example of a vision statement?Select one:a.?o be the largest healthcare provider in the country by the year 2022.b.?o consistently run a profit every year.c.?To achieve 99% or better customer satisfaction with the new product launch.d.?o hire the most qualified applicants. Clear my choice Question 30Answer savedMarked out of 1.00Flag question Question textConcerning a SWOT, which statement is true?Select one:a.?trengths and Opportunities are internal.b.?n Opportunity can also be a Threat.c.?The analysis is always organized as a chart.d.?nly the highest executives should develop the SWOT because only they understand the strategic direction of the organization.Clear my choiceQuestion 31Answer savedMarked out of 1.00Which strategy usually focuses on reducing manufacturing costs?Select one:a.?iquidationb.?urnaroundc.?Captive companyd.?ell outClear my choice Question 32Answer savedMarked out of 1.00Flag question Question textFirm A has a marginal cost of $3 and average cost of $4. Firm B has a marginal cost of $2.5 and average cost of $4.75. Firm C has a marginal cost of $2 and average cost of $5. Firm D has a marginal cost of $3.50 and average cost of $2.75. According to Porter’s “generic strategies,” which firm exhibits cost leadership?Select one: a. Firm Ab.?irm Bc.?Firm Cd.?irm DClear my choiceQuestion 33Answer savedMarked out of 1.00 Question textHow do cell phone manufactures increase their competitive advantage?Select one:a.?hey offer unique features and introduce new models quickly.b.?hey are located in high-wage countries.c.?They produce limited quantities.d.?hey compete against national phone companies.Question 35Answer savedMarked out of 1.00 Clear my choiceQuestion 34Answer savedMarked out of 1.00Flag question Question textWhich strategy yields a certain amount of control to a stronger organization?Select one:a.?iquidationb.?urnaroundc.?Captive companyd.?ell outClear my choiceIn the Five Forces model, when will profits be high?Select one:a.?here are low switching costs.b.?The industry is easy to enter.c.?Buyers are strong.d.?uppliers are weak.Clear my choiceBusinessBUS 4407Share Question
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