C211 OA GLOBAL MARKETING REVIEW
2026 QUESTIONS WITH SOLUTIONS
TESTED QUESTIONS.
◍ Name strategic goals supported by location specific advantages
(Chp 10.2). Answer: 1. Natural resources
2. Market
3. Efficiency
4. Innovation
◍ Proposition (1) underpinning an institution based view of global
business. Answer: Managers and firms rationally pursue their
interests and make choices within the formal and informal constraints
in a given institutional framework
◍ Proposition (2) underpinning an institution based view of global
business. Answer: While formal and informal institutions combine to
govern firm behavior, in situations where formal constraints are
unclear or fail, informal constraints will play a larger role in reducing
uncertainty and providing constancy to managers and firms
◍ Market economy. Answer: An economy that is characterized by the
"invisible hand" of market forces.
◍ Command economy. Answer: An economy that is characterized by
government ownership and control of factors of production.
, ◍ Mixed economy. Answer: An economy that has elements of both a
market economy and a command economy.
◍ Property rights. Answer: The legal rights to use an economic
property (resource) and to derive income and benefits from it.
◍ Purpose of property rights. Answer: The formal protection of
property rights helps to facilitate economic growth.
◍ Civil Law. Answer: A legal tradition that uses comprehensive
statutes and codes as a primary means to form legal judgments.
◍ Common Law. Answer: A legal tradition that is shaped by
precedents and traditions from previous judicial decisions.
◍ Theocratic Law. Answer: A legal system based on religious
teachings.
◍ Democracy. Answer: Right to freedom of expression and
organization.
◍ Totalitarianism. Answer: One person or party exercises absolute
control.
◍ How do institutions reduce uncertainty? (Chp 2-2). Answer: By
signaling which conduct is legitimate and which is not they constrain
the range of acceptable actions.
2026 QUESTIONS WITH SOLUTIONS
TESTED QUESTIONS.
◍ Name strategic goals supported by location specific advantages
(Chp 10.2). Answer: 1. Natural resources
2. Market
3. Efficiency
4. Innovation
◍ Proposition (1) underpinning an institution based view of global
business. Answer: Managers and firms rationally pursue their
interests and make choices within the formal and informal constraints
in a given institutional framework
◍ Proposition (2) underpinning an institution based view of global
business. Answer: While formal and informal institutions combine to
govern firm behavior, in situations where formal constraints are
unclear or fail, informal constraints will play a larger role in reducing
uncertainty and providing constancy to managers and firms
◍ Market economy. Answer: An economy that is characterized by the
"invisible hand" of market forces.
◍ Command economy. Answer: An economy that is characterized by
government ownership and control of factors of production.
, ◍ Mixed economy. Answer: An economy that has elements of both a
market economy and a command economy.
◍ Property rights. Answer: The legal rights to use an economic
property (resource) and to derive income and benefits from it.
◍ Purpose of property rights. Answer: The formal protection of
property rights helps to facilitate economic growth.
◍ Civil Law. Answer: A legal tradition that uses comprehensive
statutes and codes as a primary means to form legal judgments.
◍ Common Law. Answer: A legal tradition that is shaped by
precedents and traditions from previous judicial decisions.
◍ Theocratic Law. Answer: A legal system based on religious
teachings.
◍ Democracy. Answer: Right to freedom of expression and
organization.
◍ Totalitarianism. Answer: One person or party exercises absolute
control.
◍ How do institutions reduce uncertainty? (Chp 2-2). Answer: By
signaling which conduct is legitimate and which is not they constrain
the range of acceptable actions.
