MARK 3000 test 3 UGA (McManus) Exam with Complete Solutions

MARK 3000 test 3 UGA (McManus) Exam with Complete Solutions What is Globalization? - Correct ️️ Process by which goods, services, capital, people, information, and ideas flow across national borders What are economic metrics in global marketing? - Correct ️️ Gross domestic product, gross national income, purchasing power parity, and trade surplus or deficit Why is it important to evaluate real income in the global market? - Correct ️️ Firms can make adjustments to an existing product or change the price to meet the unique needs of a particular country market What are some infrastructure and technology capabilities that are relevant in the global market? - Correct ️️ Transportation, communication, distributions channels, and commerce What is a tariff? - Correct ️️ A tax on foreign goods that artificially raises prices and lowers demand for the foreign good What is a quota? - Correct ️️ A maximum limit on foreign goods that reduces the availability of imported goods What is the purpose of quotas and tariffs? - Correct ️️ Benefit domestically made products because it reduces foreign competition What is a country's currency rate? - Correct ️️ The measure of how much one currency is worth in relation to another Why are prices almost always lower in the country of origin? - Correct ️️ There are no customs or import duties to pay