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| Section | Objectives |
|---|---|
| Key Topics Across All Competencies | - Elastic vs. Inelastic Goods - Foreign Direct Investment (FDI) Impacts - Global Business Strategies and Porter's Framework - International Trade Policies (Tariffs, Quotas) - Currency Appreciation and Depreciation - Supply and Demand Shifts |
| Competency 3: Economic Decision-Making by Firms and Customers | - Consumer Behavior (Budget Constraint, Indifference Curves) - Firm Behavior Under Different Market Structures (Perfect Competition, Monopoly, Oligopoly) |
| Competency 1: International Trade and Currency Exchange | - Currency Exchange Rate Determination - Impact of Interest Rates on Financial Flows and Exchange Rates - Introduction to International Trade Theories |
| Competency 2: Political and Economic Forces | - Property Rights and the Rule of Law - Market Economy vs. Command Economy |
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NEW QUESTION # 12
The benefit attributed to firms that enter a market before other firms in the same market segment is best described by which term?
Answer: A
Explanation:
In Global Economics for Managers , the benefit enjoyed by firms that enter a market before competitors is known as first-mover advantage , making option C correct. First movers are firms that are pioneers in introducing new products, technologies, or business models into a market.
First-mover advantages can arise from several sources. Early entrants may be able to build brand recognition
, secure control over scarce resources , establish customer loyalty , or set industry standards that later entrants must follow. In some cases, first movers can erect significant barriers to entry, making it difficult for competitors to gain market share.
However, Global Economics for Managers also notes that first-mover advantages are not guaranteed. Early entrants face higher uncertainty, development costs, and the risk of technological obsolescence. Nevertheless, when successful, first movers can sustain long-term competitive advantages.
Option A refers to late-mover advantage, which arises from reduced uncertainty. Option B is not a standard strategic concept. Option D relates to cost efficiencies across products, not timing of entry.
Thus, option C correctly identifies first-mover advantage.
NEW QUESTION # 13
What are properties of a typical indifference curve? (Choose TWO.)
Answer: A,B
Explanation:
InGlobal Economics for Managers, indifference curves have two key properties:higher curves represent higher utility, andcurves do not cross, making options A and C correct.
If curves crossed, preferences would be inconsistent. Higher curves indicate greater satisfaction.
Options B and D violate consumer theory assumptions.
Thus, A and C are correct.
NEW QUESTION # 14
What is one of the elements of the Porter Diamond in the theory of national competitive advantage of industries?
Answer: A
Explanation:
InGlobal Economics for Managers, one of the four core elements ofPorter's Diamond Model of National Competitive Advantageisdomestic demand conditions, making option C the correct answer. Michael Porter' s framework explains why certain industries within particular countries achieve international competitiveness, emphasizing the role of the national environment in shaping firm performance.
Domestic demand conditions refer to thenature, size, and sophistication of demand in the home market.
When domestic consumers are demanding, quality-conscious, and forward-looking, firms are pressured to innovate, improve product quality, and adopt advanced production methods. These pressures help firms develop capabilities that later become advantages in international markets. For example, firms accustomed to serving sophisticated domestic buyers are better prepared to compete globally.
Option A is incorrect because firm opportunity costs are a general microeconomic concept and are not part of the Porter Diamond. Option B is incorrect because the model emphasizesdomestic factor conditions, not foreign supply markets. Option D, trade deficits, is a macroeconomic outcome and does not explain the structural sources of competitive advantage within industries.
Global Economics for Managershighlights that Porter's Diamond consists of four interrelated determinants:
factor conditions, domestic demand conditions, related and supporting industries, and firm strategy, structure, and rivalry. Among these, domestic demand conditions are particularly important because they influence the direction and pace of innovation. Strong home demand encourages firms to anticipate global trends rather than merely react to them.
For managers, understanding domestic demand conditions helps explain why firms from certain countries dominate specific global industries. Therefore, option C accurately identifies a key element of the Porter Diamond theory.
NEW QUESTION # 15
When supply decreases and demand stays the same, what happens to the equilibrium point of price and quantity? Choose two answers.
Answer: B,E
Explanation:
When supply decreases while demand remains unchanged, the supply curve shifts left. At the original price, there is now less quantity supplied than quantity demanded, creating upward pressure on price. As price rises, consumers reduce quantity demanded until the market reaches a new equilibrium. Option A is correct because equilibrium price increases. Option E is correct because equilibrium quantity decreases. This result often occurs when input costs rise, production disruptions occur, regulation increases production costs, or natural disasters reduce available supply. Options B, C, D, and F contradict the standard supply-and-demand outcome. Managers must understand this relationship because supply disruptions can raise selling prices, reduce sales volume, affect inventory planning, and influence sourcing strategy. The basic result is higher price and lower quantity.
NEW QUESTION # 16
Which company has a natural resource-seeking strategic goal?
Answer: C
Explanation:
InGlobal Economics for Managers, anatural resource-seeking strategyrefers to firms that engage in foreign direct investment toaccess specific natural resourcesthat are unavailable or costly in their home country.
Option C correctly reflects this motive.
Companies in industries such as oil, gas, mining, agriculture, and timber often locate operations where resources are naturally abundant. The primary objective is to secure reliable and cost-effective access to essential inputs for production.
Option A describes a cost-seeking strategy, option B a market-seeking strategy, and option D a strategic asset- seeking strategy.
Thus, option C correctly identifies a natural resource-seeking strategic goal.
NEW QUESTION # 17
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