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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: International Trade Theory and Policy | 25% | - Classical and Modern Trade Theories
|
| Topic 2: Global Finance and Monetary Systems | 25% | - Foreign Exchange Markets
|
| Topic 3: Macroeconomics for Managers | 10% | - Economic Indicators and Policies
|
| Topic 4: Foundations of Global Economics | 20% | - Views on Globalization
|
| Topic 5: Foreign Direct Investment and Global Strategy | 20% | - Foreign Direct Investment (FDI)
|
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NEW QUESTION # 133
When confronting MNEs, the extender strategy centers on what?
Answer: A
Explanation:
InGlobal Economics for Managers, theextender strategycenters onleveraging homegrown competencies abroad, making option A the correct answer. This strategy is typically adopted by firms whose competitive assets are strong and transferable across borders and that operate in industries with significant pressure to globalize.
Homegrown competencies may include proprietary technology, strong brands, efficient production processes, or superior managerial know-how developed in the domestic market. Under an extender strategy, firms take these existing strengths and apply them to foreign markets, often through exporting, licensing, franchising, or foreign direct investment. The goal is to extend the firm's competitive advantage beyond national borders without fundamentally altering its core business model.
Option B describes adodger or collaborator strategy, which emphasizes cooperation rather than independent expansion. Option C aligns more closely with adefender strategy, where firms rely on local advantages to resist foreign competition. Option D reflects elements of acontender strategy, where firms prioritize learning before expanding internationally.
The extender strategy is particularly effective when firms face global competitors but already possess assets that can be scaled internationally at relatively low cost. For managers, understanding this strategy is critical for deciding when and how to internationalize operations in response to MNE competition.
Thus, option A accurately reflects the central focus of the extender strategy as defined inGlobal Economics for Managers.
NEW QUESTION # 134
What is one of the four strategic goals of firms looking for potential locations?
Answer: B
Explanation:
Market-seeking is one of the major strategic goals firms pursue when choosing international locations. A market-seeking firm enters or invests in a foreign location to access customers, expand sales, serve local demand, or improve proximity to consumers. Option D is correct because it is a recognized foreign direct investment motive. Firms may also pursue resource-seeking, efficiency-seeking, or strategic asset-seeking goals. Scale-seeking, profit-seeking, and competition-seeking may sound plausible, but they are not the standard location motives used in this framework. Managers evaluate market-seeking opportunities by examining market size, income levels, consumer preferences, growth potential, distribution infrastructure, and competitive intensity. This matters because the reason for entering a location affects entry mode, pricing, staffing, and long-term investment decisions.
NEW QUESTION # 135
What is deadweight cost?
Answer: B
Explanation:
In Global Economics for Managers , deadweight cost (or deadweight loss) is defined as a net loss that occurs in an economy as a result of tariffs or other market distortions , making option D the correct answer. Deadweight cost represents the reduction in total economic surplus-consumer surplus plus producer surplus-that is not offset by gains to any other group, including the government.
When a tariff is imposed on imported goods, domestic prices rise above world prices. As a result, consumers purchase less of the good and pay higher prices, while domestic producers may increase output despite being less efficient than foreign producers. Although the government collects tariff revenue, this revenue does not fully compensate for the loss experienced by consumers and the misallocation of resources. The portion of lost surplus that is not transferred to producers or the government is the deadweight cost.
Option A is incorrect because a government payment to a domestic firm refers to a subsidy , not a deadweight cost. Option B describes an anti-dumping tariff , which is a specific trade policy instrument rather than a definition of deadweight cost. Option C defines opportunity cost , a fundamental economic concept distinct from deadweight loss.
From a managerial perspective, Global Economics for Managers emphasizes that deadweight costs signal economic inefficiency . Tariffs distort price signals, encouraging production in higher-cost domestic industries and discouraging consumption that would otherwise generate value. These inefficiencies reduce overall economic welfare and can lead to retaliation by trading partners, further magnifying losses.
Understanding deadweight cost is essential for managers operating in global markets, as it explains why protectionist policies often reduce national and global welfare despite benefiting specific interest groups.
Thus, option D accurately reflects the definition and economic significance of deadweight cost in international trade analysis.
NEW QUESTION # 136
If the demand for a good is elastic, what is true?
Answer: D
Explanation:
InGlobal Economics for Managers, demand is said to beelasticwhen thequantity demanded responds substantially to changes in price, making option A correct. Elastic demand occurs when consumers are highly sensitive to price changes, often because close substitutes are available or the good represents a significant portion of income.
When demand is elastic, a small percentage change in price leads to a larger percentage change in quantity demanded. This relationship has important implications for pricing and revenue decisions. In such cases, price and total revenue move inopposite directions-a price decrease increases total revenue, while a price increase reduces total revenue.
Option B is incorrect because total revenue does not increase with price changes in both directions. Option C is false because price and total revenue move in opposite directions under elastic demand. Option D describes inelastic demand, where quantity responds only slightly to price changes.
Managers must understand elasticity when setting prices, forecasting revenue, and designing marketing strategies. Therefore, option A accurately defines elastic demand.
NEW QUESTION # 137
Which good tends to have elastic demand?
Answer: D
Explanation:
A good with close substitutes tends to have elastic demand because consumers can easily switch to another product when its price rises. Option A is correct. Elastic demand means quantity demanded responds strongly to price changes. For example, if one brand of bottled water increases in price and many similar brands are available, consumers can quickly shift purchases. This makes the seller more constrained when raising prices.
Goods with few substitutes, necessities, or small budget shares tend to have less elastic demand.
Complements affect cross-price relationships, but having many or few complements does not directly define whether demand for the good itself is elastic. Tangibility also does not determine elasticity. For managers, elasticity is critical because it affects pricing strategy, revenue forecasting, and competitive positioning.
NEW QUESTION # 138
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