International Marketing Chapter 2 Quiz

______ is the economic system where customers are free to purchase whatever is available, yet demand usually exceeds supply.

• Market socialism

• Market capitalism

• Command allocation

• Centrally planned socialism

The majority of the nations the WTO considers low-income are located in __________.

• Latin America

• the Middle East

• Asia

• Sub-Saharan Africa

Economic growth is measured by Gross Domestic Product (GDP) and reflects a nation's

• unemployment rate

• economic activity

• currency valuation

• budget deficits or surplus

In which of the following systems do consumers decide what goods they desire, and firms determine what and how much of those goods to produce?

• Market socialism

• Centrally planned socialism

• Centrally planned capitalism

• Market capitalism

Which of the following group of high-income countries has worked together for more than 25 years to encourage growth of the global economy?

• Group of Seven (G-7)

• Group of Twenty (G-20)

• BRICS

• BEMs

A ______ results when the outflow of money to pay for imports exceeds the inflow of money from the sale of exports.

• merchandise trade transaction

• balance of payments

• trade deficit

• trade surplus

Which of the following has been considered the 'economic think tank'?

• World Trade Organization

• Group of Seven (G-7)

• Group of Twenty (G-20)

• Organization for Economic Cooperation and Development (OECD)

A reduction in the value of a nation's currency against other currencies is known as

• spot market

• devaluation

• revaluation

• trade deficit

Which of the following is the fastest growing sector of world trade?

• Agricultural products

• Natural Resources

• Services

• Goods

In which of the following categories of high-income countries does the service sector account for more than 50% of national output?

• Developed

• Industrialized

• Post industrialized

• Advanced