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MKT448 quiz 1-3
Terms in this set (59)
Economic development translates to rapid economic growth and increases in consumer demand.
What is an indicator of a country's economic development?
the country's infrastructure
According to the UN classification, industrially developing countries just entering world trade with relatively low per capita incomes are referred to as less-developed countries.
According to the United Nations' stages of economic development for classifying countries based on levels of industrialization, Canada falls under the category of ________ countries.
Which statement is true about MDCs (more-developed countries)?
These countries have high per capita incomes.
A country that is industrially underdeveloped, agrarian, has a subsistence society with rural populations, and has extremely low per capita income levels falls under the category of
Newly industrialized countries (NICs) differ from less-developed countries in that NICs
have moved away from restrictive trade practices and instituted significant free market reforms.
Developing countries with markets that are geographically large, have strong growth rates, are regional economic drivers, and represent sizable markets for a wide range of products have been identified by the U.S. Department of Commerce as ________ markets.
A country's investment in information technology is a key to economic growth. Specifically, the Internet
enables smaller firms in emerging economies to sell into a global market.
Paved roads, railroads, seaports, communication networks, and financial networks are examples of
A more developed economy tends to have fewer types of marketing functions that are needed.
According to the U.S. Department of Commerce, Latin American and other emerging markets will account for ________ of the world's total growth in the next two decades and beyond.
Which country announced that it would seek free trade with the United States shortly after the ratification of the United States-Canada Free Trade Area (CFTA)
________ required the United States, Canada, and Mexico to remove all tariffs and trade barriers over 15 years, and beginning in 2008, all tariff barriers were officially dropped
Haiti is a member of
What is the largest trade agreement in the Americas?
What is the second-largest trade agreement in the Americas?
What key provision of NAFTA restricts Japan from assembling autos in Mexico and avoiding U.S. or Canadian tariffs and quotas, unless the auto had a specific percentage of Mexican (i.e., North American) content?
Rules of Origin
What is the biggest island in North America in terms of land area?
The EU is a(n)
How many countries are in the EU?
How many countries are in the Eurozone?
The main international body for mediating global trade disputes is
What countries are in the British Isles?
Scotland, England, Wales, Northern Ireland, and Republic of Ireland
What countries are in Great Britain?
Scotland, England and Wales
Subsequent to Brexit, the ______________________ is the currency of the Republic of Ireland.
The most basic economic integration and cooperation, in which governments agree to participate jointly to develop basic industries beneficial to each economy, is the
regional cooperation for development (RCD).
A ________ is an agreement between two or more countries to reduce or eliminate customs duties and nontariff trade barriers among partner countries while members maintain individual tariff schedules for external countries.
Free trade area
A ________ has reduced or eliminated internal tariffs and adds a common external tariff on products imported from countries outside the group.
A ________ is an intermediate step in the transition from a free trade area to a common market.
A ________ agreement eliminates all tariffs and other restrictions on internal trade, adopts a set of common external tariffs, and removes all restrictions on the free flow of capital and labor among member nations.
The United Kingdom consists of Great Britain and the island of Ireland.
The most fully integrated form of regional cooperation is a
A ________ involves complete political and economic integration, either voluntary or enforced.
Britain and countries that were formerly part of the British Empire are an example of a ________ of nations.
Which of the following is/are true of the European Parliament?
The first republics to break away from the USSR in 1991 were called
the baltic states
The lion's share of republics that had been part of the USSR (but were not part of the group in the preceding question ) have formed a loose political union that exists today as ________
Commonwealth of Independent States (CIS)
The European Union and USMCA are the two biggest political unions in the world today.
______ is a unique forum that has evolved into the primary regional vehicle for promoting trade liberalization and economic cooperation, and includes all the major economies around the Pacific Rim, from Russia to Chile to Australia.
ASEAN+3 is a forum for ASEAN foreign and finance ministers plus ministers from China, Japan, and
The primary multinational trade group in Asia is
K. Prahalad and his associates introduced a new concept into the discussion of developing countries and markets—bottom-of-the-pyramid markets (BOPMs)—consisting of the 4 billion people across the globe with annual incomes of less than
Two major events that occurred in 2000 had a profound effect on China's economy. One of these is the United States granting normal trade relations (NTR) to China on a permanent basis (PNTR). What is the other one?
admission to the World Trade Organization
Aside from the United States, ________ is the most important single national market.
People's Republic of China
The PNTR status given to China contributed much toward increasing the import barriers on American products and services.
The term "The Greater China" refers to the information technology (IT) corridor in north China.
What is the term used to refer to the combination of the People's Republic of China (PRC), the Republic of China (ROC), Macau, and Hong Kong?
In terms of alliances with China versus Taiwan, US policy has been described as one of "strategic ambiguity", seeking to balance China's emergence as a regional power with US admiration for Taiwan's economic success and democratization.
Which nation is one of the Four Asian Tigers?
What is common among the Four Asian Tigers?
They were among the first countries in Asia to move from a status of developing countries to newly industrialized countries.
China's "one country, two systems" agreement with Hong Kong was meant to guarantee the latter a high degree of autonomy.
The Hong Kong SAR government stresses the predominant role of the public sector over the private sector.
India, while slightly smaller than China in population, is considered a better market to enter because the growth rate of its economy is outperforming China's.
Which Asian country was the first to move from a status of developing country to a newly industrialized country?
_______ is now Japan's most important trading partner.
The national language of China is standard ________, but more than 56 dialects and other languages are spoken across the country.
What is most likely to cause the biggest problems for television and radio advertisers in China?
The "white paper" protests are in reaction to the national security law cramping down on freedom of speech within
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