Name: Liberty University BUSI 303 exam 2 Complete Solutions Correct Answers Key
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Liberty University BUSI 303 exam 2 complete solutions correct answers key
Italy, Japan, and Turkey are all members of the OEDC
Competitive pressure, excess capacity, underproduction, and a saturated or declining home market
are reactive motivational factors that propel firms to expand into the global economy
The reasoning behind the layout design of a facility is to maximize the work environment for
customers, employees, and the overall building
Technological turbulence and market dynamism are the two dimensions of environmental turbulence
Two major contributing circumstances to the demise of the gold standard were the Great Depression
and the Vietnam War
The Euro is the world’s leading currency
Firms are not at risk if they decide not to carefully examine, assess and evaluate a country’s
organizational, social, cultural, political, judicial, market, economic, technological and industry trends
prior to determining whether the entry into an international market is financially viable.
Export intermediaries provide expertise to inexperienced exporters as they enter overseas markets
MERCOSUR was initiated to expand the markets of Argentina, Brazil, Iran, and India
When pursuing a mass customization strategy, demand for different features or options may be
based on climate, culture, location, or personal preference
Centralization allows decision making authority to occur where the decisions are to be made
An Economic Union consists of several nations, each maintaining their own currency
A large portion of all FX market transactions are spot transactions
In the U.S., the Federal Reserve Bank is responsible for regulating the growth of the economy
Continuity is an important aspect of the KANBAN cluster, which holds the distance between the
supplier and the manufacturing hub as a key focus in the acquisition of raw materials
Trading blocs are the core elements of regional economic integration
The progressive stages of economic integration in order of intensity are: Preferential Trade Areas,
Custom Unions, Free Trade Areas, Common Markets, and EUs
The New York Stock Exchange itself does no business and keeps no record of transactions
Only governments can issue bonds
Every country may not necessarily have its own security exchange
Greenfield investments require only process adaptation, not product adaptation
The adoption of the floating exchange rate system resulted from the conclusion of the Bretton Woods
Agreement

Capacity planning is used in operations management and is suggested, but not a necessity, to help
companies facilitate successful operations
The intended outcome of regional economic integration is to promote economic prosperity and
stability among signatory nations
Many industrial firms choose to export for their first international entry mode
National customer preferences is a market expansion risk variable that occurs when the firm may not
understand foreign customer preferences and fail to offer “localized” products and services
A license is an agreement that allows one party to use an industrial property right in exchange for
payment to the other party. The party giving the license is the licensee, while the party that gets to
use the right is the licensor
Tax on imports is one example of a tariff barrier
The initial goal of NAFTA was to increase investment and decrease tariffs between Mexico and the
U.S
Some firms would rather remain domestic, but the nature of the market forces them to globalize
operations to remain profitable
A facilitator is an individual whose job it is to help manage an information exchange process
Firms must take into account the needs of the foreign market, the current economic trends, the
political environment, and other important facts when timing their global expansion strategy
In process planning, make or buy decisions can be taken lightly
Low intensity and high intensity are the two types of entry modes used to access markets
The Theory of Constraints (TOC) suggests that the greater gain will come from increasing total output
from an entire process
Total Quality Management (TQM) stresses the importance of teamwork
The main difference between low intensity and high intensity entry modes depends on how much risk
and/or control an entering business is willing to accept or forgo
Firms are better off selecting non-equity, low-investment entry modes in countries that have high
environmental uncertainty
The necessary developments for expansion into global markets include expanding markets, gaining
access to resources, increasing costs, and capitalizing on a special feature of location.
Also known as the Toyota Production System, JIT was initially developed after WWII when the
Japanese car industry was lagging far behind its U.S. competitors
In the U.S., the President sets exchange rate policies
The European Community established its Exchange Rate Mechanism (ERM) in1979 and formed the
initial steps for the creation of a single European currency
When formulating a strategic global market entry plan, business managers should focus on:

identifying the most attractive foreign markets to the firm; determining the best time to
enter the global market; and whether to enter a potential market utilizing a large or small scale
strategy
In a Free Trade Area, member nations are allowed to determine their own trade policies with
non-members
I have read all of the course requirements, and fully know that if I do not understand something about
this course I should seek clarification from my professor
One of the advantages of management contracts is that the management contractor does utilizes
many of its assets to meet the contract demands
An achievement of the Smoot-Hawley Tariff Act was the Economic and Monetary Union (EMU)
Operations managers are concerned with every aspect of the production process, including key
areas such as research and development, acquisition and distribution, inventory management,
technology, transportation, manufacturing, and customer service
Transferring current managers to run new foreign operations might not be the best strategy to pursue
when expanding operations into global markets
Acquisitions and mergers are market strategies used is when a corporate entity needs complete
control over every detail of the structure within the host country
Customer knowledge competence is characterized as the knack to acquire, interpret, and integrate
information regarding the global competitive environment
The greater division of labor is a benefit of trading blocs
The futures market allows smaller traders to participate in a trade
Potential tax savings and managerial focus being drawn away from productivity to merger
management are two advantages of mergers and acquisitions
The SBA will provide prospective businessmen with “face to face” services at one of their
approximately 73 regional offices located within the United States
OPEC was founded in 1960 in Baghdad
The intent of forming a trading bloc can range from the potential of trade creation to the desire for
economic protectionism
The four categories of motivational reasons why companies expand globally are: primary, alternate,
proactive and reactive
Production related reasons seem to be relatively small motivational factors for domestic firms
expand globally
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