test bank 8.docx
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test bank 8.docx
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testbank8
CHAPTER9
INTERNATIONALFACTORMOVEMENTSAND
MULTINATIONALENTERPRISES
MULTIPLE-CHOICEQUESTIONS
1.“Riskspreading”isamotivemostlikelytobeservedwhenfirmsundergo:
a.Horizontalintegration
b.Verticalintegration
c.Conglomerateintegration
d.Noneoftheabove
2.Thesource(home)locationofmostoftheworld’sleadingmultinationalenterprisesis:
a.NorthAmericaandEurope
b.NorthAmericaandAsia
c.EuropeandSouthAmerica
d.EuropeandAsia
3.Whichtypeofmultinationaldiversificationoccurswhentheparentfirmestablishesforeignsubsidiariestoproduceintermediategoodsgoingintotheproductionoffinishedgoods?
a.Forwardverticalintegration
b.Backwardverticalintegration
c.Forwardhorizontalintegration
d.Backwardhorizontalintegration
4.SupposethatanAmericanautomobilemanufacturerestablishesforeignsubsidiariestomarkettheautomobiles.Thispracticeisreferredtoas:
a.Forwardverticalintegration
b.Forwardconglomerateintegration
c.Backwardverticalintegration
d.Backwardconglomerateintegration
5.SupposethatasteelmanufacturerheadquarteredinJapansetsupasubsidiaryinCanadatoproducesteel.Thispracticeisreferredtoas:
a.Conglomerateintegration
b.Forwardverticalintegration
c.Backwardverticalintegration
d.Horizontalintegration
6.Duringthe1970s,Americanoilcompaniesacquirednonenergycompanies(e.g.,copper,autocomponents)inresponsetoanticipateddecreasesininvestmentopportunitiesinoil.Thistypeofdiversificationisreferredtoas:
a.Horizontalintegration
b.Conglomerateintegration
c.Forwardverticalintegration
d.Backwardverticalintegration
7.Whichofthefollowingbestreferstotheoutrightconstructionorpurchaseabroadofproductivefacilities,suchasmanufacturingplants,bydomesticresidents?
a.Directinvestment
b.Portfolioinvestment
c.Short-termcapitalinvestment
d.Long-termcapitalinvestment
8.Inrecentyears,thelargestamountofU.S.directinvestmentabroadhasoccurredin:
a.CentralAmerica
b.SouthAmerica
c.Europe
d.Japan
9.Inrecentyears,mostforeigndirectinvestmentintheUnitedStateshascomefrom:
a.WesternEurope
b.CentralAmerica
c.SouthAmerica
d.Asia
10.MostU.S.directinvestmentabroadoccursin:
a.Communications
b.Petroleum
c.Financeandinsurance
d.Manufacturing
11.MostforeigndirectinvestmentintheUnitedStatesoccursin:
a.Publicutilities
b.Communications
c.Manufacturing
d.Miningandsmelting
12.Whichofthefollowingisnotasignificantmotivefortheformationofmultinationalenterprises?
a.Avoidingtariffsbyobtainingforeignmanufacturingfacilities
b.Obtainingthebenefitsfromoverseascomparativeadvantages
c.Theacquisitionofnaturalresourcesupplysources
d.Subsidiesgrantedbythehomegovernmenttooverseascorporations
13.SupposeGeneralMotorschargesitsMexicansubsidiary$1millionforautoassemblyequipmentthatcouldbepurchasedontheopenmarketfor$800,000.Thispracticeisbestreferredtoas:
a.Internationaldumping
b.Cost-pluspricing
c.Transferpricing
d.Technologicaltransfer
14.Multinationalenterprisesmayprovidebenefitstotheirsource(home)countriesbecausetheymay:
a.Securerawmaterialsforthesourcecountry
b.Shiftsourcecountrytechnologyoverseasvialicensing
c.Exportproductswhichreflectsource-countrycomparativedisadvantage
d.Resultinlowerwagesforsource-countryworkers
15.Tradeanalysisinvolvingmultinationalenterprisesdiffersfromourconventionaltradeanalysisinthatmultinationalenterpriseanalysisemphasizes:
a.Absolutecostdifferentialsratherthancomparativecostdifferentials
b.Theinternationalmovementoffactorinputsratherthanfinishedgoods
c.Purelycompetitivemarketsratherthanimperfectlycompetitivemarkets
d.Portfolioinvestmentsratherthandirectforeigninvestments
16.Directforeigninvestmenthastakenallofthefollowingformsexcept:
a.Investorsbuyingbondsofanexistingfirmoverseas
b.Thecreationofawhollyownedbusinessenterpriseoverseas
c.Thetakeoverofanexistingcompanyoverseas
d.Theconstructionofamanufacturingplantoverseas
17.WhichofthefollowingwouldbestexplainwhyforeigndirectinvestmentmightbeattractedtotheUnitedStates?
a.U.S.priceceilingsthatholddownthepriceofenergy
b.U.S.wageratesexceedingtheproductivityofU.S.labor
c.ArtificiallyhighpricesbeingchargedforthestockofU.S.firms
d.AnticipationsoffuturereductionsinU.S.tarifflevels
18.BothCoca-ColaCo.andPepsi-ColaCo.aremultinationalfirmsinthattheirsoftdrinksarebottledthroughouttheworld.Thispracticeillustrates:
a.Backwardverticalintegration
b.Forwardverticalintegration
c.Horizontalintegration
d.Conglomerateintegration
19.Themarketpowereffectofaninternationaljointventurecanleadtowelfarelossesforthedomesticeconomyunlessoffsetbycostreductions.Whichtypeofcostreductionwouldnotleadtooffsettingwelfaregainsfortheoveralleconomy?
a.R&Dgeneratingimprovedtechnology
b.Developmentofmoreproductivemachinery
c.Newworkrulespromotingworkerefficiency
d.Lowerwagesextractedfromworkers
20.Allofthefollowingarepotentialadvantagesofaninternationaljointventureexcept:
a.Sharingresearchanddevelopmentcostsamongcorporations
b.Forestallingprotectionismagainstimports
c.Establishingworkrulespromotinghigherlaborproductivity
d.Operatingatdiseconomy-of-scaleoutputlevels
21.WhichtermbestdescribestheNewUnitedMotorManufacturingCo.?
a.Multinationalenterprise
b.Internationaljointventure
c.Multilateralcontract
d.Internationalcommodityagreement
22.Multinationalenterprises:
a.Increasethetransferoftechnologybetweennations
b.Makeitharderfornationstofosteractivitiesofcomparativeadvantage
c.Alwaysenjoypoliticalharmonyinnationswheretheirsubsidiariesoperate
d.Requiregovernmentalsubsidiesinordertoconductworldwideoperations
23.Firmsundertakemultinationaloperationsinorderto:
a.Hirelow-wageworkers
b.Manufactureinnationstheyhavedifficultyexportingto
c.Obtainnecessaryfactorinputs
d.Alloftheabove
24.Multinationalenterprisesfaceproblemssincethey:
a.Cannotbenefitfromtheadvantagesofcomparativeadvantage
b.Mayraisepoliticalproblemsincountrieswheretheirsubsidiariesoperate
c.Caninvestonlyathome,butnotoverseas
d.Caninvestonlyoverseas,butnotathome
25.AmericanlaborunionshaverecentlymaintainedthatU.S.multinationalenterpriseshavebeen:
a.ExportingAmericanjobsbyinvestingoverseas
b.ExportingAmericanjobsbykeepinginvestmentintheUnitedStates
c.ImportingcheapforeignworkersbyshiftingU.S.investmentoverseas
d.ImportingcheapforeignworkersbykeepingU.S.investmentathome
26.AmericanlaborunionsaccuseU.S.multinationalfirmsofallofthefollowingexceptthatsuchfirms:
a.Enjoyunfairadvantagesintaxation
b.Exportjobsbyshiftingtechnologyoverseas
c.Exportjobsbyshiftinginvestmentoverseas
d.Operateatoutputlevelswherescaleeconomiesoccur
27.Whichofthefollowingreferstothepricechargedforproductssoldtoasubsidiaryofamultinationalenterprisebyanothersubsidiaryinanothernation?
a.Transferpricing
b.Internationaldumping
c.Pricediscrimination
d.Full-costpricing
28.Whichbusinessdeviceinvolvesthecreationofanewbusinessbytwoormorecompanies,oftenforalimitedperiodoftime?
a.Multinationalenterprise
b.Internationaljointventure
c.Horizontalmerger
d.Verticalmerger
29.Internationaljointventurescanleadtowelfarelosseswhenthenewlyestablishedfirm:
a.Addstothepreexistentproductivecapacity
b.Entersmarketsneitherparentcouldhaveenteredindividually
c.Yieldscostreductionsunavailabletoparentfirms
d.Givesrisetoincreasedamountsofmarketpower
30.Multinationalenterprises:
a.Alwaysproduceprimarygoods
b.Alwaysproducemanufacturedgoods
c.Produceprimarygoodsormanufacturedgoods
d.Noneoftheabove
Figure9.1illustratesthemarketconditionsfacingSonyCompanyandAmericanCompanyinitiallyoperatingascompetitorsinthedomesticball-bearingmarket.Eachfirmrealizesconstantlong-runcosts,MC0 = AC0.AnswertheQuestions31–37onthebasisofthisinformation.
Figure9.1. InternationalJointVenture
31.ConsiderFigure9.1.WithSonyCompanyandAmericanCompanybehavingascompetitors,theequilibriumpriceandoutputrespectivelyequal:
a.$4and2units
b.$4and4units
c.$6and2units
d.$6and4units
32.ConsiderFigure9.1.AttheequilibriumpricethatwascalculatedinQuestion#31,domestichouseholdsattain________ofconsumersurplus.
a.$4
b.$8
c.$12
d.$16
33.ConsiderFigure9.1.SupposethatSonyCompanyandAmericanCompanyjointlyformanewfirm,VentureCompany,whoseballbearingsreplacetheoutputsoldbytheparentsinthedomesticmarket.AssumingthatVentureCompanyoperatesasamonopolyandthatitscostsequalMC0 = AC0,thefirm’sprice,output,andtotalprofitwouldrespectivelyequal:
a.$6,2units,$4
b.$4,2units,$2
c.$6,4units,$4
d.$4,4units,$2
34.ConsiderFigure9.1.ComparedtothemarketequilibriumpositionachievedbySonyCompanyandAmericanCompanyascompetitors,VentureCompanyasamonopolyleadstoadeadweightlossofconsumersurplusof:
a.$2
b.$4
c.$6
d.$8
35.ConsiderFigure9.1.AssumeVentureCompany’sformationyieldsnewcostreductions,indicatedbyMC1 = AC1,whichresultfromtechnologicaladvances.RealizingthatVentureCompanyresultsinadeadweightlossofconsumersurplus,th
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