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Economics

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1.What is meant by the strategic-industry argument?

-It is good strategy for a country to impose tariffs on the importation of luxury products.

-A country should protect its strategic industries from foreign competition.

-It is to a country's benefit to buy strategic products as cheaply as possible.

-A country should assist newer industries which are not yet mature enough to compete with foreign industries.

2.Coca-Cola created a sweeter version of its Minute Maid orange soda to appeal to the Indian population’s tastes. This is an example of the globalization of ______________.

-Distribution

-Production

-Markets

-Labour force

3.Large quantities of furniture from Japan arrive in Canada. Which of the following situations is the likely result?

-Consumers benefit from a greater supply of furniture at lower prices.

-The imports are rejected as consumers decide to remain loyal to domestic companies.

-Prices remain relatively stable as both foreign and domestic suppliers try to keep prices neither too high nor too low.

-Domestic furniture companies take advantage of the increased demand to raise their prices.

4.Heather’s chain of clothing stores is expanding to India and South Africa. She plans to adjust her designs and marketing to reflect the tastes of the local populations. Describe the phrase that would best sum up Heather’s approach.

-globalization of markets

-think globally and act locally

-think locally and act universally

-globalization of production