The marginal revenue from producing a smartphone is $200, and the marginal cost is $150. What is the best action for the firm?

• A.Increase production
• B.Decrease production
• C.Exit the market altogether
• D.Pause production

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An institution-based view of global business focuses on the specific relationship between which two entities?

• A.Customers and firms
• B.Customers and institutions
• C.Firms and governments
• D.Firms and institutions

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Which company has a natural resource-seeking strategic goal?

• A.A company searching for a location where labor costs are low
• B.A company searching for a location with a large consumer market
• C.A company searching for a location where there is an abundance of oil
• D.A company searching for a location with advanced technology clusters

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What is true about gross domestic product (GDP)?

• A.It is thought to be the single best measure of a society's economic well-being.
• B.Its year-to-year percentage change represents the inflation rate.
• C.It places heavier weight on intangible services than tangible goods.
• D.It includes the income of citizens working abroad.

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Managers and firms rationally pursue their interests and make choices within institutional constraints.
Which situation illustrates this proposition of the institution-based view of global business?

• A.A firm increases advertising to boost brand awareness.
• B.A firm lowers prices to gain market share.
• C.A multinational relocates production after a minimum wage increase.
• D.A firm introduces a new product due to consumer trends.

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