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1. An economy in which most economic decisions are made in the marketplace is known as
a:
A) Market economy
B) Planned economy
C) Command economy
D) Mixed economy
E) Stabilized economy
5. When the marketplace guides part of an economic system and the government runs the
other part, this is called a:
A) Moderate economy
B) Mixed economy
C) Planned economy
D) Fixed economy
E) Stabilized economy
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7. The amount of goods and services that producers will provide at various prices is:
A) Supply
B) Demand
C) Price
D) Quantity
E) Quality
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Baack - International Marketing Test Bank
11. In which stage of Rostow's model do manufacturing industries grow rapidly, and airports,
roads and railways are built?
A) Traditional
B) Preconditions for takeoff
C) Takeoff
D) The drive to maturity
E) Mass consumption
12. South Korea, Taiwan, Hong Kong, and Singapore are referred to as:
A) Four Giants
B) Four Lions
C) Four Leaders
D) Four Tigers
E) Four Bears
13. Older consumers who remain resistant to foreign goods after a conversion from
communism suffer from what is known as:
A) Ethnocentric fatigue
B) Transition fatigue
C) Socialist fatigue
D) Regiocentric fatigue
E) Economic fatigue
14. In which stage of Rostow's model does rapid expansion of tertiary, third-wave support
industries occur alongside a decline in manufacturing?
A) Traditional
B) Preconditions for takeoff
C) Takeoff
D) Drive to maturity
E) Mass consumption
15. Which feature of transition economies is described by prices being set by supply and
demand and removal of trade barriers?
A) Privatization
B) Liberalization
C) Budget reform
D) Maturation
E) Stabilization
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