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Questions
Q:
________ negotiators are more likely to provide brutally frank negative feedback to foreign presenters.
A) American
B) Japanese
C) Chinese
D) German
E) Mexican
Q:
_________________ is net income divided by average total assets.
Q:
Strategic behavior and game theory are features of which market structure?A) Perfect competition B) MonopolyC) Monopolistic competition D) Oligopoly
Q:
________ negotiators are often reluctant to voice objections during negotiations lest they damage the all-important personal relationships.
A) Mexican
B) American
C) German
D) British
E) Israeli
Q:
Net assets always increase when revenue is recorded.
Q:
Because the products of firms in a monopolistically competitive market are not homogeneous, theA) demand curve for the industry is the same for the firm. B) demand curve for the firmʹs product is horizontal.C) demand curve for the firmʹs product is downward sloping. D) demand curve for the firmʹs product is upward sloping.
Q:
Which method can be used to minimize the inevitable errors that crop up while exchanging information across language barriers?
A) using silent periods more frequently
B) prolonging the duration of nontask sounding
C) using more promises and recommendations instead of threats and warnings
D) agreeing to use a common language for communication
E) using multiple communication channels during presentations
Q:
______________________ is the recording of financial transactions and events, either manually or electronically.
Q:
The monopolist faces a downward sloping demand curve, and maximizing profits requires the monopolist toA) accept the market price for its product.B) will produce where the demand curve is inelastic.C) search for the price consistent with producing to the point at which marginal revenue equals marginal cost.D) search for the highest possible price consistent with maximizing its revenues, irrespective of its explicit and implicit opportunity costs.
Q:
What aspect of nontask sounding most likely differs between the Americans and the Chinese?
A) topic of discussion
B) determining the trustworthiness of a client
C) learning about the culture of a client
D) duration of the nontask sounding process
E) goals and objectives
Q:
An owner's investment in a business always creates an asset (cash), a liability (note payable), and owner's equity (investment.)
Q:
An increasing-cost industry will have
A) a perfectly elastic long-run supply curve.
B) a perfectly inelastic long-run supply curve.
C) an upward sloping supply curve in the long run.
D) an upward sloping demand curve in the long run.
Q:
What is one of the objectives of engaging in nontask sounding?
A) determining if a client's attention is focused on business
B) obtaining negative feedback on information supplied
C) draining information from one's negotiation counterparts
D) handling objections
E) preventing loss of face
Q:
A __________________ occurs when expenses exceed revenues.
Q:
For the perfectly competitive firm, priceA) equals average revenue and marginal revenue.B) equals average total cost.C) changes as output changes.D) depends on the fixed cost for the firm.
Q:
An American buyer is negotiating with a British supplier for the purchase of raw materials for production of heavy machinery in the United States. Before exchanging any information pertaining to the business of the meeting, he spends a few minutes talking to the British negotiator on topics such as World Cup soccer, the recently concluded general elections, and the English weather. The American buyer is engaging in the first stage of a business negotiation known as
A) chit chat.
B) nontask sounding.
C) setting an agenda.
D) assessment of business terms.
E) appraisal of current affairs.
Q:
________ includes all those activities that might be described as establishing rapport, but it does not include information related to the "business" of a meeting.
A) Persuasion
B) Concessions and agreement
C) Negotiation setting
D) Task-related exchange of information
E) Nontask sounding
Q:
Owner's equity is increased when cash is received from customers in payment of previously recorded accounts receivable.
Q:
Total OutputTotal Costs0$101182213234245266297338389441051Using the above table, we see that when output is 4 units, average variable cost equalsA) $24.00. B) $14.00. C) $3.50. D) $6.00.
Q:
For a proprietorship, owner investment and revenues increase __________________ and owner withdrawals and expenses decrease it.
Q:
Which aspect of international business negotiations is considered to be the most difficult?
A) agreeing on the number of participants in the negotiation
B) finding the best alternative to a negotiated agreement
C) actual conduct of the face-to-face meeting
D) deciding on the location and physical arrangements
E) selection of the appropriate negotiation team
Q:
Exchanges of stocks take placeA) in New York City only.B) in the principle financial city of each country, such as New York City for the United States and London for England.C) in a decentralized fashion around the world.D) in centralized physical locations known as stock exchanges and online through Internet brokers.
Q:
Which method is the most efficient way to communicate with clients and partners in places like Mexico, Malaysia, and China?
A) conversation over a long dinner
B) negotiation through video-conferencing
C) conversation over a phone call
D) negotiation through e-mail
E) negotiation with lower- and mid-ranking executives
Q:
From an accounting perspective, an event is a happening that affects an entity's accounting equation, but cannot be measured.
Q:
A legal organization of a firm where the business is owned by one individual who makes the business decisions, receives all the profits, and is legally responsible for the debts of the firm is a(n)A) corporation. B) entrepreneur. C) proprietorship. D) partnership.
Q:
Which statement regarding the physical arrangements of an international negotiation setting is true?
A) Russians prefer to talk to everyone separately, and once everyone agrees, to schedule inclusive meetings.
B) Japanese tend toward a cumulative approach, meeting with one party and reaching an agreement, then both parties calling on a third party.
C) In high-context cultures, the physical arrangements of rooms are taken casually.
D) Americans tend to want to get everyone together to quickly reach an agreement even if opinions and positions are divergent.
E) Americans adopt a formal approach to seating and room arrangement.
Q:
Using the accounting equation, equity is equal to ________________________.
Q:
Along a given indifference curve, a consumer reduces the quantity of one good in favor of more units of the other. In this situationA) the marginal rate of substitution falls.B) the marginal utility of the first rises and the marginal utility of the second good falls.C) Total utility rises.D) Both A and B are correct.
Q:
Which aspect of the negotiation setting is an important consideration as it may eventually determine legal jurisdiction if disputes arise?
A) preliminary research
B) communications channels
C) number of participants
D) number of translators
E) location
Q:
An external transaction is an exchange of value within an organization.
Q:
The principle that ʺas more of a good is consumed, its extra benefit declinesʺ is known asA) the law of demand.B) the law of diminishing marginal product. C) the law of diminishing marginal utility. D) the law of comparative advantage.
Q:
Even small companies can possess great power in negotiations if they have
A) little influence at headquarters.
B) a larger negotiating team.
C) more to lose and less to gain from a deal.
D) more good alternatives than their large-company counterparts.
E) the advantage of negotiating in a foreign land.
Q:
The term __________________ refers to a liability that promises a future outflow of resources.
Q:
If goods X and Y are complements, then the cross price elasticity of demand will beA) elastic. B) greater than zero but less than 1.C) negative. D) positive.
Q:
In Getting to Yes, the notion of ________ relates to how power in negotiations is best measured.
A) what you negotiate is what you get
B) a face-to-face communication
C) the best alternative to a negotiated agreement
D) the failure to listen during negotiations
E) a standard for business negotiations
Q:
Every business transaction leaves the accounting equation in balance.
Q:
The local baseball stadiumʹs concession stands previously sold hot dogs for 80 cents apiece. At that price, when a baseball fan went to watch a baseball game, he bought 2 hotdogs. But now that the stadium has a ʺdime-a-dog night,ʺ he has purchased 6 hot dogs. What is the approximate value of this individualʹs absolute price elasticity of demand for hot dogs?A) 0.64 B) 0.80 C) 1.00 D) 1.56
Q:
What skills typically top the list of international negotiator traits?
A) preparation and planning
B) observational and oratory
C) linguistic and social
D) persuasion and intellectual
E) informational and interpretation
Q:
During the accounting period, the assets of a business increased $64,000 and liabilities decreased $17,000; consequently, equity in the business must have __________________ (increased, decreased) $__________________________.
Q:
Technological change that makes it easier to produce in a ʺcleanerʺ fashion would cause
A) the marginal cost curve of pollution abatement to shift left, increasing the degree of air quality.
B) the marginal cost curve of pollution abatement to shift right, increasing the degree of air quality
C) the marginal benefit curve of pollution abatement to shift right, increasing the degree of air quality
D) the marginal benefit curve of pollution abatement to shift left, increasing the degree of air quality
Q:
Mike had been negotiating with a Japanese company for distribution rights for five days. He was afraid he was going to lose the contract, so at the last minute he decided to lower the price. They accepted the next day. What mistake did Mike make?
A) He should have come in with a low price at the outset.
B) He should have had a written concession plan before he began the negotiation.
C) He should have given the Japanese negotiators a menu of options including the lower price.
D) He should have avoided all concessions.
E) He should have deferred to his superiors.
Q:
Net income is the excess of expenses over revenues, whereas net loss is the excess of revenues over expenses.
Q:
The official poverty level is based on pretax income including cash. Which of the following statements is correct regarding this official specification of poverty?A) This is a good definition of poverty since it is made up of the income from productive resources.B) This is not a good definition of poverty because our tax structure consists of different tax brackets based on income.C) This is not a good definition of poverty because it does not include in -kind subsidies. D) This is a good definition of poverty because it is easy to measure.
Q:
What action must be taken by a negotiator before international negotiations begin?
A) asking questions on specific areas of the deal
B) planning concession strategies
C) making concessions before reaching an agreement
D) rushing the foreign negotiator to come to a decision
E) relying only on information obtained from external sources
Q:
The accounting equation is ______________________________.
Q:
Paying a wage to an employee that is lower than the employeeʹs marginal revenue product is sometimes referred to asA) illegal in most states. B) monopolistic exploitation. C) monopsonistic exploitation. D) total exploitation.
Q:
Ford's program for managers working with Japanese, "Managing Negotiations: Japan," includes
A) classes in the Japanese language.
B) training in overcoming Japanese cultural traits.
C) tapes of past negotiation mistakes.
D) face-to-face practice with Japanese negotiators.
E) rehearsals of upcoming negotiations.
Q:
The legitimate claims of a business's creditors take precedence over the claims of the business owner.
Q:
A boycott of products sold by companies that are dealing with a company whose workers are on strike is aA) jurisdictional dispute. B) sympathy strike.C) right-to-boycott law. D) secondary boycott. Answer: D
Q:
In the context of international negotiations, what is found to be lacking in the curricula of most schools of diplomacy?
A) language skills
B) diplomatic history and international relations
C) foreign policies
D) social and diplomatic skills
E) cultural differences in communication styles
Q:
With respect to the roles of men and women in international business negotiations,
A) in general, women are more comfortable speaking up in a meeting than men to maintain intimacy with their foreign counterparts.
B) men are more comfortable talking one-on-one than women, owing to the social stigma associated with such practices.
C) the negotiation style of American women is a lot closer to that of the Japanese than that of American men.
D) in countries where women do not participate in management, American female negotiators are first considered incompetent.
E) it is not particularly important for female executives to establish personal rapport at restaurants and other informal settings.
Q:
The owner's claim on assets is called __________________.
Q:
If labor productivity increases,A) labor costs rise by equal increments. B) the demand for labor increases.C) some workers will be laid off. D) jobs will relocate.
Q:
Owner's investments are gross increases in equity from a company's earnings activities.
Q:
In the context of international business negotiations, even in countries where women do not participate in management, American female negotiators are first treated as
A) distractions.
B) ignorant people.
C) inappropriate.
D) foreigners.
E) inexperienced people.
Q:
Acme Inc. found a tricky way to conform to the letter of the law with respect to new EPA regulations, even though they violated the spirit of the law. This is calledA) the capture theory.B) collusive response.C) share-the-gains, share-the-pains theory. D) creative response.
Q:
________ should not be used as a selection criterion for international negotiation teams.
A) Stamina
B) Maturity
C) Ethnicity
D) Breadth of knowledge
E) Gender
Q:
Creditors claims on assets that reflect obligations to transfer assets are called _____________.
Q:
Refer to the above payoff matrix for the profits (in $ millions) of two firms (X and Y) and two product formats (A and B) in an industry. A possible outcome of the dominant strategy is:A) Both firm X and firm Y choose product format A. B) Both firm X and firm Y choose product format B.C) Firm X would be willing to choose product format A while firm Y simultaneously would wish o choose product format B.D) Firm X would be willing to choose product format B as long as firm Y wishes simultaneously also to choose product format B.
Q:
Why is it important to bring along a senior executive to an international business negotiation?
A) Influence at headquarters is crucial to success.
B) The flexible position of the organization is indicated.
C) The specific technical details of the deal can be discussed.
D) Information can be collected through note taking with the goal of enhancing creativity.
E) A larger number of nodding heads can reduce influence.
Q:
A company might provide a service or product on credit. "On credit" implies that the cash payment will occur on a later date.
Q:
The measurement of industry concentration which calculates the percentage of all sales contributed by a specific number of leading firms is called theA) Herfindahl-Hirschman Index. B) concentration ratio. C) producer price index. D) P/E ratio.
Q:
An international business negotiator's primary job is collecting information with the goal of enhancing creativity. Which step may be taken during a meeting to ensure that the negotiator is able to do his job well?
A) appointing different members of the team to provide self-disclosures and appropriate replies to queries
B) bringing along junior executives for the purpose of training through observation and participation
C) providing additional information to the other party when all the members fall silent during the meeting
D) assigning one team member the sole responsibility of taking careful notes and not worrying about speaking
E) including higher-rank executives and using informal channels of communication
Q:
_____________ is increased by owner's investments and revenues. It is decreased by withdrawals and expenses.
Q:
The greater the the number and closeness of substitutes available between monopolistically competitive firms,A) the greater the ability of a firm to raise its price above the price of close substitutes .B) the smaller the ability of a firm to raise its price above the price of close substitutes. C) the more inelastic the demand curve.D) the greater the positive economic profits for a single firm.
Q:
The single most important activity of international business negotiations is
A) organization.
B) listening.
C) presentation.
D) etiquette.
E) self-disclosure.
Q:
Revenues occur when expenses exceed assets.
Q:
In maximizing economic profit, the monopolist willA) choose the highest price that still permits some output sales.B) equate marginal cost to minimum average total cost. C) equate price to marginal cost.D) equate marginal revenue to marginal cost.
Q:
In relationship-oriented cultures, ________ speaks quite loudly in both persuasion and the demonstration of interest in a business relationship.
A) the bottom line
B) profit
C) team strength
D) secrecy
E) rank
Q:
A common characteristic of __________ is their ability to provide expected future benefits to a business.
Q:
Consider an industry that is in long -run equilibrium. An increase in demand leads to no change in the price of the good. We know that this isA) a decreasing cost industry. B) a constant cost industry.C) an increasing cost industry. D) not a competitive industry.
Q:
What factor can get in the way of American team negotiations?
A) cultural heritage of interdependence and collectivism
B) emphasis on careful note taking and training via observation
C) compensation schemes that overly emphasize individual performance
D) preference for split commissions for negotiation teams
E) hierarchical structures of American organizations
Q:
The balance sheet is also called the statement of financial position because it describes the financial position of the business at a point in time.
Q:
Which of the following equals the ratio of the change in total revenues over the change in output?A) Total cost B) Average revenueC) Demand D) Marginal revenue
Q:
Americans often make the mistake of going it alone against a greater number of foreigners in business negotiations. This is likely related to what American trait?
A) collectivism
B) chivalry
C) information-orientation
D) pragmatism
E) independence
Q:
____________ are the gross increases in equity from a company's earnings activities
Q:
Total OutputTotal Costs0$101182213234245266297338389441051Using the above table, we see that when output is 4 units, average total cost equalsA) $24.00. B) $14.00. C) $3.50. D) $6.00.
Q:
In studies conducted at Ford Motor Company and AT&T, three traits were found to be important predictors of negotiator success with international clients and partners, including
A) ability to function without team assistance.
B) influence at headquarters.
C) appreciation of external factors in negotiations.
D) ability to command attention from an audience.
E) willingness to take on additional responsibilities.
Q:
The accounting equation implies that: Assets + Liabilities = Equity.
Q:
Stock markets for securities are important because
A) they are where corporations raise financial capital.
B) they are where proprietorships and partnerships raise financial capital.
C) they permit individuals to transfer their savings directly into investment spending.
D) they make the stocks and bonds more valuable.