SOLVED

21) The measurable quality of a country’s distribution, financial, and communication systems is referred to as the country’s ________. A) level of economic development B) standard of living C) gross domestic product (GDP) D) economic infrastructure E) business cycle 22) A country’s ________ indicates the average quality and quantity of goods and services consumed within the country. A) economic infrastructure B) standard of living C) gross domestic product (GDP) D) gross national product (GNP) E) business cycle 23) In most cases, which of the following is true about a least developed country (LDC)? A) It has an economy based on agriculture. B) It is by definition landlocked. C) It has a viable middle class. D) It has high literacy levels. E) It has an advanced economic infrastructure. 24) Which of the following is most characteristic of a developing country? A) The country is moving away from an economy based on industry. B) The market for consumer goods present little growth potential. C) The nation has an economy based on agriculture. D) The country has a significant middle class. E) The country has an economy based on exporting services. 25) Which of the following is NOT among the largest of the world’s developing countries? A) Brazil B) Russia C) India D) Canada E) China 26) Which of the following best explains why marketers are attracted to the BRIC countries? A) These countries have long-established upper classes that form a strong market for luxury goods. B) These countries are quickly moving from being least developed to developing countries. C) These countries have masses of consumers who are not yet wealthy but are quickly moving to economic prosperity. D) These countries offer large markets with no language or cultural barriers. E) These countries wield the most power in the Group of Eight. 27) France, Italy, and Germany boast sophisticated marketing systems and are three good examples of ________. A) preindustrial countries B) least developed countries (LDCs) C) developing countries D) developed countries E) BRIC countries 28) The United States, the United Kingdom, Australia, Canada, France, Italy, Germany, and Japan are all members of ________. A) the BRIC countries B) the Group of Eight C) the EU D) NAFTA E) APEC 29) A severe recession is a depression, a period in which prices fall but there is little demand because few people have money to spend and many are out of work. This condition is part of ________. A) the competitive environment B) the business cycle C) the technological environment D) demographics E) social norms 30) Which of the following occurs when prices and the cost of living rise while money loses its purchasing power? A) prosperity B) recovery C) inflation D) deflation E) a depression