In Terms of Socio-Cultural Traits That Impact on Buyer-Seller Relationships

question 41

Multiple Choice

In terms of socio-cultural traits that impact on buyer-seller relationships, which of the following statements is correct?

• A)As compared to low-context cultures, high-context cultures put more emphasis on direct communication.
• B)As compared to high-context cultures, low-context cultures spend more time on discussing issues and non-task information.
• C)As compared to high-context cultures, low-context cultures tend to avoid confrontation and prefer harmony.
• D)As compared to low-context cultures, high-context cultures take a longer time to establish relationships.
• E)As compared to low-context cultures, high-context culture put less emphasis on face-to-face encounters.

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Definitions:

Asymmetric Information

Asymmetric information exists when one party in a transaction has more or better information than the other, potentially leading to an imbalance in power or unfair outcomes.

Standardization

The process of making something conform to a standard, typically to facilitate compatibility and interoperability among multiple items or systems.

Government Regulation

The establishment of rules by government authorities designed to control and govern the conduct of industries, businesses, and individuals to ensure public welfare.

Adverse Selection

A situation where asymmetrical information leads to the selection of poor risks by one party in a contract or agreement.