The Minimum That a Firm Has to Do to Engage

question 57

Multiple Choice

The minimum that a firm has to do to engage in international business is to

• A) export or import products from other countries.
• B) invest directly in operations in another country.
• C) establish joint ventures or strategic alliances with companies in other countries.
• D) export low-wage manufacturing jobs to companies in other countries.
• E) develop franchises and subsidiaries in other countries.

Distinguish between bundles of goods and preferences in decision-making.

Appreciate the complexity of consumer choice through visual representation of preferences.

Solve mathematical problems related to the slope and position of indifference curves.

Understand the concept of convex preferences and how they relate to commodity bundles and consumer preferences.

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Definitions:

Auto-parts Manager

A professional responsible for overseeing the operations and inventory of an auto-parts store or department.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise considered binding, not because of a formal contract, but because it was relied upon by another to their detriment.

Quasi-contract

A legal concept where a court imposes an obligation on a party to prevent unjust enrichment or unfair benefit at the expense of another, even if no actual contract exists.

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions across American states.