Four Trends in the Past Decade Have Significantly Influenced the Landscape

question 130

Multiple Choice

Four trends in the past decade have significantly influenced the landscape of global marketing.One of them is

• A)the rise of economic integration and free trade among nations.
• B)an increase in economic protectionism and a decline in free trade.
• C)a more aggressive attitude towards initiating international tariffs and quota systems.
• D)a decrease in most countries' GDPs and a renewal of nationalism.
• E)an increase in most countries' GDPs coupled with an increased degree of consumer ethnocentrism.

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Definitions:

Allocative Efficiency

The apportionment of resources among firms and industries to obtain the production of the products most wanted by society (consumers); the output of each product at which its marginal cost and marginal benefit are equal, and at which the sum of consumer surplus and producer surplus is maximized.

Marginal Costs

The additional cost incurred by producing one more unit of a good or service, crucial for making production and pricing decisions.

Marginal Benefits

The incremental satisfaction or benefit a consumer derives from consuming an additional unit of a good or service.

Net Benefits

The total benefits of a decision or project after subtracting all the costs associated with it.