Question

QUESTION 20

1. An international _____ is a set of countries that agree to markedly reduce or eliminate trade barriers among member nations.

   	a.	customs union
   	b.	trade bloc
   	c.	commonwealth
   	d.	economic community
   	e.	free trade area

QUESTION 21

1. Which of the following statements is true about a tactical plan?

   	a.	It is an organized sequence of steps designed to execute strategic plans.
   	b.	It is exclusively developed by the board of directors.
   	c.	It is developed independently of the external business environment.
   	d.	It is more broad and nonspecific when compared to a strategic plan.
   	e.	It does not specify time frames and resources.

QUESTION 22

1. Which of the following statements is true about a franchise agreement?

   	a.	The franchisee and not the franchiser takes the responsibility of marketing and advertising activities.
   	b.	The franchisee can consult the franchiser for managerial and financial help.
   	c.	The franchisee is free to modify the franchisor's products.
   	d.	The franchisee can keep all the profits made by the venture.
   	e.	The franchisee does not have to pay a start-up cost for the venture.

QUESTION 23

1. The _____ perspective places emphasis on individual attitudes.

   	a.	systems
   	b.	quantitative management
   	c.	behavioral management
   	d.	classical management
   	e.	contingency

QUESTION 24

1. Two or more companies that work together in joint ventures or other partnerships are called what?

   	a.	Strategic partners
   	b.	Competitors
   	c.	Regulators
   	d.	Suppliers
   	e.	Customers

QUESTION 25

1. Which of the following statements is true about the process of decision making?

   	a.	​In a business scenario, the decision-making process is always aimed at finding a way to increase profits.
   	b.	The first step in the process is to identify alternatives to a problem.
   	c.	It ends when the decision situation has been defined.
   	d.	It includes putting the chosen alternative to practice.
   	e.	​The process is said to be complete when a set of alternatives to a problem has been created.

  

QUESTION 26

1. ​A(n) _____ is a form of group decision making in which a group arrives at a consensus of expert opinion.

   	a.	​Delphi group
   	b.	inactive group
   	c.	​interacting group
   	d.	​unstructured group
   	e.	​unconventional group

QUESTION 27

1. In general, while identifying alternatives, the more important the decision,

   	a.	the less the chances of managers using expert opinion to make the decision.
   	b.	the more the tendency of managers to ignore intuitions.
   	c.	the less the chances of managers making the right decision.
   	d.	the less the time needed to make the decision.
   	e.	the more alternatives should be generated.

Answer 1

Q. 20. d. economic community

Internal economic communities work towards reducing trade barriers and establishing common tariffs.

Q. 21. a. It is an organized sequence of steps designed to execute the strategic plans

Tactical plans describe the actions and steps that are required to achieve goals as per strategic plans.

Q.22. e. The franchisee does not have to pay start-up cost for the venture

The franchisee does not have to pay start-up costs as the business idea is already in existence.

Q. 23. c. behavioral management

Behavioral management is related to individual attitudes and behaviors.

Q.24. a. Strategic partners

Companies that work together in joint ventures, partnerships, etc are called Strategic partners.

Q. 25. d. It includes putting the chosen alternative to practice.

In the decision-making process, an alternative is chosen from all the possible options and is put into practice.

Q. 26. a. Delphi group

In a Delphi group technique, decisions are taken as per the consensus of a panel of experts.

Q. 27.e. the more alternatives should be generated

When a decision is important, it becomes critical to consider as many alternatives as possible. This helps to get the best option out of a large number of alternatives.