NMC382Y1 Midterm: NMC 382 Midterm One

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pinkchinchilla975

13 Dec 2011

School

UTSG

Department

Near & Middle Eastern Civilizations

Course

NMC382Y1

Professor

Ron Leprohon

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Document Summary

Viewpoint: profile for every part of the body except for eye and torso, which face viewer everyone else: chaos) Royal iconography: king larger/ separated from others (king: order, Symbolic use of color- ex: depictions of osiris. Black = dead, red = alive, green = symbolic of fertility and vegetation. Comparative size: main and secondary figure, those who pay for art are depicted as larger. A lot of action words: problem with historicity: chronological discrepancies, time span of. 10. no separation between church and state: king seen as connection to the divine, sacred kingship, religion defined the state. 11. multiplicity of approached: different ways of looking at one. 12. question of logic: not an either or situation, but as well as. Egyptians inquisitive and accepting of multitude of beliefs. 13. historical development: prehistoric" up into the late 4th c. bc, king of egypt could have imposed own god but instead made all gods equal.

Related Questions

Need help revising, and recommendation for a conclusion.

Throughout this paper is my understanding of what I have learned in class chapters 1-4, expressing my understanding and opinions. Economics is the study of how we deal with scarce resources. Microeconomics specially deals with business in the home country exclusively. This type of economics affects small businesses in the home country only. On the other hand, macroeconomics concerns our national welfare concerning trade and international business.

I believe that many things affect our economy on a microeconomics level. Things such as our understanding of our country in reflection to the world are very important. That is why we study ourselves before we study the macroeconomic principle of the world. Understanding ourselves is what microeconomics teaches us. Working from the inside out. The world is a place where there are differences in our wants and what we get. That is what makes items scarce. That is what positive economics is. Positive economics deals with what is and what we have. The other type of economics is called normative statements. This deals with what we should receive instead of what is and deserved to some extent. It's our scarce resources that determine our allocation of resources and how we use our resources and time. This is where opportunity costs come in, giving up something to do something. A successful business or country never ignores opportunity costs. We must ensure that we have a comparative advantage instead of the absolute advantage. Our resources must be used to achieve maximum output. Comparative is met when we have fewer opportunity costs to make some certain products than the other person or entity.

My initial understanding was scarcity was oil potentially running out, but we have so much of it that you can always find more with techniques such as fracking. Now it's obvious to me, one of our most scarce resources is time. You cannot avoid the 8,760 hours in a year. I understand that people have unlimited wants but limited resources. Everything has a cost and we must make a choice as we don't have unlimited farms, factories workers, etc. scarcity forces choices and this ties in with opportunity cost, for every gun made, a theft from the hungry is made. The opportunity cost not being used to feed the poor, but to make guns. And I find it easy to understand no one can have everything choices must be made on benefits. If I'm going to school, imp giving up making cash, as I'm giving up money for an education, I value education more. Scarcity is also related to the invisible hand. As it's an achievement that leads free markets and capitalism through competition for scarce resources.

My understanding of the invisible hand is a person neither intends to promote public interest and does not know how much he is promoting it. Only intending on his own gain. Without being his intention a person can be lead by the invisible hand to do good for society by pursuing one's own self-interest. Going into equity and efficiency the invisible hand does ensure both equity and efficiency. People work in their selfish ways to maximize profit while also contributing to the economy as a whole. It can also be argued that as the invisible hand wants to ensure efficiency, it cannot guarantee efficiency, because it can fail to produce an efficient allocation of resources, which in turn lead to a market failure. It can also be argued that it can't guarantee equity because not everyone gets a fair price. The way I like to remember efficiency is with a real-life example, like a reduction in the number of workers needed to produce a particular good for a particular amount. Equity refers to the ownership interest in an asset, for example, if a person owns a house with a market value of $800,000 and owes $100,000 on the mortgage leaving a $700,000 equity in the home.

It can be predicted that if the price of beef increases - ceteris paribus-the quantity of beef demanded by buys will decrease. In other words, if the price of beef increases, then the quantity of beef increases, then the quantity of beef demanded will decrease because all things have to be equal. In-class lecture thought me all other things remaining the same. Economists use ceteris paribus to determine the effect of a factor when all other factors have been held the same and helps simplify the study and get a more refined data set.

Economists deal with many issues that pertain to assuring that both a countries domestic output is efficient and that there is an effective trade balance. This means that there are a balance and limit on the amount of imports. Also, this means home production must be able to meet export demands. There are many factors that affect the production of goods and their effect on shifting the production possibilities frontier. This involves evaluating every detail including knowing the products and any close substitutes and compliments. It also involves knowing how an action or other external force will affect demand. This is called price elasticity; Substitutes are products that can replace any given product or service. An example of this would be Coke and Pepsi. The presence of substitutes affects price elasticity because if there are other options, then any change to the price or quality of the product will cause a shift of the demand curve. O course, price is a huge reason why the demand for a product decreases or increases yet it doesn't shift the curve because of the price only. This price change will cause a domino effect that will end with the shifting of the demand curve because it will cause an increase or decrease in demand of the substitute good if the price change is either lower or higher respectively. This price change serves as a catalyst that will change people's desire to spend more money on a more expensive product and that will instead choose to buy the substitute good for cheaper or buy more of the desired product. The change in the price of actual products will not shift the demand curve yet the change of the price of substitutes will because it serves to change people's purchasing behavior. On the other hand, compliments serve to boost demand when there is a decrease in price. The use of complementary goods is dependent upon another product. An example of this would be hot dogs and buns. If the price of hotdogs decreases then, conversely, the demand for hot dog buns will increase because of this change in price. In this scenario, the decrease in price will cause a positive shift in the demand curve because of people's desire and willingness to buy more buns. This is an example of a demand shifter. There are a few other demand shifters. The shifters of the demand curve are changes in expectations, disposable income, price of substitute goods and complements, tastes and preferences, and population size and composition. Changes in income affect the demand curve because if income is lower then people tend to save any extra income instead of wasting it. Disposable income is minimized and spending is lower. This also causes people to see a perceived value of things and distinguishing between what is necessary and what is a relative luxury. The lower the income, the higher the saving and avoidance to spend. An example of this would be if someone needs to buy some medication and it is relatively expensive, that doesn't mean that someone won't buy the medication just because it is expensive. It is necessary. Other factors that contribute to spending and demand are having a price ceiling and price floor. Having a price ceiling is a limit on the price of the product this is a government-imposed idea that is meant to protect consumers from unfair pricing and other conditions that may be malicious or obscure. This affects demand because if there is a price ceiling there is a limit on profit on a unit-to-unit basis. The other factor is the price floor. This price floor was created to encourage competition and affect consumers' willingness to pay because sometimes this new price may be higher than the original price. This causes a negative impact on a product that has a less than wanted perceived value. Many factors contribute to economic prosperity and certainly do help assure that information is analyzed and implemented into an economic and business plan.

limejellyfish231

QUESTION 1

_____ refer to the forces of change whose direction and sometimes timing can be predicted.

		Uncertainties
		Trends
		Occurrences
		Scenarios
		Forecasts

2 points

QUESTION 2

Management institutes, certification agencies, and headhunting firms are examples of specialized intermediaries for:

		financial markets.
		markets for managerial talent.
		markets for products.
		auction markets.
		labor market.

2 points

QUESTION 3

_____ involves analyzing markets for their potential size, accessibility, cost of operations, and buyer needs and practices to aid the company in deciding whether to invest in entering that market.

		Search retargeting
		Unique selling proposition
		Rebranding
		First-mover advantage
		Market due diligence

2 points

QUESTION 4

Consumer safari refers to the initiatives taken by Unilever executives to spend a day with consumers in their homes to:

		understand how they use products.
		convince them to use more Unilever products.
		train them to make multiple use of their products.
		estimate how many products they use.
		help them set up cottage industries for their products.

2 points

QUESTION 5

_____ refer to the forces of change whose direction and pace is largely unknown.

		Uncertainties
		Trends
		Occurrences
		Scenarios
		Forecasts

2 points

QUESTION 6

_____ are straight-line, one-factor projections from present to future.

		Estimates
		Opportunities
		Scenarios
		Forecasts
		Plans

2 points

QUESTION 7

The United States is separated from Nigeria by 5,840 miles and the Atlantic Ocean. According to the CAGE framework this is a case of:

		emotional distance.
		economic distance.
		cultural distance.
		geographic distance.
		administrative distance.

2 points

QUESTION 8

The GDP of France is 2.113 trillion USD whereas Sierra Leone's GDP is approximately 4.812 billion USD. According to the CAGE framework, this is a case of:

		emotional distance.
		economic distance.
		cultural distance.
		geographic distance.
		administrative distance.

2 points

QUESTION 9

_____ occurs when a function is taken out of one's country of residence to be performed in another country, generally at a lower cost.

		Open sourcing
		Offshoring
		Exporting
		Importing
		Licensing

2 points

QUESTION 10

Which of the following is true of acquisitions?

		The acquiring company will be eligible for any financial help from the company whose shares it is trying to acquire.
		It affords the firm maximum control and has the most potential to provide above-average returns.
		The acquiring company enters into an agreement with the target business to pursue a set of agreed-upon goals while remaining independent organizations.
		The acquiring firm avoids the expense of establishing operations in the new country.
		The acquiring company gains control of another firm by purchasing its stock.

2 points

QUESTION 11

Which of the following statements holds true for the ISO 9001:2008 certification?

		Organizations which supply raw materials are barred from applying for the ISO 9001:2008 certification.
		Companies which meet the criteria of a minimum financial turnover can apply for the ISO 9001:2008 certification.
		The ISO 9001:2008 certification is a mark that a company's products and services have met quality standards.
		Companies that had achieved ISO 9001:2000 certification were exempt from being recertified to meet ISO 9001:2008 standards.
		ISO 9001:2008 certification specifically focuses on the environment.

2 points

QUESTION 12

_____ refers to buying goods and services from foreign sources and bringing them back into the home country.

		Open sourcing
		Offshoring
		Exporting
		Importing
		Farmshoring

2 points

QUESTION 13

The _____ is the contract between the exporter and the carrier, authorizing the carrier to transport the goods to the buyer's destination.

		letter of credit
		bill of lading
		customs invoice
		export declaration
		license

2 points

QUESTION 14

_____ is the document by which the exporter tells the importer to pay a specified amount at a specified time.

		Letter of credit
		Bill of lading
		Customs invoice
		Insurance certificate
		Bill of exchange

2 points

QUESTION 15

Which of the following can also function as collateral against loans?

		Certificate of origin
		Export declaration
		License
		Customs invoice
		Bill of lading

2 points

QUESTION 16

_____ refers to the financing granted against collateral, which can be the imported/exported goods.

		Angel funding
		Purchase Order Financing
		Secured financing
		Overdraft
		Cash advance

2 points

QUESTION 17

Which of the following is a contractual mode of entry into a foreign market?

		Greenfield ventures
		Licensing
		Joint ventures
		Acquisition
		Merger

2 points

QUESTION 18

_____ refers to an organization that assists foreign companies in exporting their products to Japan by providing free-market entry information and business-partner matching as well as some subsidies.

		Japan Bank for International Cooperation
		Japan External Trade Organization
		Development Bank of Japan
		Master Trust Bank of Japan
		Japan Post Bank Company

2 points

QUESTION 19

Which of the following statements holds true for a nonentity joint venture?

		In a nonentity joint venture, the partner with the smaller capital investment loses control over the joint venture after a period of two months.
		In a nonentity joint venture, each of the partners contributes capital and resources in exchange for an equity stake and share in any resulting profits.
		In a nonentity joint venture, the control of the joint venture is in the hands of the party which makes the larger capital investment.
		In a nonentity joint venture, there is no contribution of capital to form a new entity.
		In a nonentity joint venture the benefit gained is in the form of collective profits rather than individual profits.

2 points

QUESTION 20

The _____ is a legal document issued by a bank at the importer's (or buyer's) request wherein the importer promises to pay a specified amount of money when the bank receives documents about the shipment.

		export declaration
		license
		letter of credit
		bill of lading
		customs invoice

2 points

QUESTION 21

_____ refers to the constellation of business, corporate, and international strategy elements, which managers must consider when making decisions.

		Five Forces Analysis
		Cluster model
		Strategy diamond
		Porter's four corners model
		Strategic grouping

2 points

QUESTION 22

Strategy implementation is the process of:

		deciding which strategies to follow in order to diversify.
		performing all the activities necessary to do what has been planned.
		deciding the businesses in which an organization would compete.
		addressing the issue of the kind of strategies an organization would follow.
		devising plans to add value to the existing line of business.

2 points

QUESTION 23

The _____ function requires monitoring performance so that it meets the performance standards established by the organization.

		controlling
		leading
		planning
		organizing
		job design

2 points

QUESTION 24

_____ refers to the sequence of activities that include the various steps of the supply chain as well as additional activities, such as marketing, sales, and service.

		Value chain
		Differentiation
		Cost leadership
		Scope
		Homesourcing

2 points

QUESTION 25

Outsourcing involves:

		diversifying into a new business.
		the sale of products or services in one country that are sourced in another country.
		the company delegating an entire process to the outsource vendor.
		guiding the choice of markets that a firm competes in.
		performing a service by staff from within an organization and also by an external service provider.

2 points

QUESTION 26

The U.S. fast-food chain Sonic will only open new outlets in states that are adjacent to states where it already has stores. This is an example of:

		differentiation.
		increasing vertical scope.
		diversification.
		offshoring.
		increasing geographic scope.

2 points

QUESTION 27

_____, which are a part of the SWOT analysis, assess the external attractive factors that represent the reason for a business to exist and prosper.

		Strengths
		Weaknesses
		Threats
		Opportunities
		Strategies

2 points

QUESTION 28

_____ refers to the number of different topographical markets in which an organization participates.

		Geographic scope
		Value chain
		Differentiation
		Cost leadership
		Offshoring

2 points

QUESTION 29

The first step in the planning process is:

		establishing organizational objectives.
		formulating and ensuring the effective implementation of plans.
		the SWOT analysis.
		identifying multiple ways of achieving organizational objectives.
		monitoring the progress and evaluating the success of the plans.

2 points

QUESTION 30

In Holland, KFC makes a potato-and-onion croquette, while in France it sells pastries alongside chicken. KFC:

		has centralized its business processes to enable it to provide the services mentioned.
		assumes that consumer needs and desires vary by country.
		assumes that the world is flat.
		sells the same products in the same way in every country.
		is following the cost-leadership strategy.

2 points

QUESTION 31

An automobile giant headquartered in the United States sells high-end bikes across the world. It wants to enter an emerging market. Customers in the market cannot afford the types of accessories used in the bikes. Thus the regional branch of the organization makes an autonomous decision to remove the accessories and to offer a toned-down version of the bikes to compete in the emerging market. This decision is accepted by the headquarters on the principle that the man on the ground is the best judge of local conditions. The above serves as an example of a(n):

		decentralized organizational structure.
		reverse engineering.
		centralized organizational structure.
		reverse innovation.
		open sourcing.

2 points

QUESTION 32

Nike products are manufactured in factories in countries such as China, Vietnam, Indonesia, and Mexico. Wholesalers, retailers, agents, and brokers are intermediaries who help in bringing the products to the consumer. These intermediaries bring the products from the factories to the consumers. They serve as an example of:

		product branding.
		market positioning.
		market segmentation.
		channel of distribution.
		social marketing.

2 points

QUESTION 33

Which of the following statements holds true for a global brand?

		It refers to the brand name of a product that has worldwide recognition.
		It refers to the marketing strategy in which a firm marketing a product with a well-developed image uses the same brand name in a different product category.
		It refers to products that make the world less flat because of lack of recognition across countries.
		It refers to the product that is distributed nationally under a brand name owned by the producer or distributor.
		It refers to the changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market.

2 points

QUESTION 34

An organization that manufactures readymade cotton shirts sources the raw material from all over the world. It does this as a precaution against the failure of one or more companies to deliver the raw materials. The above serves as an example of:

		open-sourcing.
		multisourcing.
		sole-sourcing.
		home sourcing.
		outsourcing.

2 points

QUESTION 35

Which of the following holds true for product adaptation?

		It refers to the company strategy of modifying an existing product in a way that makes it better fit local needs.
		It refers to the total composite of products offered by a particular organization.
		It refers to the strategy of taking the company's current products and selling them in other countries without making changes to the product.
		It refers to the creation of a new name, term, symbol, design, or a combination of them for an established brand with the intention of developing a differentiated position in the mind of stakeholders and competitors.
		It refers to the strategy of creating an entirely new product for a given local market.

2 points

QUESTION 36

In marketing, market segmentation refers to the:

		process of dividing a larger market into smaller markets that share a common characteristic, such as age, gender, income level, or lifestyle.
		combination of the four Ps of marketing that can be customized for different countries.
		commerce areas where because of price differences across countries, consumers are able to cross international borders to legally purchase products at lower prices than in their home country.
		commerce areas where vendors purposely deceive buyers by altering products and then selling them as branded products at a bargain cost.
		set of expectations, memories, stories and relationships that-taken together-account for a consumer's decision to choose one product or service over another.

2 points

QUESTION 37

In marketing, which of the following holds true for counterfeit markets?

		It refers to the process of dividing a larger market into smaller markets that share a common characteristic, such as age, gender, income level, or lifestyle.
		It refers to the trade of goods and services that are illegal in themselves and/or distributed through illegal channels.
		It refers to the commerce areas where, because of price differences across countries, consumers are able to cross international borders to legally purchase products at lower prices than in their home country.
		It refers to the commerce areas where vendors purposely deceive buyers by altering products and then sell them as branded products at a bargain cost.
		It refers to the secretive, unregulated (though often technically legal) trading in commodity futures.

2 points

QUESTION 38

_____ refers to buying raw materials, components, or services from one supplier exclusively, rather than buying from two or more suppliers.

		Open-sourcing
		Multisourcing
		Sole-sourcing
		Home-sourcing
		Outsourcing

2 points

QUESTION 39

_____ refers to a situation which means that there is no more stock of the company's product.

		Stock of record
		Stock-check
		Safety stock
		Stock call
		Stock-out

2 points

QUESTION 40

Which of the following statements holds true for the indirect channel of distribution?

		It refers to the shortest channel of distribution, consisting of just the producer and the end consumer.
		It refers to the combination of the four Ps of marketing that can be customized for different countries.
		It refers to a channel of distribution which contains one or more intermediaries between the consumer and the producer.
		It refers to a channel of distribution where the customer is the first and not the last link in the distribution chain.
		It refers to the channel of distribution where the company sells its products to the consumers in other countries via the internet without using local retailers.

J. Walter Smith, the Chief Executive Officer of TheKennedy Corporation, is concerned about the proper presentation ofthe companyâs Cash Flow Statement and has requested yourprofessional assistance in regard to this matter. In thepast, the company simply listed the beginning andending cash balances on a comparative Balance Sheet and provided nodetails whatsoever with regard to the changes in cash.The reader was not provided with any details with regard tothe current yearâs transactions.

Required:

Please write a Business Letter to Mr. J. Walter Smithadvising him on the presentation of the following transactionscontained in the Statement of Cash Flows. In your letter, pleaseexplain and discuss how and where each of the following sixtransactions should be shown on the Statement of Cash Flows. Youmust write a minimum of two full pages. Use 12point font with a 1â margin all around.

1) To help Mr. Smith understand the importance of theCash Flow Statement, please explain the importanceof the cash flow statement to the reader. In yourdiscussion, what specific items are presented inthe Statement of Cash Flows and what specific information isconveyed to the reader of the statement? Pleasepresent a detailed discussion.

2) In February of 2015, The Kennedy Corporation soldequipment with a Book Value of $72,500 and an original cost of$158,000 was sold at a loss of $22,000. As a result of thistransaction, the company took a book loss on its Income Statement. Please explain to Mr. Smith how and where thistransaction should be shown on the Statement of Cash Flows? Pleaseprovide a detailed discussion.

3) In analyzing the current assets and currentliabilities on the comparative

Balance Sheet, Merchandise Inventory and PrepaidInsurance increased by $75,000 and $15,000 respectively andAccounts Payable increased by $10,000 and Unearned Sales Revenuedecreased by $9,000. How and where should these itemsbe shown on the Statement of Cash Flows? Please provide a detaileddiscussion.

4) On June 05, 2015, Kennedy Corporation acquired alarge tract of land in exchange for 15,000 shares of $1.00 parvalue Kennedy Corporation common stock. The fair market value (FMV)of the Land is $25,000. How and where should thistransaction be shown on the Statement of Cash Flows? Please providea detailed discussion.

5) On July 07, 2015, Kennedy Corporation redeemed$500,000 of its 6% Debenture Bonds at 105. Kennedy Corporation alsopaid a dividend of $200,000 to its common shareholders. How andwhere should these transactions be shown on the Statement of CashFlows? Please provide a detailed discussion.

6) At December 31, 2015, The Kennedy Corporationreported $2,500,000 of net income for the calendar year. It alsoreported the following transactions: Included in the net income wasa book gain on the sale of property for $250,000; it also tookdepreciation deductions of $300,000 on depreciable assets includedin property plant & equipment. Please provide a detaileddiscussion.

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NMC382Y1 Midterm: NMC 382 Midterm One

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