MGT 104 Rizal Technological University Information Technology Quiz
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Questions and Answers

Which of the following is NOT a way that information technology can contribute to a firm's competitive advantage?

  • Improving the firm's Internet presence
  • Reducing the firm's reliance on physical infrastructure (correct)
  • Automating business processes to increase efficiency
  • Providing real-time data analytics to guide strategic decisions

    • According to the passage, which of the following is the BEST definition of the term 'economy'?

  • The collective focus of the study of money, currency and trade
  • The efficient use of resources in a system of production and distribution
  • The overall measure of a currency system as it relates to a nation
  • All of the above (correct)

    • What is the MAIN difference between 'exporting' and 'export' as defined in the passage?

  • Exporting is a verb, while export is a noun
  • There is no difference, the terms are used interchangeably
  • Exporting refers to the sale of capital, goods, and services across international borders, while export refers only to physical goods
  • Exporting refers to the act of selling to a foreign country, while export refers to the good or commodity itself (correct)

    • Which of the following is the BEST definition of 'opportunity cost' provided in the passage?

    <p>Both a and b</p> Signup and view all the answers

    Which of the following is the BEST definition of 'balance of trade' provided in the passage?

    <p>The difference between the monetary value of exports and imports in an economy over a certain period of time</p> Signup and view all the answers

    Based on the information provided, which of the following is the MOST accurate statement about the relationship between information technology and competitive advantage?

    <p>Information technology can contribute to competitive advantage by outperforming competitors in various ways, such as Internet presence</p> Signup and view all the answers

    Which theory suggests that the location of sales and optimal production location change as a product matures, affecting trade flow and direction?

    <p>The Product Life Cycle Theory</p> Signup and view all the answers

    What can have important implications for international trade?

    <p>The ability of firms to gain economies of scale</p> Signup and view all the answers

    What does the Leontief Paradox Theory theorize about the United States' trade patterns?

    <p>The US would be an exporter of capital-intensive goods and an importer of labor-intensive goods</p> Signup and view all the answers

    Which theory implies that nations may benefit from trade even when they do not differ in resource endowments or technology?

    <p>The New Trade Theory</p> Signup and view all the answers

    What is the term used to describe unit cost reductions associated with a large scale of output?

    <p>Economies of scale</p> Signup and view all the answers

    Which of the following is NOT a theory discussed in the text?

    <p>The Heckscher-Ohlin Theory</p> Signup and view all the answers

    Which of the following best describes the theory of absolute advantage?

    <p>It refers to the ability of a party to produce more of a good or service than its competitors while using the same amount of resources.</p> Signup and view all the answers

    What is the main criterion used to determine absolute advantage according to the theory?

    <p>The productivity of labor</p> Signup and view all the answers

    If a country has no absolute advantage in producing any good or service compared to its trading partners, what does the theory of absolute advantage suggest?

    <p>The country should not engage in international trade.</p> Signup and view all the answers

    What is the main limitation of the theory of absolute advantage in explaining international trade patterns?

    <p>It assumes that labor is the only factor of production.</p> Signup and view all the answers

    Which of the following statements about strategic advantage and competitive advantage is correct?

    <p>Competitive advantage is a broader concept that encompasses strategic advantage, which is specific to a firm's strategies and tactics.</p> Signup and view all the answers

    What is the relationship between absolute advantage and competitive advantage?

    <p>Absolute advantage is a necessary condition for achieving competitive advantage.</p> Signup and view all the answers

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