1. An auction in which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other is referred to as a A. vertical auction. B. reverse auction. C. horizontal auction. D. traditional auction E, reciprocal auction. 2. The services market sells diverse services such as legal advice, auto repair, and dry cleaning, and this market represents 75 percent of all industrial firms. Which of the following is another such service firm? A. communication B. wholesalers C. retailers D. government units E. educational institutions 3. The estimated cost of economic espionage to firms in the United States is estimated to be upwards of A. $10 billion per year. B. $150 billion per year- C. $600 billion per year. D. $900 billion per year. E. 52 trillion per year. 4. Direct investment in as a global market entry strategy refers to A. offering the right to a trademark, patent, trade secret, or similarly valued items of intellectual property in return for a royalty or a fee. B. contracting with a foreign firm to manufacture products according to certain specifications. C. a foreign company and a local firm investing together to create a local business. D. I having a company Handle its own exports directly, without intermediaries. a domestic firm investing in and owning a foreign subsidiary or division. 5. In international trade, dumping refers to A. illegally disposing of unusable or damaged goods to avoid paying removal fees andior taxes. B. a firm selling damaged or unsalable goods below their oniginal production cost. C. a firm selling quality goods at significantly lower prices for the primary purpose of reducing inventory to make room for seasonal goods. D. a firm selling quality goods at significantly lower prices for the primary purpose of reducing inventory to make room for newer or more expensive modeis. E. a firm selling a product in a foreign country below its domestic price or below its actual cost. 6. The Internet sites for The Wall Street Journal, CNBC, and Bloomberg A. sell information on trade activity collected by the U.S. government. B. are portals to all government websites that can be found by topic or keyword: C. provide information in online databases and an index of blogs by primary topic. D. are the most popular online portals in which to enter keywords or topics for specific searches. E. provide up-to-the-minute business news and video clips about companies, industries, and trends