(50 pts)- Questions 1-7 are worth 4 pts each. Question 8 is worth 15 pts, Question 9 is worth 7 pts.

1. _____________ refer to cooperative agreements between potential or actual competitors.
2. One key to making a strategic alliance work is to select the right ____________.
3. ________ is concerned with the creation of goods or services.
4. Managing an alliance successfully requires building interpersonal relationships between the firms' managers, or what is sometimes referred to as:
5. The distinguishing feature of ______________ firms is that they extensively customize both their product offerings and their marketing strategy to match national conditions.
6. ___________ is the difference between total revenues and total costs.
7. Firms that operate internationally are able to do all of the following EXCEPT:
   a. realize location economies
   b. benefit from producing more standardized products and services
   c. realize greater cost economies from experience effects
   d. earn a greater return by leveraging any valuable skills developed in foreign operations and transferring them to other entities
8. Firms use four basic strategies to enter and compete in the international environment. Name the four strategies and discuss the advantages and disadvantages of each.
9. List the equations for calculating Profit, Total Revenues, Total Costs, Total Profits, Return on Sales and Return on Invested Capital.