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100
The basic economic problem is A. greed C. demand B. supply D. scarcity
What is D Scarcity
100
In this kind of economy, the government owns and controls important resources and makes the decisions about what will be produced and consumed. A. controlled C. free B. market D. mixed
What is A controlled
100
Which of the following is not characteristic of a private enterprise economy? A. Resources of production are owned and controlled by individual producers. B. The government controls exchange activities between producers and consumers. C. Producers use the profit motive to decide what to produce. D. Consumers use value to decide what to consume.
What is A Resources
100
A relationship between the quantity of a product consumers are willing and able to purchase and the price is called A. Value B. Scarcity C. Demand D. Supply
What is C, Demand
100
Marketers are most concerned with A. Microeconomics B. Megaeconomics C. Minieconomics D. Macroeconomics
What is A, Microeconomics
200
What type of situation exists in a market in which many firms compete with products that are somewhat different? A. monopolistic competition C. an oligopoly B. pure competition D. a monopoly
What is C, oligopoly
200
In this type of economic competition, a few businesses offer very similar products A. pure competition B. monopolistic competition C. monopoly D. oligopoly
What is B, monopolistic competition
200
This type of economic utility results from changes in the tangible parts of a product or service. A. time utility C. place utility B. possession utility D. form utility
What is D, form utility
200
When a business offers to sell products to customers on credit, what kind of utility is it offering to customers? A. time utility C. form utility B. possession utility D. place utility
What is B, possession utility
200
Scarcity is A. Unlimited wants and needs + unlimited resources B. Unlimited wants and needs + limited resources C. Limited wants and needs + unlimited resources D. Limited wants and needs + limited resources
What is B, unlimited wants and needs + limited resources
300
Businesses that use the marketing concept A. have little need of market research and marketing information systems. B. use marketing to identify and understand its customers. C. do not care much about customer needs, likes, and dislikes. D. do not benefit much from marketing.
What is B, use marketing to identify and understand its customers
300
Marketing can A. increase C. improve B. help customers D. all of the above
What is D, all of the above
300
Which of the following marketing techniques often results in consumers making unneeded purchases? A. offering consumers a wide number of choices B. credit and special financing arrangements C. attractive display and packaging D. all of the above
What is D, all of the above
300
The average cost of all marketing activities is about percent of the price of products. A. 10 B. 25 C. 50 D. 90
What is C, 50%
300
Which of the following is not a common complaint about marketing? A. Marketing helps match supply with demand. B. Marketing raises the prices of goods and services. C. Marketing wastes money. D. Marketing convinces people to buy things they otherwise would not purchase.
What is A, marketing helps match supply with demand.
400
An organized effort to influence a company by refusing to purchase its products is called a A. Strike B. Embargo C. Tariff D. Boycott
What is D, boycott
400
Which of the following is not one of the four rights identified in the Consumer Bill of Rights? A. the right to adequate and accurate information B. the right to the lowest possible price C. the right to safe products D. the right to product choice
What is B, the right to the lowest possible price
400
Effective uses for marketing include A. Contributing to social improvement B. Matching supply with demand C. Selling products that do not meet consumer’s needs D. Both a and b
What is D, both a and b
400
The earliest use of marketing was to A. Conduct marketing research B. Move products from producer to consumer C. Use advertising and selling to convince customers to buy D. Identify new market opportunities
What is B, move products from producer to consumer
400
New markets and ways to improve a company’s offerings in current markets are known as A. Innovations B. The marketing concept C. Market opportunities D. None of the above
What is C, market opportunities
500
Which of the following is evidence that a business is using the marketing concept? A. Being concerned only about the product or service B. Believing they know what the customer wants C. Using only a few marketing tools D. Studying the market
What is D, studying the market
500
When the marketing concept is applied: A. Research is conducted to identify potential customers B. The 4 P’s are not needed C. Studies are conducted to identify customers’ needs D. A marketing mix is developed
What is B, the 4 P's are not needed
500
All of the following are components of the marketing mix except: A. Price B. Promotion C. Place D. Predictions
What is D, predictions
500
When using the marketing concept, planning begins with A. Determining customer needs B. Identifying a product C. Assessing competitors D. Building a budget
What is A, determining customer needs
500
In order for the decision-making process to begin, a consumer must A. Recognize a need B. Have prior experience with products C. Identify possible products to satisfy a need D. All of the above
What is A,recognize a need
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