Easy
Which of the following is most related to the marketing concept?
a. Make a profit
b. Satisfy Customers
c. Gain market share
d. Increase sales
b. Satisfy Customers
Supply is the quantity of goods and services that:
a. Consumers are willing and able to purchase
b. Producers are willing and able to manufacture
b. Producers are willing and able to manufacture
In an economic system, the decision to hire more employees in order to make more products is answering which economic choice?
a. What to produce?
b. For whom to produce?
c. How to produce?
d. When to produce?
c. How to produce?
Which type of economic system occurs when both the government and individuals own factors of production?
a. Market
b. Traditional
c. Command
d. Mixed
d. Mixed
During the last three months of the year, a grocery store stocks its shelves with plenty of frozen turkeys in order to increases the turkey’s _______________ utility.
a. Information utility
b. Time Utility
c. Form Utility
d. Possession Utility
b. Time Utility
Which intermediary obtains goods in order to sell them directly to consumers?
a. Retailer
b. Wholesaler
c. Agent
a . Retailer
Demand is the quantity of goods and services that:
a. Consumers are willing and able to purchase
b. Producers are willing and able to manufacture
a. Consumers are willing and able to purchase
In an economic system, the decision to sell products to middle class teenagers whose hobbies include sports answers which economic choice?
a. What to produce?
b. For whom to produce?
c. How to produce?
d. When to produce?
b. For whom to produce?
) Honda recently opened a plant in a town in hopes of building their vehicles cheaper. When Honda began interviewing potential employees, they found there were few educated and trained employees in the area. The limited number of potential employees compared to Honda’s need for trained and educated employees is considered to be the economic problem of _________.
a. Deficit
b. Surplus
c. Resources
d. Scarcity
d. Scarcity
Changing old wood into a tree house for little kids in an example of _____________ utility.
a. Information utility
b. Time Utility
c. Form Utility
d. Possession Utility
c. Form Utility
Which intermediary brings buyers and sellers together but does not take ownership of the actual product?
a. Retailer
b. Wholesaler
c. Agent
c. Agent
In an economy, individuals, businesses and the government have a variety of choices on which to spend their money. Once the choice is made, the alternative choices given up are considered:
a. Opportunity Costs
b. Trade Offs
c. Decisions
d. Possibilities
b. Trade Offs
Hu Jintao, the dictator of China, makes the decisions which affect the jobs and living conditions of people living in China. The economic system in China is closer to which economic system?
a. Command
b. Market
c. Traditionalist
d. Mixed
a. Command
Which economic utility increased when Jerry’s 24-Hour Diner recently began accepting credit cards?
a. Information utility
b. Time Utility
c. Form Utility
d. Possession Utility
d. Possession Utility
The struggle for customers between two or more companies is considered _____.
a. Business
b. Market
c. Market Share
d. Competition
d. Competition
Which intermediary obtains goods to sell to industrial users?
a. Retailer
b. Wholesaler
c. Agent
b.Wholesaler
William decides to purchase a baseball bat for $50. The opportunity cost of the decision to purchase the bat is which of the following?
a. $50 cash
b. The time spent making the decision on which bat to purchase
c. Another item William could have purchased for $50
d. The time William spent saving for the bat
c. Another item William could have purchased for $50
New Zealand promotes private ownership of businesses where competition among business owners drives prices. They are considered to be closer to which type of economic system?
a. market
b. traditional
c. command
d. mixed
a. market
The owners of the trendy teen shop, Totally Outrageous Shoe Store, decided to rent store space next to a smoothie shop where teenagers frequently hang out. What did the owners’ decision add to their product?
a. Place Utility
b. Time Utility
c. Form Utility
d. Possession Utility
a. Place Utility
Which of the following is considered an indirect competitor of Outback Steakhouse?
a. Longhorn’s
b. Red Lobster
c. Steak & Ale
d. None of the Above
b. Red Lobster
Economics is the study of how a nation uses its resources. The resources, or factors of production, in an economy include
a. Money, Factories, Tools, Labor
b. Machines and Workers
c. Land, Labor, Capital and Entrepreneurship
d. Businesses and consumers
c. Land, Labor, Capital and Entrepreneurship
In an economic system, which of the following is the decision to purchase raw materials and make it into an item to sell?
a. What to produce?
b. For whom to produce?
c. How to produce?
d. When to produce?
a. What to produce?
Haiti’s economy is based mainly on agricultural products such as coffee. This is considered which type of economic system?
a. Market
b. Traditional
c. Command
d. mixed
b. Traditional
The employees of a home decorating store are expert decorators who enjoy giving customers advice about updating spaces in the home. The employees’ advice given to customers increases the _______________ utility of their goods.
a. Information utility
b. Time Utility
c. Form Utility
d. Possession Utility
a. Information utility
Which of the following is considered a direct competitor of Kroger Supermarkets?
a. Wal-Mart
b. WalGreen’s
c. Publix
d. Target
c. Publix