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Fashion Marketing Ch. 3
Test Description: Basic Economic Activities
Instructions: Answer all questions to get your test result.
1) The companies that make the goods are the ______________.
A
Retailers
B
Manufacturers
C
Consumers
D
E-tailers
2) The economic rivalry between two or more businesses to gain as much of the total market is known as ___________.
A
Supply
B
Competition
C
Marketing
D
Business
3) the quantities of goods or services that producers are willing and able to provide at a particular time at various prices is _______________.
A
Demand
B
Quota
C
Production limit
D
Supply
4) The way people live, based on the kinds and quality of goods and services they can afford is ____________.
A
Lifestyle
B
Socioeconomics
C
Values
D
Standard of Living
5) When pure competition does not exist and only a few large rival firms offer a product.
A
Oligopoly
B
Monopoly
C
Market Structure
D
Limited Competition
6) Product, Place, Price and Promotion is known as the _______________.
A
Marketing Mix
B
Target Marketing Concept
C
Marketing Basics
D
Standards of Marketing
7) The process through which products are obtained and promoted to the point of sale is ____________.
A
Distribution
B
Promotion
C
Marketing
D
Merchandising
8) Any non-personal activity that furthers the sales of goods or services to a large audience, rather than one-on-one.
A
Personal Selling
B
Promotion
C
Business to Business Selling
D
Marketing
9) Which is NOT an advantage to a sole proprietorship
A
Secrecy of operations
B
Easy to form
C
Control all profit
D
Unlimited life span
10) Which is NOT a disadvantage of a corporation?
A
Heavy taxation
B
Hard to make big profits
C
Complex and expensive to form.
D
Legal restrictions
*select an answer for all questions
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