NEW Fashion 3.02: Question Preview (ID: 21369)


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Customer services, business location, and qualifications of salespeople are elements of which type of competition?
a) Direct b) indirect c) nonprice d) price
Brenda purchases new Louis Vuitton luggage to take on her trip to Europe. Brenda is the
a) Consumer b) middleman c) retailer d) wholesaler
During which stage of the business cycle are consumers most willing to purchase fashion products?
a) Depression b) prosperity c) recession d) recovery
When purchasing a new suit, Ed had the tailor alter the sleeve length on the jacket. This alteration is an example of which type of utility?
a) form b) place c) scarcity d) time
Macy’s hires decorators to create window displays during the Christmas season. The decorators provide which type of service?
a) Convenience b) industrial c) shopping d) specialty
Denise cuts Alisha’s hair and gives her a new style for the holidays. Denise is providing a:
a) Consumer service. b) convenience good c) industrial service d) specialty good
The blue jean industry is dominated by a few large producers. This is an example of which form of competition?
a) monopoly b) oligopoty c) pure d) retail
Which stage of the business cycle is characterized by rising unemployment and economic slowdown?
a) Depression b) prosperity c) recession d) recovery
When demand decreases, price usually:
a) Decreases. b) fluctuates c) increases d) remains the same
When a product is in high demand, price usually:
a) decreases b) fluctuates c) increases d) remains the same
When the price of a product or service increases, demand will usually:
a) Be average. b) decreases c) increases d) remains the same
Belk orders additional after-five apparel to be sold during the spring months when most high schools are having proms. This is an example of which type of utility?
a) Form b) information c) possession d) time
Quality products and business reputation are characteristics of which type of competition?
a) Direct b) indirect c) nonprice d) price
Which is a service?
a) Jogging shoes b) manicure c) mascara d) pocketbook
Amy purchases a cashmere sweater to give to her mother for Christmas. Amy is the:
a) Consumer. b) customer c) producer d) wholesaler
Ocean Threads, a Hatteras Island clothing store, stocks many styles of swimsuits all year long. This is an example of which type of utility?
a) Form b) information c) place d) possession
Which stage of the business cycle is characterized by extremely low consumer spending and virtually no spending on fashion products?
a) Depression b) prosperity c) recession d) recovery
The t-shirt industry is characterized by many buyers and sellers, and no single buyer or seller controls prices. This is an example of which type of competition?
a) Indirect b) nonprice c) monopoly d) pure
During which stage of the business cycle do worker layoffs begin to occur and retail sales begin to decrease?
a) Depression b) prosperity c) recession d) recovery
Kmart and The Gap are engaged in:
a) Direct competition. b) indirect competition c) monopolistic competition d) pure competition
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