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