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Marketing Exam Review Part 3
Test Description: Final exam review
Instructions: Answer all questions to get your test result.
1) The basic economic problem is
A
scarcity
B
demand
C
greed
D
supply
2) In this kind of economy, the government owns and controls important resources and makes the decisions about what will be produced and consumed.
A
market
B
free
C
mixed
D
command
3) Which of the following is not characteristic of a private enterprise economy?
A
Producers use the profit motive to decide what to produce.
B
The government controls all exchange activities between producers and consumers.
C
Resources of production are owned and controlled by individual producers.
D
Consumers use value to decide what to purchase.
4) A relationship between the quantity of a product consumers are willing and able to purchase and the price is called
A
scarcity
B
value
C
demand
D
supply
5) Marketers are most concerned with
A
macroeconomics
B
megaeconomics
C
microeconomics
D
minieconomics
6) If there is a very large supply of a product, consumers will usually
A
buy as much of the product as they can
B
refuse to buy the product at all
C
place a lower value on it
D
pay more for it than they usually would
7) Which of the following factors usually would not influence what and how many products or services a business will produce in a market economy?
A
the possibility of profit
B
the capability of developing and marketing the products or services.
C
the amount of competition
D
the desire to provide employment for as many people as possible
8) What type of situation exists in a market in which many firms compete with products that are somewhat different?
A
monopolistic competition
B
pure competition
C
an oligopoly
D
a monopoly
9) This type of economic utility results from changes in the tangible parts of a product or service.
A
time utility
B
place utility
C
possession utility
D
form utility
10) When a business offers to sell products to customers on credit, what kind of utility is it offering to customers?
A
time utility
B
form utility
C
place utility
D
possession utility
*select an answer for all questions
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