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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
supply
C
demand
D
greed
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
command
B
free
C
mixed
D
market
3) Which of the following is not characteristic of a private enterprise economy?
A
Consumers use value to decide what to purchase.
B
Resources of production are owned and controlled by individual producers.
C
The government controls all exchange activities between producers and consumers.
D
Producers use the profit motive to decide what to produce.
4) A relationship between the quantity of a product consumers are willing and able to purchase and the price is called
A
demand
B
scarcity
C
supply
D
value
5) Marketers are most concerned with
A
microeconomics
B
megaeconomics
C
minieconomics
D
macroeconomics
6) If there is a very large supply of a product, consumers will usually
A
refuse to buy the product at all
B
place a lower value on it
C
pay more for it than they usually would
D
buy as much of the product as they can
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 amount of competition
B
the possibility of profit
C
the capability of developing and marketing the products or services.
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
an oligopoly
B
pure competition
C
a monopoly
D
monopolistic competition
9) This type of economic utility results from changes in the tangible parts of a product or service.
A
form utility
B
possession utility
C
time utility
D
place 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
place utility
C
possession utility
D
form utility
*select an answer for all questions
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