Marketing Exam Review Part 3 Question Preview (ID: 42224)

Final Exam Review. TEACHERS: click here for quick copy question ID numbers.

This type of economic utility results from changes in the tangible parts of a product or service.
a) possession utility
b) time utility
c) place utility
d) form utility

What type of situation exists in a market in which many firms compete with products that are somewhat different?
a) monopolistic competition
b) an oligopoly
c) pure competition
d) a monopoly

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 desire to provide employment for as many people as possible
c) the possibility of profit
d) the capability of developing and marketing the products or services.

If there is a very large supply of a product, consumers will usually
a) buy as much of the product as they can
b) place a lower value on it
c) pay more for it than they usually would
d) refuse to buy the product at all

Marketers are most concerned with
a) microeconomics
b) minieconomics
c) megaeconomics
d) macroeconomics

A relationship between the quantity of a product consumers are willing and able to purchase and the price is called
a) supply
b) value
c) demand
d) scarcity

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) Consumers use value to decide what to purchase.
d) Resources of production are owned and controlled by individual producers.

The basic economic problem is
a) supply
b) demand
c) greed
d) scarcity

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) market
c) free
d) mixed

When a business offers to sell products to customers on credit, what kind of utility is it offering to customers?
a) form utility
b) possession utility
c) place utility
d) time utility

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