Economics MCQs – Competitive Markets Efficiency And The Public Interest ( Economics ) MCQs
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Latest Economics MCQs
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Latest Markets, Efficiency And The Public Interest ( Economics ) Mcqs
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The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives is called ?
A. Marketing control
B. Marketing strategy
C. Marketing analysis
D. Marketing implementation
Technological advances, shifts in consumer tastes, and increased competition all of which reduce demand for a product are typical of which stage in the PLC ?
A. decline stage
B. growth stage
C. introduction stage
D. maturity stage
Setting the promotion budget so as to match the budgets of the competition is characteristic of which of the following budget methods ?
A. Percentage of Sales method
B. Affordable method
C. Competitive parity method
D. Objective and task method
When a marketing research organization chooses a segment of the population that represents the population as a whole, they have chosen a ?
A. bi-variant population
D. market target
When Coca-Cota and Nestle formed joint venture to market a ready to drink coffee and tea worldwide the type of marketing system that was formed would best be described as being a(n)?
A. parallel marketing system
B. vertical marketing system
C. diversified marketing system
D. horizontal marketing system
A three day cooling off period in which buyers can cancel a contract after re-thinking it is to protect the consumer from ?
A. detail selling
B. high pressure telling
C. creative selling
D. hard core selling
The major advantage of survey research is its ?
The shrinking or distances due to technological advances such as computer and fax connections by telephone are one characteristic of what new challenge to marketing ?
A. Rapid globalization
B. The micro-chip revolution
C. The call for more socially responsible marketing
D. The changing world economy
If advertising constantly spends out message about materialism sex power and status which of the following categories of social criticism most closely matches this problem ?
A. Too few social goods
B. Too much advertising
C. Cultural pollution
D. Too much political power
When personal interviewing involves inviting six to ten people to gather for a few hours with a trained interviewers to talk about a product service, or organization the method is called ?
B. Selective sponsorship
C. focus group interviewing
D. the Delphi method
A ________ is any activity or benefit offered for sale that is essentially intangible and does not result in the ownership of anything?
A. basic staple
A(n) ________ is a name term sign symbol or design, or a combination of these that identifies that maker or seller of a product or service ?
B. Product feature
If your company were to make light bulbs to be used in photocopiers you would most likely be selling to a _________ market?
The Choice between high markups and high volume is part of which of the following retailer marketing decisions ?
A. Produced assortment and services decisions
B. Target market decisions
C. Pricing decisions
D. Promotion decisions
__________ is person’s distinguishing psychological characteristics that lead to his or her own environment?
When producers, wholesalers, and retailers act as a unified system they comprise a ?
A. power-based marketing system
B. conventional marketing system
C. horizontal marketing system
D. vertical marketing system
The most logical budget setting method is found in the list below. Which is it ?
A. Percentage of sales method
B. Affordable method
C. Competitive parity method
D. Objective and task method
The course of a product’s sales and profits over its lifetime is called ?
A. the dynamic growth curve
B. the sales chart
C. the adoption cycle
D. the adoption cycle
E. the product life cycle
All of the following are methods by which a company can divide up its sales responsibilities EXCEPT ?
A. product sales force structure
B. pychographic trait sales force structure
C. territorial sales force structure
D. customer sales force structure
The American Marketing Association suggests a list of code of ethics All of the following are ethics suggested in the area of distribution EXCEPT ?
A. not manipulating the availability of a product for purpose of explotation
B. not exerting undue influence over the reseller’s choice to handle a product
C. using gray marketers whenever possible to save the consumer money
D. not using coercion in the marketing channel
A company faces several major decisions in international marketing the first of these decisions is often ?
A. deciding which markets to enter
B. looking at the global marketing environment
C. deciding whether to go international
D. deciding how to enter markets
_______ is the concept under which a company carefully integrates and coordinates its may communications channels to deliver a clear consistent and compelling message about the organization and its products?
A. Integrated international affairs
B. The promotion mix
C. Integrated marketing communications
D. Integrated demand characteristics
Which of the following is NOT one of the five stages of the buyers decision process?
A. information search
B. brand identification
C. need recognition
D. purchase decision
___________ is a strategy of using a successful brand name to launch a new of modified product in a new category ?
A. Line extension
C. Brand extension
All of the following are commonly recognized promotion budget formal EXCEPT ?
A. the percentage of sales method
B. the LIFO method
C. the affordable method
D. the objective and task method
A company is practicing ________ if it focuses on subbasements with distinctive traits that may seek a special combination of benefits ?
A. mass marketing
B. niche marketing
C. micro marketing
D. segment marketing
Conflicts between different levels of the same channel of distribution are referred to as ?
A. layer-based conflicts
B. vertical conflicts
C. horizontal conflicts
D. parallel conflicts
If Toyota describes one of its cars of the future as being a moderately priced subcompact designed as a second family car to be used arround town; the car is ideal for running errands and visiting friends, then the company has just stated a potential new product in terms of a(n) ?
A. Product image
B. Product idea
C. Product concept
D. Product features
R&D and engineering first produce the product concept into a physical product during which of the following stages of the new product development process ?
A. Marketing strategy
B. Concept development and testing
C. Business analysis
D. Product development
Traditionally companies have defined their business in product terms or in technological terms however mission statements should be all of the following EXCEPT ?
B. a statement of religion
C. market oriented
D. based on distinctive competencies
_______ is the step in the selling process in which the salesperson learns as much as possible about a prospective customer before making a sales call?
D. Handling objections
Which of the following is foreign owned (even through it is traditionally thought of as a U.S company) ?
D. Universal Studios
The In suppliers are most likely to get nervous and feel pressure to put their best foot forward in which of the following types of buying situations ?
A. modified rebuy
B. straight rebuy
C. new task buying
D. indirect rebuy
If a firm were to bid to do a turnkey operation where they would choose a building site designing a cement factory to build the plant hire construction crews assemble materials and equipment to run the new factory and turn over the finished factory ready to operate to the owners the firm would be using which of the following ?
A. Design Products selling
B. Core Process products selling
C. Reciprocal spelling
D. Systems selling
A(n) _____ is a retail store that carries a narrow product line with a deep assortment within that line ?
A. convenience store
B. shopping goods store
C. specialty store
D. department store
Consumer goods with unique characteristics or brand identification often requiring a special purchase effort are called?
A. convenience products
B. specialty products
C. custom products
D. shopping products
________ is the practice of adopting policies and developing strategies that both sustain the environment and produce profits for the company ?
B. Environmental sustainability
D. Consumer accountability
When an importing country sets limits on the amount of goods it will accept in certain product categories it is called a(n) ?
The Wheeler-Lea Act gives the Federal Trade Commission the power to regulate ?
A. marketing ethics
B. interstate commerce
C. unfair and deceptive acts or practices
D. competitive advertising of objective product benefits
_______ beliefs values are open to some degree of change ?
Drop shippers perform which of the following functions ?
A. Assumes title and ships coal, lumber or heavy equipment to a buyer
B. Sells jewelry out of a catalog
C. Maintains, owns and stocks a CD display in a grocery store
D. Stocks the bread rack in a grocery store
________ is setting the price steps between various products in a product the based on cost difference between the products, customer evaluations of different features, and competitors prices ?
A. Captive-product pricing
B. Optional-product pricing
C. Product line pricing
D. By-product pricing
Which of the following promotional budget methods wrongly views sales as the cause of promotion rather than as the result ?
A. Competitive parity method
B. Percentage of Sales method
C. Affordable method
D. Objective and task method
When an international seller sells a plant equipment or technology to another country and agrees to take payment in the resulting products, it is called?
When Micheal Jordan and Tiger Woods use marketing to promote their careers and improve their impact and incomes they are using?
A. idea marketing
B. cause-related marketing
C. nonprofit marketing
D. person marketing
_______ factors are the most popular bases for segmenting customer groups?
It is fact that there are 24 million left-handed people in the United States however most marketers do not attempt to appeal to or design products for this group because there is little in the way of census data about this is group Therefore, this groups fails in one of the requirements for effective segmentation Which of the following is most likely to apply in this case ?
________ is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter?
A. Market segmentation
B. Mass marketing
C. Market targeting
D. Market positioning
In terms of special product life cycles a ________ is a basic and distinctive mode expression?
________ consists of dividing a market into distinct groups of buyers on the basis of needs, characteristics or behavior who might require separate products or marketing mixes?
A. Market targeting
B. Market segmentation
C. Product differentiation
D. Market positioning
_______ is the general term for a buying and selling process that is supported by electronic means?
A. Web commerce
B. Internet commerce
C. Computer commerce
D. Electronic commerce
successful ________ depends on how well a company blends its people organizational structure decision and reward systems, and company culture into a cohesive program that supports its strategies?
A. marketing control
B. marketing strategy
C. marketing analysis
D. marketing implementation
The type of sales presentation approach that requires good listening and problem-solving skills is the ?
A. formula appraoch
B. canned approach
C. need-satisfaction approach
D. critical-thinking approach
_______ is quoted as saying that everyone lives by selling something?
A. Arthur Miller
B. Robert Louis Stevenson
C. Bill Gates
D. Henry Ford
Using a successful brand name to introduce additional items in a given product category under the same brand same (such as new flavors, forms, colors, added ingredients or package seizes) is called a(n)?
A. line extension
C. brand extension
D. new brands
The use of price points for reference to different levels of quality for a company’s related products is typical of which product mix pricing strategy ?
A. Captive-product pricing
B. Optional-product pricing
C. By-product pricing
D. Product line pricing
The total number of item that the company carries within its product lines refers to the ________ of the product mix?
The typical method of retail operation used by supermarkets and catalog showrooms is called ?
A. self-service retailing
B. full-service retailing
C. limited-service retailing
D. service merchandiser
______ includes practices such as overstating the product’s features or performance luring the customer to the store for a bargain that is out of stock, or running rigged contests ?
A. Deceptive promotion
B. Deceptive pricing
C. Deceptive packaging
D. Deceptive cost structure
Sellers that handle their own exports are engaged in ?
A. direct exporting
C. indirect exporting
D. contract manufacturing
A child in the United States is normally exposed to all of the following values EXCEPT ?
A. activity and involvement
B. achievement and success
C. material comfort
The internet evolved from a network created by ________ during the 1960s?
A. Northwestern University
B. the Massachusetts institutes of Technology (MIT)
C. the Commerce Department
D. the Defense Department
_________ describes changes in an individual’s behavior arising from experience?
All of the following would be ways to segment within the category of psychographic segmentation EXCEPT ?
C. social class
In determining salesforce size, when a company groups accounts into different size classes and then determines the number of salespeople needed to call on them the desired number of times it is called the ?
A. product-need appraoch
B. work-load appraoch
C. Key-size approach
D. call-service appraoch
Setting call objectives is done during which of the following stages of the selling process?
D. Handling objections
The biggest of greatest amount of involvement in a foreign market comes through which of the following ?
A. Joint venturing
D. Direct investment
Coginitive dissonance occurs in which stage of the buyer decision process model ?
A. Information search
B. Need recognition
C. Evaluation of alternative
D. Postpurchase behaviour
Which of the following information forms available to the marketing manager can usually be accessed more quickly and cheaply than other information sources ?
A. Marketing research
B. Marketing intelligence
C. Customer profiles
D. Internal databases
The Coase theorem states that ?
A. the private sector will fail to produce the efficient amount of a public good because of the free-rider problem.
B. under certain conditions, private parties can arrive at the efficient solution without government involvement
C. public goods should be produced up to the point where the additional benefit received by society equals the additional cost of producing the good
D. if there are external costs in production the government must intervene in the market to assure that the efficient level of output is produced
The optimal level of provision of public goods is where society total willingness to pay per unit is equal to the ?
A. average cost of producing the good
B. variable cost of producing the good
C. marginal cost of producing the good
D. total cost of producing the good
The whole class of goods that will be under produced or not produced at all in a completely unregulated market economy are referred to as ?
A. private goods
B. public goods
C. Pareto goods
D. free goods
imperfect competition occurs ?
A. When firms are not profit maximisers
B. Whenever firms are losing money.
C. When the consumption of the good involves an external benefit
D. When firms have some control over price and competition
The statement everything affects everything else reflects the principle behind ?
A. partial equilibrium analysis
B. efficiency analysis
C. general equilibrium analysis
D. equity analysis
Externalities are a problem only if ?
A. decision makers do not take them into account
B. the externalities are negative
C. all firms are perfectly competitive
D. all firms are monopolistic
A person will continue to pursue an activity up to the point where ?
A. marginal benefits equals marginal social cost
B. Marginal benefit equals marginal damage cost
C. marginal benefit equals marginal private cost
D. marginal social cost equals marginal external cost
If some gain and some lose as the result of a proposed change and it can be demonstrated that the value of the gains would exceed the value of the losses then the change is said to be ?
B. technically efficient.
C. potentially efficient
D. unequivocally Pareto optimal
Markets fail to produce an efficient allocation of resources, but government also fail because ?
A. the managers of government agencies are trying to maximize the profit of their agency and they ignore the implications that this has on other departments
B. elected officials will act selflessly for the good of society and ignore their own self interest
C. the optimal level of public goods may be too expensive for the society to produce
D. the measurement of social damages and benefits is difficult and imprecise
The idea that when externalities are present private parties can arrive at the efficient solution without government intervention under certain circumstance is known as ?
A. The coase theorem
B. the drop-in-the bucket problem.
C. Arrow’s impossibility theorem
D. the free rider problem
If a large number of individuals are affected by an external benefit, private bargaining will not work because of ?
A. the Coase theorem
B. the free-rider problem
D. the fallacy of composition
If one person’s enjoyment of the benefits of a good does not interfere with another’s consumption of it, the good is said to be ?
A. congestible in consumption
B. non-rival in consumption
C. limitless in utility
An example of public good is ?
A. a public utility.
B. preservation of wetlands
C. a beautifully landscaped lawn.
D. a book
Private goods are ?
A. non-rival in consumption and their benefits excludable
B. rival in consumption and their benefits are excludable
C. non-rival in consumption and their benefits are nonexcludable:
D. rival in consumption and their benefits are non-excludable
The conclusion that free, unregulated markets will produce an efficient outcome breaks down if ?
A. firms are not price takers in input markets
B. households do not have perfect information
C. firms are not price takers in the output market
D. all of the above
The government increase the minimum wage. The National Association of Fast Food Restaurants hires you to determine the impact that this higher minimum wage will have on it industry. This is an example of ?
A. specific equilibrium analysis
B. industry equilibrium analysis
C. partial equilibrium analysis
D. general equilibrium analysis
When you consume good Q, not only do you benefit form consuming the good but other people benefit from your consumption as well, if firms produce good Q where P = MC, firms will be producing ?
A. less than the efficient level of output
B. so that consumer surplus is zero
C. more than the efficient level of output
D. the efficient level of output
The total cost to society of producing an additional unit of a good or service is the ?
A. marginal private cost
B. marginal social cost
C. marginal damage cost
D. marginal external cost
If PX > MCX, society gains by ?
A. production less X
B. raising the price of X.
C. Producing more X
D. Increasing the cost of producing X