Intro. to Mkt_Chapter 3

Question 1

Which of the following is not one of the economic systems?

Accepted Answer

Costly Economy

Question 2

What is the amount of similarities or differences between the products of competing businesses a factor in determining?

Accepted Answer

Type of Economic System

Question 3

What are businesses that use their resources to develop products and services known as?

Accepted Answer

Producers

Question 4

Amazon offers same day shipping to Amazon Prime members. What is this an example of?

Accepted Answer

Time Utility

Question 5

What usually results when there are more opportunities for companies to differentiate their products/services?

Accepted Answer

Companies have more control

Question 6

What is the result of unlimited wants and needs combined with limited resources known as?

Accepted Answer

Scarcity

Question 7

Why do businesses that are considered monopolies have total control in the market?

Accepted Answer

There are no substitutes

Question 8

Wells Fargo adds 3 new branches in Linden so to provide more convenience to customers. What is this an example of?

Accepted Answer

Place Utility

Question 9

What is the use of resources toward the greatest profit for the producer known as?

Accepted Answer

Profit Motive

Question 10

What is the amount of satisfaction a consumer receives from the consumption of a particular product or service?

Accepted Answer

Economic Utility

Question 11

What are all of the consumers who will purchase a particular product or service known as?

Accepted Answer

Economic Market

Question 12

What type of competition are producers of agricultural products such as soybeans and poultry typically involved in?

Accepted Answer

Pure Competition

Question 13

When a business offers to sell products to customers on credit, what kind of utility is it offering to customers?

Accepted Answer

Possession Utility

Question 14

In which type of economy does the government own and control important resources and makes the decisions?

Accepted Answer

Command Economy

Question 15

Which of the following is true of businesses in pure competition?

Accepted Answer

They have very little control

Question 16

Which of the following industries can be considered a monopoly under certain circumstances?

Accepted Answer

Utility Companies

Question 17

Apple has a 20% off sale on all products, more people buy their products b/c of this. What does this reflect?

Accepted Answer

Law of Demand

Question 18

What studies the economic behavior in the economy (i.e. studies nations’ economies)?

Accepted Answer

Macroeconomics

Question 19

Hong Kong's marketplaces have next to no government intervention. What economic system is this an example of?

Accepted Answer

Free Economy

Question 20

What is the point where supply and demand for a product are equal?

Accepted Answer

Market Price

Question 21

Apple changed the design of their iPhone to meet customer demand. What is this an example of?

Accepted Answer

Form Utility

Question 22

What can businesses in monopolistic competition implement to differentiate their product/services more?

Accepted Answer

Marketing

Question 23

What is the most common type of economic competition?

Accepted Answer

Monopolistic Competition

Question 24

The price of gas increases significantly. Why will demand not change much despite this change in price?

Accepted Answer

Lack of Substitutes

Question 25

Who are individuals who purchase products & services to satisfy needs?

Accepted Answer

Consumers

Question 26

Airlines engage in what type of competition?

Accepted Answer

Oligopoly

Question 27

What usually results when companies are not able to differentiate?

Accepted Answer

Consumers have more control

Question 28

What type of economy does both the government and private enterprise play a shared role?

Accepted Answer

Mixed Economy

Question 29

What is the basic economic problem?

Accepted Answer

Scarcity

Question 30

The prices of microchips increase and as a result more companies produce and sell microchips. What does this reflect?

Accepted Answer

Law of Supply

Question 31

Which of the following is one of the key economic questions?

Accepted Answer

What goods and services will be produced?

Question 32

What examines relationships between individual consumers and producers?

Accepted Answer

Microeconomics

Question 33

What type of situation exists in a market in which many firms compete with products that are somewhat different?

Accepted Answer

Monopolistic Competition

Question 34

What is classified as natural resources, capital, equipment, and labor?

Accepted Answer

Economic Resources

Question 35

What type of economic system does the U.S. implement?

Accepted Answer

Mixed Economy

Intro. to Mkt_Chapter 3

Questions 35

Intro. to Mkt_Chapter 3

Questions 35