Marketing 1 Final Review Part 1

Question 1

Large corporations that set up shop in a foreign country are known as multinationals.

Accepted Answer

True

Question 2

Companies are described as market oriented when they try to meet the needs & wants of customers

Accepted Answer

True

Question 3

Planning, pricing, selling, distributing, and promoting a product is called

Accepted Answer

Marketing

Question 4

The income that people use to buy luxury items like boats or jewelry.

Accepted Answer

discretionary income

Question 5

Society's effort to protect consumer rights is known as

Accepted Answer

consumerism

Question 6

The type of economic system that encourages private ownership of businesses and competition.

Accepted Answer

Market

Question 7

The potential for loss or failure is called

Accepted Answer

Risk

Question 8

Market segmentation according to where people live.

Accepted Answer

Geographics

Question 9

Products are both goods and services.

Accepted Answer

True

Question 10

Equilibrium exists when supply equals demand.

Accepted Answer

True

Question 11

When a nation imports more than it exports

Accepted Answer

negative balance of trade

Question 12

A non-profit business's primary concern is to earn money.

Accepted Answer

False

Question 13

Competition results in less of a selection of products

Accepted Answer

False

Question 14

The US currently has a trade embargo with Canada.

Accepted Answer

False

Question 15

An excess of supply over demand is called a

Accepted Answer

surplus

Question 16

When a country can produce a product better and cheaper than any other country is known as

Accepted Answer

absolute advantage

Question 17

A period of economic growth is called

Accepted Answer

Prosperity

Question 18

The people who purchase goods and services.

Accepted Answer

Customers

Question 19

Gum is an example of a product that is mass marketed.

Accepted Answer

True

Question 20

Green marketing is now a popular trend among companies.

Accepted Answer

True

Question 21

The Sleepy Mattress Company advertises that it's never undersold; this is price competition.

Accepted Answer

True

Question 22

Public schools like Southington High School are part of the private sector.

Accepted Answer

False

Question 23

Refers to the skills of people who are willing to risk their time and money to run a business

Accepted Answer

Entrepreneurship

Question 24

Profit is what a company earns after all expenses are paid.

Accepted Answer

True

Question 25

Exports are goods and services sold to other countries.

Accepted Answer

True

Question 26

Consumers are people who use the products that are purchased.

Accepted Answer

True

Question 27

Focusing all marketing decisions on a specific group of people.

Accepted Answer

target marketing

Question 28

The marketing of goods and services to organizations or other businesses.

Accepted Answer

industrial marketing

Question 29

The US has a totally free enterprise system.

Accepted Answer

False

Question 30

Refers to all full-time and part-time workers in an economy

Accepted Answer

Labor

Question 31

An international trade agreement between Canada, US, and Mexico

Accepted Answer

NAFTA

Question 32

Taxes on imports

Accepted Answer

Tariffs

Question 33

Involves the study of consumers based on lifestyles, attitudes, and values.

Accepted Answer

Psychographics

Question 34

Guidelines for good behavior.

Accepted Answer

Ethics

Question 35

All the things used in producing goods and services

Accepted Answer

Resources

Question 36

Most economies in the world are considered to be mixed economies.

Accepted Answer

True

Question 37

The US has a positive balance of trade.

Accepted Answer

False

Question 38

If you work part time, you are not part of the labor force.

Accepted Answer

False

Question 39

Communication systems are not part of a country's infrastructure.

Accepted Answer

False

Question 40

A country's infrastructure is not important to a company that would like to do business there.

Accepted Answer

False

Question 41

A limit on the goods that can be imported into a country is called a

Accepted Answer

Quota

Question 42

The measure of goods and services produced in a country is called the

Accepted Answer

GDP

Question 43

The difference between wants and needs and the available resources is called a surplus.

Accepted Answer

False

Question 44

If the price of a product is low enough, demand for that product usually increases.

Accepted Answer

True

Question 45

In business, the potential for profit increases as the risk increases.

Accepted Answer

True

Question 46

In a market economy the government decides which businesses will be successful.

Accepted Answer

False

Question 47

A period of economic decline when unemployment starts to rise

Accepted Answer

Recession

Question 48

The difference between what a nation imports and what it exports is called a

Accepted Answer

balance of trade

Question 49

The struggle between companies for customers is called

Accepted Answer

Competition

Question 50

A prolonged recession is often referred to as a depression.

Accepted Answer

True

Marketing 1 Final Review Part 1

Questions 50

Marketing 1 Final Review Part 1

Questions 50