B21C-Final Exam Review

Question 1

What legal action involves a third party working towards compromise ?

Accepted Answer

mediation

Question 2

Saudi Arabia is more productive in producing oil than any other country. What is this called?

Accepted Answer

Absolute Advantage

Question 3

The EPA stands for

Accepted Answer

Environmental Protection Agency

Question 4

What is selling the right to use some intangible property for a fee?

Accepted Answer

licensing

Question 5

What's the process of creating and exchanging offerings that have value for society?

Accepted Answer

Marketing

Question 6

What is a promise by the manufacturer that the product will be certain of quality?

Accepted Answer

guarantee/warranty

Question 7

What is when companies subtly promote their products through appearances in media like films?

Accepted Answer

Product Placement

Question 8

Who is the LARGEST trading partner with the United States?

Accepted Answer

Canada

Question 9

Exxon Mobil is an example of

Accepted Answer

a joint venture

Question 10

If a Product is $100 and the markup is 15% then the Markup Amount is ______

Accepted Answer

$15

Question 11

What name is given to a product to distinguish it from similar and competitive items?

Accepted Answer

Brand

Question 12

Global market entry modes include

Accepted Answer

All of the above

Question 13

Which of the following promotes business in an area where products can be imported duty-free?

Accepted Answer

Free Trade Zones

Question 14

When contacting the place of purchase it is important to__________

Accepted Answer

Have evidence

Question 15

Products that are advertised as selling at below cost to bring customers into the store are:

Accepted Answer

Loss Leaders

Question 16

How do you calculate balance of trade?

Accepted Answer

exports - imports

Question 17

When a country imports more than it exports, it is called a(n) _______.

Accepted Answer

trade deficit

Question 18

When you find out a products potentially harmful effects. you are using your Right to_______

Accepted Answer

Be informed

Question 19

Which is a factor of economic development?

Accepted Answer

technology

Question 20

A senior chose a college because his friends are going there. What type of decision is this?

Accepted Answer

Emotional

Question 21

What is an activity that is consumed at the same time they are produced?

Accepted Answer

Services

Question 22

The purpose of the ___ is to make sure that all food is safe.

Accepted Answer

USDA

Question 23

What are people who buy products and services for their own use called?

Accepted Answer

Final Consumer

Question 24

Who protects the money you've deposited into an bank in case they go out of business?

Accepted Answer

FDIC

Question 25

Which of the following is NOT on the consumer bill of rights?

Accepted Answer

right to money

Question 26

What function deals with obtaining and using info to improve business decision making?

Accepted Answer

marketing-information management

Question 27

This term refers to a restriction to free trade.

Accepted Answer

Trade Barrier

Question 28

What is an organizations that does business in several countries?

Accepted Answer

Multinational Company

Question 29

What sale clears out goods that are not in season or profitable?

Accepted Answer

Clearance Sale

Question 30

Uniqueness, Complexity, and age (new) all result in (a) __________

Accepted Answer

Higher Prices

Question 31

What is the #1 complaint for consumers?

Accepted Answer

Debt Collection

Question 32

What movement was inspired by businesses trying to take advantage of consumers?

Accepted Answer

Consumer Movement

Question 33

What promotion technique includes individualized communication with potential customers?

Accepted Answer

Personal Selling

B21C-Final Exam Review

Questions 33

B21C-Final Exam Review

Questions 33