Competition does all of the following except which one?

Create a bigger demand for goods and services

The Law of Demand states which of the following?

Price and Demand move in opposite directions

Which of the following is NOT a reason why owning a business is a Risk?

They determine what good or service they produce

A Copyright is good for how long?

Life of the Author plus 70 years

A Trademark is good for how long?

Forever, as long as it is being used

The law of Supply states which of the following?

Price and Quantity supplied move in the same direction

Which of the following is not a freedom we have in the U.S.?

All are Freedoms we have in the U.S.

Why is the Free enterprise system in the U.S. considered to be modified?

The Government intervenes in business on a limited bases.

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Marketing I - Chapter 5.1 Test

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A Teston the information from Chapter 5.1 - The Free Enterprise system

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Questions 22

Answers

1
Competition does all of the following except which one?
Create goods and services at reasonable prices
Create a bigger demand for goods and services
Create a wider selection of goods and services
Produce better quality goods and services
2
All are examples of Non-price competition except which one?
Price matching
Free-shipping
Expertise of the stores personnel
The company's reputation
3
The Law of Demand states which of the following?
Price and Demand move in the same direction
Price and Demand move in opposite directions
As prices fall, demand falls
As supply falls, demand rises
4
Which of the following is NOT a reason why owning a business is a Risk?
They determine what good or service they produce
They can be sued
1 in every 3 businesses fail after 1 year
They can have their names tarnished by bad publicity
5
A Copyright is good for how long?
10 years
20 Years
Life
Life of the Author plus 70 years
6
Which would protect things authored by individuals such as writings, music & artwork?
Trade Secrets
Trademarks
Copyrights
Patents
7
A word, name, symbol, sound, or color that identifies a good or service.
Trademark
Trade Secret
Copyright
Patent
8
A Patent is good for how long?
20 Years
10 years
Life
Life of the Author plus 70 years
9
The picture is an example of which of the following?
Trade Secret
Trademark
Copyright
Patent
10
The range of Profit for most businesses is which of the following?
33.3%
0%
10%
1 to 5%
11
All are examples of Intellectual Property Rights except which one?
Trade secrets
Utilities
Trademarks
Copyrights
12
A Trademark is good for how long?
Forever, as long as it is being used
20 Years
Life of the Author plus 70 years
10 years
13
The law of Supply states which of the following?
As prices fall, demand rises
Price and Quantity supplied move in opposite directions
Price and Quantity supplied move in the same direction
As prices rise, quantity falls
14
Which of the following would protect your rights to an invention?
Copyrights
Patents
Trade Secrets
Trademarks
15
Which of the following is not a freedom we have in the U.S.?
Freedom to elect people who represent us in our government.
All are Freedoms we have in the U.S.
Freedom to organize & negotiate with business, with unions.
Freedom to make decisions about where we work.
16
Why is the Free enterprise system in the U.S. considered to be modified?
It is a competitive system without government involvement.
Individuals can start and operate their own business.
The Government intervenes in business on a limited bases.
The government dictates where and when you can work.
17
Why are Monopolies NOT permitted in a free enterprise system?
It prevents competition
They produce higher quality goods and services
They keep prices low
Everyone can get the good or service
18
Wal-Mart using the slogan "Always low prices, Always" is an example of what?
Copyrights
Trademarks
Non-price competition
Price competition
19
Individuals who start their own businesses.
Wholesalers
Entrepreneurs
Mogols
Patents
20
Coca-Cola's formula for Coke is an example of which of the following?
Trade Secret
Patent
Copyright
Trademark
21
Unprofitable businesses cause many problems, which is NOT a problem it may cause?
Laying off employees
Increase in the cost of Social services
Unemployment rises
Expansion
22
A T-shirt maker is allowed to produce shirts with NFL logos on them is an example of what?
Geographics
Mass marketing
Trademark
Licensing agreement

Marketing I - Chapter 5.1 Test Flashcards | StudBud