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Microeconomics Flashcards | StudBud

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Microeconomics

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Questions 8

Answers

1
How can advertising play a fundamental role in buying and selling of products?
Sways people to buy the name brand.
Advertisements are more expensive so products are better.
Generic Brands are more expensive.
Generic Brand is not as good as name brand.
2
Which aspect of Mass Distribution has been most used in the United States?
Boat
Plane
Railroad
Trucking
3
Mass Production can be defined as:
Small scale production of identical products.
Rapid production of large quantities of identical objects.
Small scale production of different objects.
Rapid production of large quantities of different products.
4
When the product comes from a whole saler and is constantly distributed, the product price:
Increases
Remains the same.
Decreases
Does not matter because gasoline is cheap.
5
Henry Ford is the pioneer who perfected, but not invent:
Mass Machinery Tools
Assembly Line
Mass Distribution of Cotton
Ford F150s
6
Eli Whitney can be credited with the invention of:
Mass Distribution
Cotton Gin
Assembly Line
Conveyer Belt
7
How are the 3 concepts of Mass Marketing used in a Mixed Market Economy?
Selling Goods
Buying Goods
Advertising
Production
8
How can Market and Command Economies differ in Mass Production?
Market economy empoyees have no incentive to work.
Market economies have the incentive for profits.
Command Economies have a profit motive.
Market economies strive to make the quota of one good.