Marketing Ch 4 Test - Economy

The US ____ division of the Treasury Dept. monitors all imports

Workers benefit from international trade with higher empolyment rates.

Exports are:

Ms. Yamura bought her son an RC car for his birthday. The son is the customer.

A PEST is a specific acronym. The 'E' means:

Free Trade is:

In Marketing Terms, customers are the people who use a product.

The US has had a trade embargo against ______ since the 50's.

Globalization is

Large corporations that have operations in multiple countries are called multi national corporations

Promotion Adaptation is

Businesses that don't use marking concepts are concerned about producing products than understanding customer needs.

Protectionism is

_____ advantage occurs when a country has natural resources/talents that allow it to produce an item at lowest cost

The "P" in PEST is

Embargo is

The primary reason for a business to exist is to provide employment for people

International trade benefits consumers by

The "T" in PEST stands for

International trade benefits workers by

The approach to managing marketing activities changes as organizations understand what makes marketing effective.

____ advantage is to sell what you produce most efficiently.

Trade blocks are restrictions imposed on imports

A tariff is

Which of the following purchases would most likely be made with discretionary income?

A tax on imports is called an embargo.

Selecting an appropriate brand name for a new snack food is a product strategy.

"S" in PEST stands for

The Good Ol' BBQ Sauce Company began marketing a new sauce that includes spices often found in Asian Cuisine. This is

Cheetos updating their products to include Chester Cheetah is an example of

____ can be tricky. It can't be too expensive nor to cheap.

Many countries hire customs brokers to help them with import laws and procedures.

A tariff is a total ban on imports entering the country.

What is the system by which a country makes decisions about how to deal with its scarcity?

Kendra's a marine biologist who measures the effect of toxic waste on marine life. What's the factor of production?

_____ are large corporations that have operations in several countries.

As a factor of production, the term labor refers to both skilled and unskilled workers.

Imports are

What is FDI?

To sell what you produce most efficiently is to have a comparative advantage.

A trade negative balance occurs when exports are greater than imports.

Quota is

Mini nationals are mid size or smaller companies that have operations in foreign countries.

In a market economy, who decides how products are produced?

Nations need to answer ____ basic questions

Resource scarcity forces nations to make economic choices.

Land includes

Balance of Trade is:

The difference in value between a nation's exports and its imports is called its positive balance.

Customization is

The USA has an embargo on Iran.