Economics in Marketing

Question 1

England and Canada

Accepted Answer

Mixed market economy

Question 2

A period of economic slowdown lasting for 6 months or longer.

Accepted Answer

Depression

Question 3

What are the three economic questions?

Accepted Answer

What to produce, for whom to produce, how to produce it?

Question 4

Which describes the recovery stage most accurately?

Accepted Answer

Emplyment increases, business picks up, demand increases

Question 5

A period of renewed economic growth usually followed by a recession.

Accepted Answer

Recovery

Question 6

Bhutan

Accepted Answer

Traditional economy

Question 7

Pro: No unemployment because the govt. gives everyone a job.

Accepted Answer

Command economy

Question 8

Business type that is most heavily taxed.

Accepted Answer

Corporation

Question 9

What are the 4 stages of the business cycle?

Accepted Answer

Expansion, recession, trough, recovery

Question 10

Which of the following is not associated with the free enterprise system?

Accepted Answer

freedom to form monopolies

Question 11

Con: Does not provide for the basic needs of everyone.

Accepted Answer

Market economy, Mix market economy

Question 12

Type of business that is easiest to start.

Accepted Answer

Sole proprietorship

Question 13

Pro: Seemingly unlimited variety of g & s available to consumers.

Accepted Answer

Mixed market economy, Market economy

Question 14

Pro: Life is generally predictable and stable.

Accepted Answer

Traditional economy

Question 15

The 'Father of Modern Economics' wrote the book

Accepted Answer

An Inquiry into the Nature and Causes of the Wealth of Nations

Question 16

A period of prolonged recession

Accepted Answer

trough

Question 17

Which of the following is not an economic goal?

Accepted Answer

Economic fitness

Question 18

Does not survive the death of one of its owners.

Accepted Answer

Partnership

Question 19

The organized way a nation provides for the needs and wants of its citizens.

Accepted Answer

Economy

Question 20

Cuba

Accepted Answer

Command economy

Question 21

Which of the following describes what an entrepreneur does?

Accepted Answer

organizes, manages, launches, creates

Question 22

Which of the following types of business does not have unlimited liability?

Accepted Answer

Corporation

Question 23

Economic system with minimal government influence.

Accepted Answer

Mixed market economy

Question 24

Characteristics of the trough or depression stage of the business cycle are

Accepted Answer

Employment decreases, GDP decreases, demand for goods decreases

Question 25

An economy where the government decides what, when, and how much will be produced.

Accepted Answer

Command economy

Question 26

Con: No rewards or incentives for individual performance.

Accepted Answer

Command economy

Question 27

A time when the economy is flourishing.

Accepted Answer

Expansion

Question 28

Con: Lack of progress leads to a lower standard of living.

Accepted Answer

Traditional economy

Economics in Marketing

Questions 28

Economics in Marketing

Questions 28