When you consume good Q, not only do you benefit form consuming the good but other people benefit from your consumption as well, if firms produce good Q where P = MC, firms will be producing ?

more than the efficient level of output

less than the efficient level of output

more than the efficient level of output

so that consumer surplus is zero

When a company reviews sales costs and profit projections for a new product to find out whether these factors satisfy the company’s objectives they are in which of the following new process development stages ?

Concept development and testing

Traditionally companies have defined their business in product terms or in technological terms however mission statements should be all of the following EXCEPT ?

based on distinctive competencies

The Wheeler-Lea Act gives the Federal Trade Commission the power to regulate ?

competitive advertising of objective product benefits

unfair and deceptive acts or practices

competitive advertising of objective product benefits

The shrinking or distances due to technological advances such as computer and fax connections by telephone are one characteristic of what new challenge to marketing ?

The call for more socially responsible marketing

The purpose of strategic planning is to find ways in which the company can best ?

use its strengths to take advantage of attractive opportunities in the environment

avoid the expense of costly research and development while still getting the benefits

The primary reason that many companies work to become the low cost producers in their industry is because ?

they can generate more advertising

they can set lower prices that that result in greater sales and profits

The orange juice manufacturers know that orange juice is most often consumed in the mornings. However they would like to change this and make the drink acceptable during other time periods during the day Which form of segmentation would they need to work with and establish strategy reflective of their desires ?

age and lief-cycle segmentation

The optimal level of provision of public goods is where society total willingness to pay per unit is equal to the ?

total cost of producing the good

variable cost of producing the good

average cost of producing the good

marginal cost of producing the good

total cost of producing the good

The internet evolved from a network created by ________ during the 1960s?

the Massachusetts institutes of Technology (MIT)

The idea that when externalities are present private parties can arrive at the efficient solution without government intervention under certain circumstance is known as ?

Arrow’s impossibility theorem

the drop -in-the bucket problem.

The ______ holds that consumers will favor products that are available and highly affordable (therefore, work on improving production and distribution efficiency) ?

production cost expansion concept

The goal of the marketing logistics system should be to provide ?

A targeted level of transportation expense ratio

A targeted level of promotional support

A targeted level of customer service at the least cost

A targeted level of transportation expense ratio

A targeted level of field support

161 + Mcqs in Markets in Economics Page 1 McqOptions

1.	Yahoo, Infoseek, and Baido are all called ?
A.	browsers
B.	Webcasters
C.	search engines
D.	software
Answer» D. software

Discussion

2.	Which of the following promotional budget methods wrongly views sales as the cause of promotion rather than as the result ?
A.	Affordable method
B.	Percentage of Sales method
C.	Competitive parity method
D.	Objective and task method
Answer» C. Competitive parity method

Discussion

3.	Which of the following is NOT one of the five stages of the buyers decision process?
A.	need recognition
B.	brand identification
C.	information search
D.	purchase decision
Answer» C. information search

Discussion

4.	Which of the following is foreign owned (even through it is traditionally thought of as a U.S company) ?
A.	IBM
B.	Xerox
C.	Kodak
D.	Universal Studios
Answer» E.

Discussion

5.	Which of the following information forms available to the marketing manager can usually be accessed more quickly and cheaply than other information sources ?
A.	Marketing intelligence
B.	Marketing research
C.	Customer profiles
D.	Internal databases
Answer» E.

Discussion

6.	When you consume good Q, not only do you benefit form consuming the good but other people benefit from your consumption as well, if firms produce good Q where P = MC, firms will be producing ?
A.	less than the efficient level of output
B.	more than the efficient level of output
C.	so that consumer surplus is zero
D.	the efficient level of output
Answer» B. more than the efficient level of output

Discussion

7.	When producers, wholesalers, and retailers act as a unified system they comprise a ?
A.	conventional marketing system
B.	power-based marketing system
C.	horizontal marketing system
D.	vertical marketing system
Answer» E.

Discussion

8.	When personal interviewing involves inviting six to ten people to gather for a few hours with a trained interviewers to talk about a product service, or organization the method is called ?
A.	Selective sponsorship
B.	Probing
C.	focus group interviewing
D.	the Delphi method
Answer» D. the Delphi method

Discussion

9.	When Micheal Jordan and Tiger Woods use marketing to promote their careers and improve their impact and incomes they are using?
A.	cause-related marketing
B.	idea marketing
C.	nonprofit marketing
D.	person marketing
Answer» E.

Discussion

10.	When companies make marketing decisions by considering consumers wants and the long run interests of the company consumer and the general population they are practicing which of the following principle ?
A.	Innovative marketing
B.	Consumer-oriented marketing
C.	Value marketing
D.	Societal marketing
Answer» E.

Discussion

11.	When Coca-Cota and Nestle formed joint venture to market a ready to drink coffee and tea worldwide the type of marketing system that was formed would best be described as being a(n)?
A.	vertical marketing system
B.	parallel marketing system
C.	diversified marketing system
D.	horizontal marketing system
Answer» E.

Discussion

12.	When an international seller sells a plant equipment or technology to another country and agrees to take payment in the resulting products, it is called?
A.	barter
B.	buy-back
C.	counterpurchase
D.	like-value-exchange
Answer» C. counterpurchase

Discussion

13.	When an importing country sets limits on the amount of goods it will accept in certain product categories it is called a(n) ?
A.	quota
B.	barrier
C.	tariff
D.	embargo
Answer» B. barrier

Discussion

14.	When a marketing research organization chooses a segment of the population that represents the population as a whole, they have chosen a ?
A.	group
B.	bi-variant population
C.	sample
D.	market target
Answer» D. market target

Discussion

15.	When a company enters a new product category for which its current brand names are not appropriate it will likely follow which of the following brand strategies ?
A.	Product extensions
B.	Line extensions
C.	Brand extensions
D.	New brands
Answer» E.

Discussion

16.	When a company reviews sales costs and profit projections for a new product to find out whether these factors satisfy the company’s objectives they are in which of the following new process development stages ?
A.	Concept development and testing
B.	Commercialization
C.	Business analysis
D.	Marketing strategy development
Answer» D. Marketing strategy development

Discussion

17.	Wal-Mart owned Sam’s club is an example of a retail called a(n) ?
A.	factory outlet
B.	super specialty store
C.	seconds store
D.	warehouse club
Answer» E.

Discussion

18.	Using a successful brand name to introduce additional items in a given product category under the same brand same (such as new flavors, forms, colors, added ingredients or package seizes) is called a(n)?
A.	line extension
B.	brand extension
C.	multibranding
D.	new brands
Answer» B. brand extension

Discussion

19.	Traditionally companies have defined their business in product terms or in technological terms however mission statements should be all of the following EXCEPT ?
A.	market oriented
B.	a statement of religion
C.	motivating
D.	based on distinctive competencies
Answer» C. motivating

Discussion

20.	Today advertising captures about ________ percent of total promotion spending?
A.	15
B.	23
C.	29
D.	33
Answer» C. 29

Discussion

21.	The whole class of goods that will be under produced or not produced at all in a completely unregulated market economy are referred to as ?
A.	Pareto goods
B.	public goods
C.	private goods
D.	free goods
Answer» C. private goods

Discussion

22.	The Wheeler-Lea Act gives the Federal Trade Commission the power to regulate ?
A.	interstate commerce
B.	marketing ethics
C.	unfair and deceptive acts or practices
D.	competitive advertising of objective product benefits
Answer» D. competitive advertising of objective product benefits

Discussion

23.	The use of price points for reference to different levels of quality for a company’s related products is typical of which product mix pricing strategy ?
A.	Optional-product pricing
B.	Captive-product pricing
C.	By-product pricing
D.	Product line pricing
Answer» E.

Discussion

24.	The typical method of retail operation used by supermarkets and catalog showrooms is called ?
A.	self-service retailing
B.	limited-service retailing
C.	full-service retailing
D.	service merchandiser
Answer» B. limited-service retailing

Discussion

25.	The type of trade promotion discount in which manufacturers agree to reduce the price to the retailer in exchange for the retailer’s agreement to feature the manufacturer’s products is some way is called a(n) ?
A.	discount
B.	allowance
C.	premium
D.	rebate
Answer» C. premium

Discussion

26.	The type of salesforce structure in which the sales force sells along product lines is called a ?
A.	territorial salesforce
B.	product salesforce
C.	customer salesforce
D.	retail salesforce
Answer» C. customer salesforce

Discussion

27.	The type of sales presentation approach that requires good listening and problem-solving skills is the ?
A.	canned approach
B.	formula appraoch
C.	need-satisfaction approach
D.	critical-thinking approach
Answer» D. critical-thinking approach

Discussion

28.	The total number of item that the company carries within its product lines refers to the ________ of the product mix?
A.	width
B.	depth
C.	length
D.	consistency
Answer» D. consistency

Discussion

29.	The total cost to society of producing an additional unit of a good or service is the ?
A.	marginal damage cost
B.	marginal social cost
C.	marginal private cost
D.	marginal external cost
Answer» C. marginal private cost

Discussion

30.	The study of human population in terms of size, density, location age gender, race occupation and other statistics is called ?
A.	Geothermy
B.	Demography
C.	Ethnography
D.	Hemos-popography
Answer» C. Ethnography

Discussion

31.	The statement everything affects everything else reflects the principle behind ?
A.	efficiency analysis
B.	partial equilibrium analysis
C.	general equilibrium analysis
D.	equity analysis
Answer» D. equity analysis

Discussion

32.	The stage is the product life cycle that focuses on expanding market and creating product awareness and trails is the ?
A.	decline stage
B.	introduction stage
C.	growth stage
D.	maturity stage
Answer» C. growth stage

Discussion

33.	The shrinking or distances due to technological advances such as computer and fax connections by telephone are one characteristic of what new challenge to marketing ?
A.	Rapid globalization
B.	The changing world economy
C.	The call for more socially responsible marketing
D.	The micro-chip revolution
Answer» B. The changing world economy

Discussion

34.	The purpose of strategic planning is to find ways in which the company can best ?
A.	overcome losses
B.	use its strengths to take advantage of attractive opportunities in the environment
C.	avoid paying taxes
D.	avoid the expense of costly research and development while still getting the benefits
Answer» C. avoid paying taxes

Discussion

35.	The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives is called ?
A.	Marketing strategy
B.	Marketing control
C.	Marketing analysis
D.	Marketing implementation
Answer» E.

Discussion

36.	The primary reason that many companies work to become the low cost producers in their industry is because ?
A.	they can generate more advertising
B.	they can please top management
C.	they can gain tax advantages
D.	they can set lower prices that that result in greater sales and profits
Answer» E.

Discussion

37.	The practice of going after a large share of a smaller market or subsets of a few markets is called ?
A.	undifferentiated marketing
B.	differentiated marketing
C.	concentrated marketing
D.	turbo marketing
Answer» D. turbo marketing

Discussion

38.	The place in the business buying behavior model where interpersonal and individual influences might interact is called the ?
A.	environment
B.	response
C.	stimuli
D.	buying center
Answer» E.

Discussion

39.	The orange juice manufacturers know that orange juice is most often consumed in the mornings. However they would like to change this and make the drink acceptable during other time periods during the day Which form of segmentation would they need to work with and establish strategy reflective of their desires ?
A.	gender segmentation
B.	benefit segmentation
C.	occasion segmentation
D.	age and lief-cycle segmentation
Answer» D. age and lief-cycle segmentation

Discussion

40.	The optimal level of provision of public goods is where society total willingness to pay per unit is equal to the ?
A.	variable cost of producing the good
B.	average cost of producing the good
C.	marginal cost of producing the good
D.	total cost of producing the good
Answer» D. total cost of producing the good

Discussion

41.	The most logical budget setting method is found in the list below. Which is it ?
A.	Affordable method
B.	Percentage of sales method
C.	Competitive parity method
D.	Objective and task method
Answer» E.

Discussion

42.	The major advantage of survey research is its ?
A.	simplicity
B.	structure
C.	organization
D.	flexibility
Answer» E.

Discussion

43.	The last stage in the selling process in the __________ stage?
A.	Approach
B.	handling objections
C.	closing
D.	follow-up
Answer» E.

Discussion

44.	The __________ is a person within a reference group who because of special skills knowledge personality or other characteristics exerts influence on others ?
A.	facilitator
B.	referent actor
C.	opinion leader
D.	social role player
Answer» D. social role player

Discussion

45.	The internet evolved from a network created by ________ during the 1960s?
A.	the Commerce Department
B.	the Massachusetts institutes of Technology (MIT)
C.	Northwestern University
D.	the Defense Department
Answer» E.

Discussion

46.	The In suppliers are most likely to get nervous and feel pressure to put their best foot forward in which of the following types of buying situations ?
A.	modified rebuy
B.	new task buying
C.	straight rebuy
D.	indirect rebuy
Answer» B. new task buying

Discussion

47.	The idea that when externalities are present private parties can arrive at the efficient solution without government intervention under certain circumstance is known as ?
A.	The coase theorem
B.	Arrow’s impossibility theorem
C.	the drop -in-the bucket problem.
D.	the free rider problem
Answer» B. Arrow’s impossibility theorem

Discussion

48.	The ______ holds that consumers will favor products that are available and highly affordable (therefore, work on improving production and distribution efficiency) ?
A.	product concept
B.	production concept
C.	production cost expansion concept
D.	marketing concept
Answer» C. production cost expansion concept

Discussion

49.	The government increase the minimum wage. The National Association of Fast Food Restaurants hires you to determine the impact that this higher minimum wage will have on it industry. This is an example of ?
A.	industry equilibrium analysis
B.	specific equilibrium analysis
C.	partial equilibrium analysis
D.	general equilibrium analysis
Answer» D. general equilibrium analysis

Discussion

50.	The goal of the marketing logistics system should be to provide ?
A.	A targeted level of promotional support
B.	A targeted level of customer service at the least cost
C.	A targeted level of transportation expense ratio
D.	A targeted level of field support
Answer» C. A targeted level of transportation expense ratio

Discussion

Explore topic-wise MCQs in Economics.

Yahoo, Infoseek, and Baido are all called ?

Which of the following promotional budget methods wrongly views sales as the cause of promotion rather than as the result ?

Which of the following is NOT one of the five stages of the buyers decision process?

Which of the following is foreign owned (even through it is traditionally thought of as a U.S company) ?

Which of the following information forms available to the marketing manager can usually be accessed more quickly and cheaply than other information sources ?

When you consume good Q, not only do you benefit form consuming the good but other people benefit from your consumption as well, if firms produce good Q where P = MC, firms will be producing ?

When producers, wholesalers, and retailers act as a unified system they comprise a ?

When personal interviewing involves inviting six to ten people to gather for a few hours with a trained interviewers to talk about a product service, or organization the method is called ?

When Micheal Jordan and Tiger Woods use marketing to promote their careers and improve their impact and incomes they are using?

When companies make marketing decisions by considering consumers wants and the long run interests of the company consumer and the general population they are practicing which of the following principle ?

When Coca-Cota and Nestle formed joint venture to market a ready to drink coffee and tea worldwide the type of marketing system that was formed would best be described as being a(n)?

When an international seller sells a plant equipment or technology to another country and agrees to take payment in the resulting products, it is called?

When an importing country sets limits on the amount of goods it will accept in certain product categories it is called a(n) ?

When a marketing research organization chooses a segment of the population that represents the population as a whole, they have chosen a ?

When a company enters a new product category for which its current brand names are not appropriate it will likely follow which of the following brand strategies ?

When a company reviews sales costs and profit projections for a new product to find out whether these factors satisfy the company’s objectives they are in which of the following new process development stages ?

Wal-Mart owned Sam’s club is an example of a retail called a(n) ?

Using a successful brand name to introduce additional items in a given product category under the same brand same (such as new flavors, forms, colors, added ingredients or package seizes) is called a(n)?

Traditionally companies have defined their business in product terms or in technological terms however mission statements should be all of the following EXCEPT ?

Today advertising captures about ________ percent of total promotion spending?

The whole class of goods that will be under produced or not produced at all in a completely unregulated market economy are referred to as ?

The Wheeler-Lea Act gives the Federal Trade Commission the power to regulate ?

The use of price points for reference to different levels of quality for a company’s related products is typical of which product mix pricing strategy ?

The typical method of retail operation used by supermarkets and catalog showrooms is called ?

The type of trade promotion discount in which manufacturers agree to reduce the price to the retailer in exchange for the retailer’s agreement to feature the manufacturer’s products is some way is called a(n) ?

The type of salesforce structure in which the sales force sells along product lines is called a ?

The type of sales presentation approach that requires good listening and problem-solving skills is the ?

The total number of item that the company carries within its product lines refers to the ________ of the product mix?

The total cost to society of producing an additional unit of a good or service is the ?

The study of human population in terms of size, density, location age gender, race occupation and other statistics is called ?

The statement everything affects everything else reflects the principle behind ?

The stage is the product life cycle that focuses on expanding market and creating product awareness and trails is the ?

The shrinking or distances due to technological advances such as computer and fax connections by telephone are one characteristic of what new challenge to marketing ?

The purpose of strategic planning is to find ways in which the company can best ?

The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives is called ?

The primary reason that many companies work to become the low cost producers in their industry is because ?

The practice of going after a large share of a smaller market or subsets of a few markets is called ?

The place in the business buying behavior model where interpersonal and individual influences might interact is called the ?

The optimal level of provision of public goods is where society total willingness to pay per unit is equal to the ?

The most logical budget setting method is found in the list below. Which is it ?

The major advantage of survey research is its ?

The last stage in the selling process in the __________ stage?

The __________ is a person within a reference group who because of special skills knowledge personality or other characteristics exerts influence on others ?

The internet evolved from a network created by ________ during the 1960s?

The In suppliers are most likely to get nervous and feel pressure to put their best foot forward in which of the following types of buying situations ?

The idea that when externalities are present private parties can arrive at the efficient solution without government intervention under certain circumstance is known as ?

The ______ holds that consumers will favor products that are available and highly affordable (therefore, work on improving production and distribution efficiency) ?

The government increase the minimum wage. The National Association of Fast Food Restaurants hires you to determine the impact that this higher minimum wage will have on it industry. This is an example of ?

The goal of the marketing logistics system should be to provide ?