Economics MCQs

Option A: long term customer sanctification

Option B: competitive predatory pricing performance

Option C: full customer service

Option D: retention rates

Correct Answer: competitive predatory pricing performance ✔

Option A: Selling agents

Option B: Rack jobbers

Option C: Manufacturer’s agents

Option D: Purchasing agents

Correct Answer: Selling agents ✔

Option A: Slice of life

Option B: Lifestyle

Option C: Mood or imagery

Option D: Personality symbol

Correct Answer: Slice of life ✔

Option A: Too much advertising

Option B: Too few social goods

Option C: Cultural pollution

Option D: Too much political power

Correct Answer: Too much political power ✔

Option A: facilitator

Option B: referent actor

Option C: opinion leader

Option D: social role player

Correct Answer: opinion leader ✔

Option A: Consumer products

Option B: Services

Option C: Industrial products

Option D: Specialty products

Correct Answer: Industrial products ✔

Option A: current profit maximization

Option B: product quality leadership

Option C: Market share leadership

Option D: Survival

Correct Answer: Survival ✔

Option A: patronage reward

Option B: spiff

Option C: price pack

Option D: premium

Correct Answer: premium ✔

Option A: innovative marketing

Option B: consumer oriented marketing

Option C: value marketing

Option D: sense -f mission marketing

Correct Answer: innovative marketing ✔

Option A: it can drive up manufacturing and marketing costs by reducing economies of scale

Option B: it can create logistical problems when the company tries to meet varied requirements

Option C: it can attract unwanted competition

Option D: it can dilute the brand’s overall image

Correct Answer: it can attract unwanted competition ✔

Option A: Deceptive promotion

Option B: Deceptive packaging

Option C: Deceptive pricing

Option D: Deceptive cost structure

Correct Answer: Deceptive pricing ✔

Option A: Innovative marketing

Option B: Consumer-oriented marketing

Option C: Value marketing

Option D: Societal marketing

Correct Answer: Societal marketing ✔

Option A: Newspapers

Option B: Television

Option C: Direct Mail

Option D: Radio

Correct Answer: Direct Mail ✔

Option A: since it was probably collected for some other purpose it may be incomplete or wrong

Option B: it is usually expensive to retrieve

Option C: top executives are usually unwilling to relinquish data therefore the data has limits

Option D: the data is almost always unsecured and therefore, suspect as to reliability

Correct Answer: since it was probably collected for some other purpose it may be incomplete or wrong ✔

Option A: 15

Option B: 23

Option C: 29

Option D: 33

Correct Answer: 23 ✔

Option A: fixed costs

Option B: variable costs

Option C: standard costs

Option D: independent costs

Correct Answer: fixed costs ✔

Option A: Approach

Option B: handling objections

Option C: closing

Option D: follow-up

Correct Answer: follow-up ✔

Option A: Marketing strategy

Option B: Marketing control

Option C: Marketing analysis

Option D: Marketing implementation

Correct Answer: Marketing implementation ✔

Option A: decline stage

Option B: introduction stage

Option C: growth stage

Option D: maturity stage

Correct Answer: decline stage ✔

Option A: Affordable method

Option B: Percentage of Sales method

Option C: Competitive parity method

Option D: Objective and task method

Correct Answer: Competitive parity method ✔

Option A: group

Option B: bi-variant population

Option C: sample

Option D: market target

Correct Answer: sample ✔

Option A: vertical marketing system

Option B: parallel marketing system

Option C: diversified marketing system

Option D: horizontal marketing system

Correct Answer: horizontal marketing system ✔

Option A: creative selling

Option B: high pressure telling

Option C: detail selling

Option D: hard core selling

Correct Answer: high pressure telling ✔

Option A: simplicity

Option B: structure

Option C: organization

Option D: flexibility

Correct Answer: flexibility ✔

Option A: Rapid globalization

Option B: The changing world economy

Option C: The call for more socially responsible marketing

Option D: The micro-chip revolution

Correct Answer: Rapid globalization ✔

Option A: Selective sponsorship

Option B: Probing

Option C: focus group interviewing

Option D: the Delphi method

Correct Answer: focus group interviewing ✔

Option A: demand

Option B: basic staple

Option C: product

Option D: service

Correct Answer: service ✔

Option A: Product feature

Option B: sponsorship

Option C: brand

Option D: logo

Correct Answer: brand ✔

Option A: reseller

Option B: business

Option C: government

Option D: service

Correct Answer: business ✔

Option A: Target market decisions

Option B: Produced assortment and services decisions

Option C: Pricing decisions

Option D: Promotion decisions

Correct Answer: Pricing decisions ✔

Option A: Psychographics

Option B: Personality

Option C: Demographics

Option D: Lifestyle

Correct Answer: Personality ✔

Option A: conventional marketing system

Option B: power-based marketing system

Option C: horizontal marketing system

Option D: vertical marketing system

Correct Answer: vertical marketing system ✔

Option A: Affordable method

Option B: Percentage of sales method

Option C: Competitive parity method

Option D: Objective and task method

Correct Answer: Objective and task method ✔

Option A: the sales chart

Option B: the dynamic growth curve

Option C: the adoption cycle

Option D: the adoption cycle

Correct Answer: the product life cycle ✔

Option A: territorial sales force structure

Option B: pychographic trait sales force structure

Option C: product sales force structure

Option D: customer sales force structure

Correct Answer: pychographic trait sales force structure ✔

Option A: not manipulating the availability of a product for purpose of explotation

Option B: not using coercion in the marketing channel

Option C: using gray marketers whenever possible to save the consumer money

Option D: not exerting undue influence over the reseller’s choice to handle a product

Correct Answer: using gray marketers whenever possible to save the consumer money ✔

Option A: deciding whether to go international

Option B: looking at the global marketing environment

Option C: deciding which markets to enter

Option D: deciding how to enter markets

Correct Answer: looking at the global marketing environment ✔

Option A: The promotion mix

Option B: Integrated international affairs

Option C: Integrated marketing communications

Option D: Integrated demand characteristics

Correct Answer: Integrated marketing communications ✔

Option A: need recognition

Option B: brand identification

Option C: information search

Option D: purchase decision

Correct Answer: brand identification ✔

Option A: Duobranding

Option B: Line extension

Option C: Brand extension

Option D: Multibranding

Correct Answer: Brand extension ✔

Option A: the affordable method

Option B: the LIFO method

Option C: the percentage of sales method

Option D: the objective and task method

Correct Answer: the LIFO method ✔

Option A: micro marketing

Option B: niche marketing

Option C: mass marketing

Option D: segment marketing

Correct Answer: niche marketing ✔

Option A: horizontal conflicts

Option B: vertical conflicts

Option C: layer-based conflicts

Option D: parallel conflicts

Correct Answer: vertical conflicts ✔

Option A: Product idea

Option B: Product image

Option C: Product concept

Option D: Product features

Correct Answer: Product concept ✔

Option A: Concept development and testing

Option B: Marketing strategy

Option C: Business analysis

Option D: Product development

Correct Answer: Product development ✔

Option A: market oriented

Option B: a statement of religion

Option C: motivating

Option D: based on distinctive competencies

Correct Answer: a statement of religion ✔

Option A: Prospecting

Option B: Preapproach

Option C: Approach

Option D: Handling objections

Correct Answer: Preapproach ✔

Option A: IBM

Option B: Xerox

Option C: Kodak

Option D: Universal Studios

Correct Answer: Universal Studios ✔

Option A: modified rebuy

Option B: new task buying

Option C: straight rebuy

Option D: indirect rebuy

Correct Answer: modified rebuy ✔

Option A: Core Process products selling

Option B: Design Products selling

Option C: Reciprocal spelling

Option D: Systems selling

Correct Answer: Systems selling ✔

Option A: shopping goods store

Option B: convenience store

Option C: specialty store

Option D: department store

Correct Answer: specialty store ✔

Option A: custom products

Option B: specialty products

Option C: convenience products

Option D: shopping products

Correct Answer: specialty products ✔

Option A: Environmentalism

Option B: Environmental sustainability

Option C: Consumerism

Option D: Consumer accountability

Correct Answer: Environmental sustainability ✔

Option A: quota

Option B: barrier

Option C: tariff

Option D: embargo

Correct Answer: quota ✔

Option A: interstate commerce

Option B: marketing ethics

Option C: unfair and deceptive acts or practices

Option D: competitive advertising of objective product benefits

Correct Answer: unfair and deceptive acts or practices ✔

Option A: Crucial

Option B: Core

Option C: Primary

Option D: Secondary

Correct Answer: Secondary ✔

Option A: Assumes title and ships coal, lumber or heavy equipment to a buyer

Option B: Stocks the bread rack in a grocery store

Option C: Maintains, owns and stocks a CD display in a grocery store

Option D: Sells jewelry out of a catalog

Correct Answer: Assumes title and ships coal, lumber or heavy equipment to a buyer ✔

Option A: Optional-product pricing

Option B: Captive-product pricing

Option C: Product line pricing

Option D: By-product pricing

Correct Answer: Product line pricing ✔

Option A: Affordable method

Option B: Percentage of Sales method

Option C: Competitive parity method

Option D: Objective and task method

Correct Answer: Percentage of Sales method ✔

Option A: barter

Option B: buy-back

Option C: counterpurchase

Option D: like-value-exchange

Correct Answer: buy-back ✔

Option A: cause-related marketing

Option B: idea marketing

Option C: nonprofit marketing

Option D: person marketing

Correct Answer: person marketing ✔

Option A: Geographic

Option B: Demographic

Option C: Psychographic

Option D: Behavioral

Correct Answer: Demographic ✔

Option A: actionable

Option B: substantial

Option C: differentiable

Option D: measurable

Correct Answer: measurable ✔

Option A: Mass marketing

Option B: Market segmentation

Option C: Market targeting

Option D: Market positioning

Correct Answer: Market targeting ✔

Option A: genre

Option B: style

Option C: fashion

Option D: fad

Correct Answer: style ✔

Option A: Product differentiation

Option B: Market segmentation

Option C: Market targeting

Option D: Market positioning

Correct Answer: Market segmentation ✔

Option A: Internet commerce

Option B: Web commerce

Option C: Computer commerce

Option D: Electronic commerce

Correct Answer: Electronic commerce ✔

Option A: marketing strategy

Option B: marketing control

Option C: marketing analysis

Option D: marketing implementation

Correct Answer: marketing implementation ✔

Option A: canned approach

Option B: formula appraoch

Option C: need-satisfaction approach

Option D: critical-thinking approach

Correct Answer: need-satisfaction approach ✔

Option A: Bill Gates

Option B: Robert Louis Stevenson

Option C: Arthur Miller

Option D: Henry Ford

Correct Answer: Robert Louis Stevenson ✔

Option A: line extension

Option B: brand extension

Option C: multibranding

Option D: new brands

Correct Answer: line extension ✔

Option A: Optional-product pricing

Option B: Captive-product pricing

Option C: By-product pricing

Option D: Product line pricing

Correct Answer: Product line pricing ✔

Option A: width

Option B: depth

Option C: length

Option D: consistency

Correct Answer: length ✔

Option A: self-service retailing

Option B: limited-service retailing

Option C: full-service retailing

Option D: service merchandiser

Correct Answer: self-service retailing ✔

Option A: Deceptive promotion

Option B: Deceptive packaging

Option C: Deceptive pricing

Option D: Deceptive cost structure

Correct Answer: Deceptive promotion ✔

Option A: direct exporting

Option B: indirect exporting

Option C: licensing

Option D: contract manufacturing

Correct Answer: direct exporting ✔

Option A: achievement ans success

Option B: activity and involvement

Option C: material comfort

Option D: collectivism

Correct Answer: collectivism ✔

Option A: the Commerce Department

Option B: the Massachusetts institutes of Technology (MIT)

Option C: Northwestern University

Option D: the Defense Department

Correct Answer: the Defense Department ✔

Option A: Modeling

Option B: Motivation

Option C: Perception

Option D: Learning

Correct Answer: Learning ✔

Option A: social class

Option B: occupation

Option C: lifestyle

Option D: personality

Correct Answer: occupation ✔

Option A: Key-size approach

Option B: work-load appraoch

Option C: product-need appraoch

Option D: call-service appraoch

Correct Answer: work-load appraoch ✔

Option A: Prospecting

Option B: Preapproach

Option C: Approach

Option D: Handling objections

Correct Answer: Preapproach ✔

Option A: Exporting

Option B: Joint venturing

Option C: Licensing

Option D: Direct investment

Correct Answer: Direct investment ✔

Option A: Need recognition

Option B: Information search

Option C: Evaluation of alternative

Option D: Postpurchase behaviour

Correct Answer: Postpurchase behaviour ✔

Option A: Marketing intelligence

Option B: Marketing research

Option C: Customer profiles

Option D: Internal databases

Correct Answer: Internal databases ✔

Option A: public goods should be produced up to the point where the additional benefit received by society equals the additional cost of producing the good

Option B: under certain conditions, private parties can arrive at the efficient solution without government involvement

Option C: the private sector will fail to produce the efficient amount of a public good because of the free-rider problem.

Option D: if there are external costs in production the government must intervene in the market to assure that the efficient level of output is produced

Correct Answer: under certain conditions, private parties can arrive at the efficient solution without government involvement ✔

Option A: variable cost of producing the good

Option B: average cost of producing the good

Option C: marginal cost of producing the good

Option D: total cost of producing the good

Correct Answer: marginal cost of producing the good ✔

Option A: Pareto goods

Option B: public goods

Option C: private goods

Option D: free goods

Correct Answer: public goods ✔

Option A: When firms are not profit maximisers

Option B: When firms have some control over price and competition

Option C: When the consumption of the good involves an external benefit

Option D: Whenever firms are losing money.

Correct Answer: When firms are not profit maximisers ✔

Option A: efficiency analysis

Option B: partial equilibrium analysis

Option C: general equilibrium analysis

Option D: equity analysis

Correct Answer: general equilibrium analysis ✔

Option A: decision makers do not take them into account

Option B: all firms are perfectly competitive

Option C: the externalities are negative

Option D: all firms are monopolistic

Correct Answer: decision makers do not take them into account ✔

Option A: Marginal benefit equals marginal damage cost

Option B: marginal benefits equals marginal social cost

Option C: marginal benefit equals marginal private cost

Option D: marginal social cost equals marginal external cost

Correct Answer: marginal benefit equals marginal private cost ✔

Option A: technically efficient.

Option B: inefficient.

Option C: potentially efficient

Option D: unequivocally Pareto optimal

Correct Answer: potentially efficient ✔

Option A: elected officials will act selflessly for the good of society and ignore their own self interest

Option B: the managers of government agencies are trying to maximize the profit of their agency and they ignore the implications that this has on other departments

Option C: the optimal level of public goods may be too expensive for the society to produce

Option D: the measurement of social damages and benefits is difficult and imprecise

Correct Answer: the measurement of social damages and benefits is difficult and imprecise ✔

A. The coase theorem
B. Arrow’s impossibility theorem
C. the drop -in-the bucket problem.
the free rider problem

Correct Answer: The coase theorem ✔

Option A: non-rivalry

Option B: the free-rider problem

Option C: the Coase theorem

Option D: the fallacy of composition

Correct Answer: the free-rider problem ✔

Option A: limitless in utility

Option B: non-rival in consumption

Option C: congestible in consumption

Option D: non-excludable

Correct Answer: non-rival in consumption ✔

Option A: a beautifully landscaped lawn.

Option B: preservation of wetlands

Option C: a public utility.

Option D: a book

Correct Answer: preservation of wetlands ✔

Option A: non-rival in consumption and their benefits are nonexcludable:

Option B: rival in consumption and their benefits are excludable

Option C: rival in consumption and their benefits are non-excludable

Option D: non-rival in consumption and their benefits excludable

Correct Answer: rival in consumption and their benefits are excludable ✔

Option A: households do not have perfect information

Option B: firms are not price takers in input markets

Option C: firms are not price takers in the output market

Option D: all of the above

Correct Answer: all of the above ✔