Business test

An example of a noneconomic want would be the desire for

A friend

Changing a good's form involves which of the following:

Adding a new feature to the good

How would a business's computers be classified?

As equipment

Which of the following statements about economic resources is true:

As natural and human resources become limited, capital goods become limited.

With place utility, when do businesses move the product to the right place?

At every point in the process

Jake wanted to run his own business but was unsure that he had adequate business skills to be successful. Which type of business would give Jake the help he needs?

Business-format franchise

In possession utility, a consumer finds a product helpful after doing what?

Buying the product

What type of corporation sells millions of shares and must furnish complete information about its earnings, assets, and debts?

C

When a stove is used in a restaurant kitchen it is a

Capital good

Automation involves replacing human resources with

Capital goods

Which of the following economic resources helps people be more productive:

Capital goods

Which of the following is an example of an economic want:

Clothing

Burger King and McDonald's are examples of

Direct competitors

Rather than being required to start his workday at 8am and end at 4pm, Tyler is allowed to start and end whenever he wants as long as he works 40 hours a week, this is...

Flextime

Wendy's sells the right to operate its restaurants to individuals, what is this arrangement called?

Franchising

If all of the individuals who own a business share unlimited liability for the business's losses, these individuals are part of a

General partnership

Which of the following are qualities of monopolies:

High prices and low production

Producers respond to consumers' positive economic votes by

Increasing production

If a consumer chooses to go to the movies rather than to a pizza parlor, then the movie theater and the pizza parlor are

Indirect competitors

Resources that enable businesses to operate are also known as

Inputs

Weather conditions can most directly affect the supply of

Natural resources

Which of the following statements regarding economic resources is true:

Natural resources, Human Resources, and capital goods are often referred to as factors of production

One way that competition benefits business is by encouraging the creation of

New companies

The American Red Cross is what type of corporation?

Nonprofit

When Maura purchased a new car, she was able to get part of the purchase price back from the car's manufacturer. The car's manufacturer engaged in

Offering rebates

For a consumer to be satisfied, the four types of utility must be

Present

An electronics store charges less for a new television than other electronics stores. The store is engaging in what competition?

Price

A business that advertises a special sale as well as its delivery service is using a combination of what competitions?

Price and nonprice

to discover a product's level of utility, businesses measure the consumer's

Satisfaction

"To form my business, I used all of my savings and borrowed from the bank, and I'm personally liable for all of the debts." Example of?

Sole proprietorship

Susan is willing to pay a high price for the brand of china that she wants for her home. This china would be classified as a(n) __________ product.

Specialty

When producers use the best combination of resources, consumers are more likely to get goods and service that

They want

Kara orders a dress for her school dance on Saturday. If the dress doesn't arrive until the next Monday, it has no ________ utility.

Time

Which of the following is an industrial good:

Tires for a tow truck

Why do marketers classify goods and services?

To aid in marketing planning

What determines whether an economic product is an industrial product or a consumer product?

Who buys and uses the product

Which of the following is a direct benefit to consumers of the effects of competition:

Wider product selection

It's important for businesses to provide products when

Customers need them

Over the next few years, members of Generation X and Generation Y are expected to fill many job positions vacated by retiring Baby Boomers. This is an example of a change in

workforce demographics

What do business owners consider when they select a business ownership structure?

Personal circumstances, financial needs, and type of business

Jane is the owner of a pizza shop associated with a national chain of pizza restaurants. She established her business in a regional supermarket. The pizza shop is referred to as a

Piggyback franchise

When Jacquline doesn't feel like going to the store to buy her textbooks, she orders them online. Which type of utility does this illustrate?

Place

Which of the following situations involves finding an alternative resource to use in place of a nonrenewable natural resource:

Powering a motor vehicle with biodiesel instead of gasoline

What type of corporation may be owned by just a few people and does NOT offer its shares for sale to the general public?

Private

Illegally run organizations that emphasize the collection of high fees from potential product distributors are often referred to as

Pyramid schemes

A product that provides utility for one business may provide none for another business because utility is completely

Relative

A type of state-chartered corporation that was developed to help small businesses by taxing them as individuals in a partnership is what type of corporation?

S

Task utility is about making changes to the characteristics of a

Service

Which of the following pieces of legislation prevents monopolies from forming and hinders price fixing:

Sherman Antitrust Act

Which of the following is one of the main principles of the private enterprise system:

competition

If a customer can't afford a product, a business should

do whatever it takes to help the customer afford it.

The state of technology that exists in a society can limit

natural resources and capital goods

To provide utility, a product must

provide satisfaction

"Economic votes" are cast by consumers each time they

to make a purchase

If a good or service is scarce, consumers will usually be

willing to pay money to get it

Most businesses put their greatest competitive efforts into competing

with direct competitors

Bread for a family would best be classified as a(n) __________ product.

Convenience

The Scott company decided to sell stock to raise capital. Under what form of business organization does the company operate?

Corporation

One way that competition helps to build a prosperous society is by

Creating new jobs

The marketing concept is all about the

Customer

Offering high wages, employee-assistance programs, and benefits are responses to limited

Human Resources

Which of the following occurs when the supply of individuals who are able and willing to work diminishes:

Human Resources become limited

Which of the following is a characteristic of a product trade-name franchise:

The franchisee can choose the name of the business.

What motivates businesses to produce efficiently and sell effectively?

The hope of making a profit

One of the characteristics of the form of business ownership known as an LLC is that

The owners' personal property cannot be taken to pay the business's debts

Sugar and flour that are purchased to make baked goods are classified as

Materials

One reason a physicians' practice might form a partnership as an LLP is to

protect innocent partners from the malpractice of another partner

Because of competition peopl

A higher standard of living than that of people in many other countries

In many places, trash pickup is legally controlled by just one company. This is known as

A regulated monopoly

Each day, a restaurant sends its used linens to a laundry to be cleaned and pressed. In economic terms, the laundry service would be classified as a(n) __________ service.

Industrial

Which of the following situations involves finding another source of a limited natural resource:

Searching for oil on the ocean floor

The Internet creates/enhances form utility by

providing television streaming as an alternative to cable.

What role does utility play in the implementation of the marketing concept?

A satisfaction gauge

A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.

Consumer

A fixed value in a mathematical formula and the speed of light in science are examples of

Constants

A salesclerk working part-time at a clothing store is an example of a(n)

Human resource

One of the ways that competition benefits customers is by encouraging businesses to

Improve their existing products

An economic good or service that is scarce is one that is

In limited supply

Which of the following statements about perfect competition is true?

It is used as a benchmark to compare real market structures against

Which of the following statements is true regarding joint ventures:

Joint venture arrangements are usually short-term relationships

Marcus wants to buy a laptop, but he can't afford one right away. So, an electronics store holds it for him until he's able to pay the outstanding balance. This payment process is known as

Layaway

ABC Specialty Wear is the only company that has written permission to use a national football team's logo on its sportswear. This is an example of a

Licensing agreement

Lois is going to provide financial support for Lora and her florist shop, which type of partnership should they do?

Limited

When there is not enough of a resource available for everyone to have as much of it as desired the resource is

Limited

Olivia runs a home-based business that distributes high quality, handmade baskets. She sells the products and earns commissions on the baskets sold by four other basket representatives. This is an example of

Multi-level marketing

Using a stream to supply water for crops is an example of using

Natural resources

The automobile industry, the pharmaceutical industry, and the oil industry are all examples of

Oligopolies

John, Robert, and Charles were college friends who wanted to start a business. John has creative ability, Robert's good at selling, and Charles is good at management. However each has limited capital, they should make a?

Partnership

A car manufacturer receives a shipment of bolts that are going to be used in the production of automobiles. Why type of industrial product are the bolts?

Parts

George has decided to purchase a dishwasher. He is checking the newspaper ads for the best place to get quality goods and services at a reasonable price. What type of product is the dishwasher?

Shopping

Marketers are in charge of

Studying and analyzing customer satisfaction

Cash-register tapes and shipping forms used by a business would be classified as industrial

Supplies

A characteristic of human wants is that they are

Unlimited

Which of the following is a characteristic of economic services:

Useful

Which of the following economic resources is responsible for combining the other resources to produce goods and services:

human resources

What type of market structure is most commonly found in a private enterprise economy?

monopolistic competition

Offering high quality, large assortments, and free shipping are examples of

nonprice competition

individual customers view products through

personal lenses

Where a product is available for purchase is referred to as

place utility