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