Question 1

The best-known self-regulatory group is the ________, which is a voluntary alliance of companies whose goal is to help maintain fair practices.

Accepted Answer

A)  U.S. Department of Justice 
B)  National Chamber of Commerce 
C)  Better Business Bureau 
D)  Federal Trade Commission 
E)  National Federation of Independent Business 
A)  U.S. Department of Justice 
B)  National Chamber of Commerce 
C)  Better Business Bureau 
D)  Federal Trade Commission 
E)  National Federation of Independent Business

Question 2

Which of the following would be considered a barrier to entry, one of the factors that impacts competition?

Accepted Answer

A)  personnel shortages 
B)  distribution access 
C)  field of experience 
D)  inventory deficits 
E)  prior enterprise failures 
A)  personnel shortages 
B)  distribution access 
C)  field of experience 
D)  inventory deficits 
E)  prior enterprise failures

Question 3

What is the purpose of the Robinson-Patman Act?

Accepted Answer

A)  outlaw price discrimination for purchasers of the same product 
B)  establish regulated monopolies for utilities 
C)  protect inventors from having their intellectual property stolen 
D)  repeal the Sherman Antitrust Act 
E)  provide incentives for interstate commerce 
A)  outlaw price discrimination for purchasers of the same product 
B)  establish regulated monopolies for utilities 
C)  protect inventors from having their intellectual property stolen 
D)  repeal the Sherman Antitrust Act 
E)  provide incentives for interstate commerce

Question 4

The most recent economic recession occurred when?

Accepted Answer

A)  1981-1982 
B)  1989-1990 
C)  1998-1999 
D)  2007-2009 
E)  2010-2013 
A)  1981-1982 
B)  1989-1990 
C)  1998-1999 
D)  2007-2009 
E)  2010-2013

Question 5

Even if she pays high taxes and has high expenses for necessities, if a consumer's ________ is still high after those, she may be able to take advantage of the luxurious vacation travel opportunities like staying at the Ritz-Carlton in New York City's Central Park.

Accepted Answer

A)  savings rate 
B)  gross income 
C)  taxes 
D)  discretionary income 
E)  disposable income 
A)  savings rate 
B)  gross income 
C)  taxes 
D)  discretionary income 
E)  disposable income

Question 6

During the holiday shopping season, many online retailers offer buyers price reductions, two-for-one deals, or free delivery. This is because these retailers operate in a(n) ________ environment.

Accepted Answer

A)  pure competition 
B)  oligopoly 
C)  monopolistic competition 
D)  monopoly 
E)  marginal competition 
A)  pure competition 
B)  oligopoly 
C)  monopolistic competition 
D)  monopoly 
E)  marginal competition

Question 7

Changes in ________ have a psychological impact on consumers, who tend to spend more when they feel their net worth is rising and postpone purchases when it declines.

Accepted Answer

A)  automobile prices 
B)  fuel prices 
C)  the number of people competing for jobs 
D)  consumer confidence 
E)  home values 
A)  automobile prices 
B)  fuel prices 
C)  the number of people competing for jobs 
D)  consumer confidence 
E)  home values

Question 8

An information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunications technologies and digital offerings is referred to as

Accepted Answer

A)  Internet marketing. 
B)  marketspace. 
C)  electronic commerce. 
D)  marketplace. 
E)  e-exchange. 
A)  Internet marketing. 
B)  marketspace. 
C)  electronic commerce. 
D)  marketplace. 
E)  e-exchange.

Question 9

The generation of children born between 1946 and 1964 is referred to as

Accepted Answer

A)  the gray generation. 
B)  millennials. 
C)  Generation Y. 
D)  baby boomers. 
E)  Generation X. 
A)  the gray generation. 
B)  millennials. 
C)  Generation Y. 
D)  baby boomers. 
E)  Generation X.

Question 10

Which of the following states experienced a decline in population as reported in the most recent Census Bureau estimate?

Accepted Answer

A)  Utah 
B)  Florida 
C)  Nevada 
D)  Idaho 
E)  Illinois 
A)  Utah 
B)  Florida 
C)  Nevada 
D)  Idaho 
E)  Illinois

Question 11

The Internet of Things (IoT) refers to

Accepted Answer

A)  technological breakthroughs that allow major innovation to occur. 
B)  the network of products with connectivity-enabled electronics. 
C)  an explosion in interest in advanced analytics. 
D)  technological specifications that identify access to networks. 
E)  the belief in technology as a driver of success in the marketplace. 
A)  technological breakthroughs that allow major innovation to occur. 
B)  the network of products with connectivity-enabled electronics. 
C)  an explosion in interest in advanced analytics. 
D)  technological specifications that identify access to networks. 
E)  the belief in technology as a driver of success in the marketplace.

Question 12

The Department of Labor monitors consumer spending through its annual

Accepted Answer

A)  Consumer Price Index. 
B)  Consumer Confidence Index. 
C)  Consumer Expenditure Survey. 
D)  Index of Consumer Sentiment. 
E)  National Consumer Spending Assessment. 
A)  Consumer Price Index. 
B)  Consumer Confidence Index. 
C)  Consumer Expenditure Survey. 
D)  Index of Consumer Sentiment. 
E)  National Consumer Spending Assessment.

Question 13

All of the following are commonly held values in the United States except which?

Accepted Answer

A)  equality 
B)  action 
C)  self-help 
D)  tradition 
E)  personal control 
A)  equality 
B)  action 
C)  self-help 
D)  tradition 
E)  personal control

Question 14

The set of values, ideas, and attitudes that are learned and shared among the members of a group is referred to as

Accepted Answer

A)  customs. 
B)  morals. 
C)  norms. 
D)  culture. 
E)  ethics. 
A)  customs. 
B)  morals. 
C)  norms. 
D)  culture. 
E)  ethics.

Question 15

Which of the following can be required by the Federal Trade Commission (FTC) when a company has issued misleading ads?

Accepted Answer

A)  corrective advertising 
B)  a bankruptcy filing 
C)  an advertising injunction 
D)  a truth in advertising order 
E)  comparative advertising 
A)  corrective advertising 
B)  a bankruptcy filing 
C)  an advertising injunction 
D)  a truth in advertising order 
E)  comparative advertising

Question 16

In business, the four basic forms of competition are

Accepted Answer

A)  pure competition, limited competition, oligopoly, and monopoly. 
B)  dictatorship, monarchy, oligarchy, and democracy. 
C)  pure competition, cross-market competition, oligopoly, and pure monopoly. 
D)  technological competition, market competition, governmental competition, and environmental competition. 
E)  pure competition, monopolistic competition, oligopoly, and pure monopoly. 
A)  pure competition, limited competition, oligopoly, and monopoly. 
B)  dictatorship, monarchy, oligarchy, and democracy. 
C)  pure competition, cross-market competition, oligopoly, and pure monopoly. 
D)  technological competition, market competition, governmental competition, and environmental competition. 
E)  pure competition, monopolistic competition, oligopoly, and pure monopoly.

Question 17

AT&T, Verizon, Sprint, and T-Mobile serve more than 95 percent of the subscribers in the U.S. wireless mobile phone market. Which form of competition characterizes this market?

Accepted Answer

A)  pure competition 
B)  limited competition 
C)  a monopoly 
D)  an oligopoly 
E)  monopolistic competition 
A)  pure competition 
B)  limited competition 
C)  a monopoly 
D)  an oligopoly 
E)  monopolistic competition

Question 18

A family formed by merging two previously separated units into a single household is referred to as a

Accepted Answer

A)  cohort. 
B)  blended family. 
C)  merged household. 
D)  reconstituted family. 
E)  multigenerational household. 
A)  cohort. 
B)  blended family. 
C)  merged household. 
D)  reconstituted family. 
E)  multigenerational household.

Question 19

The ________ can require a company to spend money on corrective advertising to rectify previous misleading ads.

Accepted Answer

A)  Food and Drug Administration 
B)  U.S. Department of Justice 
C)  Federal Trade Commission 
D)  Better Business Bureau 
E)  American Marketing Association 
A)  Food and Drug Administration 
B)  U.S. Department of Justice 
C)  Federal Trade Commission 
D)  Better Business Bureau 
E)  American Marketing Association

Question 20

Members of Generation Z are most likely to influence which of these?

Accepted Answer

A)  furniture design 
B)  health care and insurance 
C)  retirement plans 
D)  e-textbooks 
E)  automobile design 
A)  furniture design 
B)  health care and insurance 
C)  retirement plans 
D)  e-textbooks 
E)  automobile design

Exam 3: Scanning the Marketing Environment

The best-known self-regulatory group is the ________, which is a voluntary alliance of companies whose goal is to help maintain fair practices.

Which of the following would be considered a barrier to entry, one of the factors that impacts competition?

What is the purpose of the Robinson-Patman Act?

The most recent economic recession occurred when?

Even if she pays high taxes and has high expenses for necessities, if a consumer's ________ is still high after those, she may be able to take advantage of the luxurious vacation travel opportunities like staying at the Ritz-Carlton in New York City's Central Park.

During the holiday shopping season, many online retailers offer buyers price reductions, two-for-one deals, or free delivery. This is because these retailers operate in a(n) ________ environment.

Changes in ________ have a psychological impact on consumers, who tend to spend more when they feel their net worth is rising and postpone purchases when it declines.

An information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunications technologies and digital offerings is referred to as

The generation of children born between 1946 and 1964 is referred to as

Which of the following states experienced a decline in population as reported in the most recent Census Bureau estimate?

The Internet of Things (IoT) refers to

The Department of Labor monitors consumer spending through its annual

All of the following are commonly held values in the United States except which?

The set of values, ideas, and attitudes that are learned and shared among the members of a group is referred to as

Which of the following can be required by the Federal Trade Commission (FTC) when a company has issued misleading ads?

In business, the four basic forms of competition are

AT&T, Verizon, Sprint, and T-Mobile serve more than 95 percent of the subscribers in the U.S. wireless mobile phone market. Which form of competition characterizes this market?

A family formed by merging two previously separated units into a single household is referred to as a

The ________ can require a company to spend money on corrective advertising to rectify previous misleading ads.

Members of Generation Z are most likely to influence which of these?

Creating Customer Relationships and Value Through Marketing

Developing Successful Organizational and Marketing Strategies

Ethical and Social Responsibility for Sustainable Marketing

Understanding Consumer Behavior

Understanding Organizations As Customers

Understanding and Reaching Global Consumers and Markets

Marketing Research: From Customer Insights to Actions

Market Segmentation, Targeting, and Positioning

Developing New Products and Services

Managing Successful Products, Services, and Brands

Services Marketing

Building the Price Foundation

Arriving at the Final Price

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Using Social Media and Mobile Marketing to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multi-Channel Marketing

Pulling It All Together: the Strategic Marketing Proces

Building an Effective Marketing Plan

Financial Aspects of Marketing

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