Question 1

The economy is defined as

Accepted Answer

A) the independent financial factors that are not affected by changes in government spending. 
B) the purchase of the highest quality product for the lowest possible price. 
C) the production,distribution,and consumption of products,services,and ideas by households. 
D) the income,expenditures,and resources that affect the cost of running a business and household. 
E) the forces within a manufacturer's control that affect the demand and supply of its offerings. 
A) the independent financial factors that are not affected by changes in government spending. 
B) the purchase of the highest quality product for the lowest possible price. 
C) the production,distribution,and consumption of products,services,and ideas by households. 
D) the income,expenditures,and resources that affect the cost of running a business and household. 
E) the forces within a manufacturer's control that affect the demand and supply of its offerings.

Question 2

Agribusinesses that sell commodity products such as wheat,rice,and corn are often in a(n)________ position with their competitors.

Accepted Answer

A) limited competition 
B) pure competition 
C) oligopolistic competition 
D) monopolistic competition 
E) monopolistic 
A) limited competition 
B) pure competition 
C) oligopolistic competition 
D) monopolistic competition 
E) monopolistic

Question 3

Business practices or conditions that make it difficult for new firms to enter the market are referred to as

Accepted Answer

A) market obstructions. 
B) barriers to entry. 
C) switching costs. 
D) import-export firewalls. 
E) preemptive practices. 
A) market obstructions. 
B) barriers to entry. 
C) switching costs. 
D) import-export firewalls. 
E) preemptive practices.

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

According to the text,________ recently introduced a "connected" refrigerator that can track food expiration dates and respond to voice commands.

Accepted Answer

A) Google 
B) Samsung 
C) LG 
D) Jenn Air 
E) KitchenAid 
A) Google 
B) Samsung 
C) LG 
D) Jenn Air 
E) KitchenAid

Question 6

Studies of the ________ characteristics of the U.S.population suggest that it is becoming larger,older,and more diverse.

Accepted Answer

A) cultural 
B) psychographic 
C) geographic 
D) demographic 
E) economic 
A) cultural 
B) psychographic 
C) geographic 
D) demographic 
E) economic

Question 7

The social forces in the environment include the ________ of the population and its culture.

Accepted Answer

A) living standards 
B) social classes 
C) cohorts 
D) ethics 
E) demographic characteristics 
A) living standards 
B) social classes 
C) cohorts 
D) ethics 
E) demographic characteristics

Question 8

Explain the difference(s)between the Sherman Antitrust Act,the Clayton Act,and the Robinson-Patman Act,all of which were enacted to protect competition.

Accepted Answer

The Sherman Antitrust Act (1890)was the

Question 9

Discretionary income refers to

Accepted Answer

A) the money deducted from a person's paycheck to pay for federal,state,and local taxes. 
B) the total amount of money made by a single individual during his or her lifetime. 
C) the money a consumer has left after paying taxes to use for necessities such as food,shelter,clothing,and transportation. 
D) the money that is spent for necessities or charitable causes that is exempt from taxation. 
E) the money that remains after paying for taxes and necessities. 
A) the money deducted from a person's paycheck to pay for federal,state,and local taxes. 
B) the total amount of money made by a single individual during his or her lifetime. 
C) the money a consumer has left after paying taxes to use for necessities such as food,shelter,clothing,and transportation. 
D) the money that is spent for necessities or charitable causes that is exempt from taxation. 
E) the money that remains after paying for taxes and necessities.

Question 10

Which of the following would be identified as a social force in an environmental scan?

Accepted Answer

A) a new consumer protection law 
B) an increase in Asian immigration 
C) an advanced technology is perfected 
D) a decrease in consumer incomes 
E) a new international firm exporting to the United States 
A) a new consumer protection law 
B) an increase in Asian immigration 
C) an advanced technology is perfected 
D) a decrease in consumer incomes 
E) a new international firm exporting to the United States

Question 11

The ________ provides for registration of a company's trademark,such as the Nike swoosh.

Accepted Answer

A) Lanham Act 
B) Patent Act 
C) Clayton Act 
D) Sherman Antitrust Act 
E) Miller-Tydings Act 
A) Lanham Act 
B) Patent Act 
C) Clayton Act 
D) Sherman Antitrust Act 
E) Miller-Tydings Act

Question 12

The change in the growth of the world's population is called the

Accepted Answer

A) population contraction. 
B) population inversion. 
C) population migration. 
D) population explosion. 
E) population eruption. 
A) population contraction. 
B) population inversion. 
C) population migration. 
D) population explosion. 
E) population eruption.

Question 13

Over the past 30 years in the United States,the attitudes of men and women have changed.One factor has been the

Accepted Answer

A) way women were portrayed in the movies and on television. 
B) Internet,which made gender,race,and ethnicity invisible in the marketplace. 
C) decreased participation of women in the workforce that has made employers less open-minded. 
D) failure of political activists to advocate the power of women. 
E) economic shift that resulted in the courting of women to increase the overall gross domestic product of the United States. 
A) way women were portrayed in the movies and on television. 
B) Internet,which made gender,race,and ethnicity invisible in the marketplace. 
C) decreased participation of women in the workforce that has made employers less open-minded. 
D) failure of political activists to advocate the power of women. 
E) economic shift that resulted in the courting of women to increase the overall gross domestic product of the United States.

Question 14

All of the following are economic indicators except which?

Accepted Answer

A) inflation 
B) barriers to entry 
C) unemployment 
D) GDP 
E) deflation 
A) inflation 
B) barriers to entry 
C) unemployment 
D) GDP 
E) deflation

Question 15

The purpose of the Clayton Act is to

Accepted Answer

A) provide incentives for interstate commerce. 
B) forbid actions that are likely to lessen competition,although no actual harm has yet occurred. 
C) exact compensation from firms found guilty of violating fair trade practices. 
D) repeal provisions of the Sherman Antitrust Act that stifled innovation. 
E) strengthen the Robinson-Patman Act. 
A) provide incentives for interstate commerce. 
B) forbid actions that are likely to lessen competition,although no actual harm has yet occurred. 
C) exact compensation from firms found guilty of violating fair trade practices. 
D) repeal provisions of the Sherman Antitrust Act that stifled innovation. 
E) strengthen the Robinson-Patman Act.

Question 16

Consumerism refers to

Accepted Answer

A) a movement of conspicuous consumption that began when World War II ended. 
B) conducting business in a way that protects the natural environment while making economic progress. 
C) a collaborative effort between buyers and sellers to create an exchange where each benefit. 
D) the recognition of the need for organizations to improve the state of people,the planet,and profit simultaneously if they are to achieve sustainable,long-term growth. 
E) the grassroots movement started in the 1960s to increase the influence,power,and rights of consumers in dealing with institutions. 
A) a movement of conspicuous consumption that began when World War II ended. 
B) conducting business in a way that protects the natural environment while making economic progress. 
C) a collaborative effort between buyers and sellers to create an exchange where each benefit. 
D) the recognition of the need for organizations to improve the state of people,the planet,and profit simultaneously if they are to achieve sustainable,long-term growth. 
E) the grassroots movement started in the 1960s to increase the influence,power,and rights of consumers in dealing with institutions.

Question 17

The Lanham Act

Accepted Answer

A) prevents someone from using a trademark on a noncompeting product. 
B) protects the consumer from product defects. 
C) provides for registration of a company's trademarks. 
D) allows a company to secure rights to a name before its actual use. 
E) facilitates the protection of U.S.trademark rights throughout the world. 
A) prevents someone from using a trademark on a noncompeting product. 
B) protects the consumer from product defects. 
C) provides for registration of a company's trademarks. 
D) allows a company to secure rights to a name before its actual use. 
E) facilitates the protection of U.S.trademark rights throughout the world.

Question 18

Baby boomers can be defined as the generation born

Accepted Answer

A) between 1918 and 1945. 
B) between 1946 and 1964. 
C) between 1965 and 1976. 
D) between 1977 and 1994. 
E) since 1995. 
A) between 1918 and 1945. 
B) between 1946 and 1964. 
C) between 1965 and 1976. 
D) between 1977 and 1994. 
E) since 1995.

Question 19

Though online ________ may provide consumers with more targeted digital advertising,some are concerned about privacy issues.

Accepted Answer

A) espionage 
B) confidentiality 
C) tracking 
D) clickbotting 
E) spamming 
A) espionage 
B) confidentiality 
C) tracking 
D) clickbotting 
E) spamming

Question 20

The first major federal legislation passed to forbid actual monopolies or attempts to monopolize any part of trade or commerce in the United States was the

Accepted Answer

A) Lanham Act. 
B) Federal Trade Commission Act. 
C) Robinson-Patman Act. 
D) Sherman Antitrust Act. 
E) Clayton Act. 
A) Lanham Act. 
B) Federal Trade Commission Act. 
C) Robinson-Patman Act. 
D) Sherman Antitrust Act. 
E) Clayton Act.

Exam 3: Scanning the Marketing Environment

The economy is defined as

Agribusinesses that sell commodity products such as wheat,rice,and corn are often in a(n)________ position with their competitors.

Business practices or conditions that make it difficult for new firms to enter the market are referred to as

The most recent economic recession occurred when?

According to the text,________ recently introduced a "connected" refrigerator that can track food expiration dates and respond to voice commands.

Studies of the ________ characteristics of the U.S.population suggest that it is becoming larger,older,and more diverse.

The social forces in the environment include the ________ of the population and its culture.

Explain the difference(s)between the Sherman Antitrust Act,the Clayton Act,and the Robinson-Patman Act,all of which were enacted to protect competition.

Discretionary income refers to

Which of the following would be identified as a social force in an environmental scan?

The ________ provides for registration of a company's trademark,such as the Nike swoosh.

The change in the growth of the world's population is called the

Over the past 30 years in the United States,the attitudes of men and women have changed.One factor has been the

All of the following are economic indicators except which?

The purpose of the Clayton Act is to

Consumerism refers to

The Lanham Act

Baby boomers can be defined as the generation born

Though online ________ may provide consumers with more targeted digital advertising,some are concerned about privacy issues.

The first major federal legislation passed to forbid actual monopolies or attempts to monopolize any part of trade or commerce in the United States was the

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 Multichannel Marketing

Pulling It All Together: the Strategic Marketing Process

Writing Successful Marketing and Business Plans: Tips and Guidelines

Financial Statements and Ratios

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