Question 1

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 failuresF) A) and E)
G) B) and D)

Question 2

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 valuesF) A) and B)
G) C) and D)

Question 3

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 AssociationF) A) and C)
G) A) and D)

Question 4

The most recent economic recession occurred when?

Accepted Answer

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

Question 5

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 advertisingF) C) and D)
G) C) and E)

Question 6

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.F) C) and D)
G) A) and E)

Question 7

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 competitionF) B) and D)
G) C) and E)

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.F) A) and E)
G) A) and B)

Question 9

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.F) A) and B)
G) A) and C)

Question 10

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.F) A) and B)
G) C) and E)

Question 11

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 incomeF) A) and E)
G) A) and B)

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.F) B) and E)
G) All of the above

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 controlF) A) and B)
G) A) and C)

Question 14

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.F) C) and D)
G) D) and E)

Question 15

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)   IllinoisF) A) and E)
G) C) and D)

Question 16

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 competitionF) All of the above
G) A) and B)

Question 17

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.F) B) and C)
G) A) and E)

Question 18

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 commerceF) A) and E)
G) C) and D)

Question 19

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 designF) None of the above
G) All of the above

Question 20

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 BusinessF) D) and E)
G) A) and B)

Exam 3: Scanning the Marketing Environment

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What is the purpose of the Robinson-Patman Act?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

In business, the four basic forms of competition are

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

The Internet of Things (IoT) refers to

Correct AnswerverifiedShow Answer

The Department of Labor monitors consumer spending through its annual

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The most recent economic recession occurred when?

Correct AnswerverifiedShow Answer

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