BackIntroduction to Economics quiz #13
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BackAge, gender, and income are all examples of blank______ segmentation variables.
Demographic. The most basic responsibility of all businesses is its economic responsibility.
True. When interest rates are ______, buyers are often priced out of the market.
High. A barter economy is different from a money economy in that a barter economy
Requires direct exchange of goods. When economists say that money serves as a medium of exchange, they mean that it is
Used to buy and sell goods and services. A market development strategy can be defined as selling ______.
Existing products in new markets. With _____, the value of money is allowed to fluctuate with supply and demand.
Floating exchange rates. Which of the following is not an example of speculative risk?
Buying groceries. _____ is the division of a market into different customer segments.
Market segmentation. Money encourages specialization by decreasing the
Costs of exchange. Dollar bills in the modern economy serve as money because
They are accepted as payment. Uses intermediaries that move products between the manufacturer and the consumer
Indirect distribution. One major economic benefit of global competition is
Lower prices and more choices. When we say that money serves as a unit of account, we mean that:
It measures the value of goods and services. The objective of a competitive strategy is to
Gain an advantage over rivals. Which of the following describes a corporate strategy?
A plan for overall business direction. Market ________ is based on the overall preferences of consumers in the market.
Demand. Which statement best explains why jobs may be outsourced?
To reduce costs and increase efficiency. The global market consists of __________ potential customers.
Billions. Persuasive advertising is often used when competition is
High. Perishability is the characteristic of a service that __________.
Cannot be stored for later use. When using mass marketing, marketers seek to appeal to the
Largest possible audience. The purchase of U.S. government bonds by Egyptians is an example of
Foreign investment. Which of the following statements does not apply to a market economy?
Government sets all prices. What are implicit costs? Part 2: An implicit cost is
The opportunity cost of using resources. Which of the following is a reason to study economics?
To understand decision-making. What is a common feature of national industrial policies?
Government support for key industries. A new product may fail for many reasons. Which of the following is not one of them?
Excessive demand. Which field of economics deals primarily with the problems faced by low-income countries?
Development economics. When money is acting as a store of value, it allows an individual to
Save purchasing power for future use. The hard money faction that opposed the Bank of the United States ______.
Favored currency backed by gold or silver. Which factor is considered when evaluating someone's standard of living?
Income. A market is defined as ______.
A place where buyers and sellers interact. Interest rates determine buying power. Which of the following is a true statement?
Higher rates reduce buying power. Chances of loss that may result in loss, no change, or gain are called what?
Speculative risk. In the __________ stage, the consumer seeks information about the new product.
Information search. Price is the amount of money, time, or effort that
A buyer gives up for a product. Which of the following is true about urban land use?
It is influenced by economic factors. Socioeconomic status ____.
Affects access to resources. Chances of loss that may result in loss, no change, or gain.
Speculative risk.
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