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Introduction to Economics quiz #13

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  • Age, 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.
  • What is an example of an activity that is not a 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.
  • What does a corporate strategy describe?
    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.
  • What is a characteristic that 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.
  • Why is it important to study economics?
    To understand decision-making.
  • What is a common feature of national industrial policies?
    Government support for key industries.
  • 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.
  • How do higher interest rates affect buying power?
    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.
  • What influences 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.