Economics Final Quiz
14 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the equilibrium or market price?

  • When there is no supply or demand for a product
  • When the supply of a product exceeds the amount that consumers are willing to purchase
  • When the supply and demand for a product are equal (correct)
  • When the demand for a product exceeds the supply

    • Why are businesspeople often interested in per capita gross domestic product (GDP)?

  • It gives insight into a nation's population growth rate
  • It gives insight into a nation's natural resources
  • It gives insight into a nation's political stability
  • It gives insight into a nation's standard of living and market potential (correct)

    • What effect does devaluation have on the cost of foreign and domestic goods?

  • Increases the cost of foreign goods and decreases the cost of domestic goods
  • Decreases the cost of foreign goods and decreases the cost of domestic goods
  • Decreases the cost of foreign goods and increases the cost of domestic goods (correct)
  • Increases the cost of foreign goods and increases the cost of domestic goods

    • Which organizations offer assistance and information to help exporters?

    <p>International Trade Administration (ITA) and Small Business Administration (SBA)</p> Signup and view all the answers

    What does decision making involve?

    <p>Identifying the problem or opportunity, generating alternatives, selecting an alternative, and implementing and evaluating the solution</p> Signup and view all the answers

    How long do long-range marketing plans typically cover?

    <p>Two years</p> Signup and view all the answers

    Which of the following are the four types of resources that managers administer to reach their goals?

    <p>Tangible, intangible, human, and financial</p> Signup and view all the answers

    BiffCo, a medium manufacturing company, is struggling to remain competitive. In this case, Strategy& best represents which type of resource for BiffCo?

    <p>Information</p> Signup and view all the answers

    Who is responsible for strategic planning?

    <p>Top managers</p> Signup and view all the answers

    Which of the following is an example of a nation’s infrastructure?

    <p>Communications networks</p> Signup and view all the answers

    Which of the following is not a step in the consumer buying decision process?

    <p>Evaluate after the purchase</p> Signup and view all the answers

    A group of persons for whom a firm develops and maintains a marketing mix suitable for the group's specific needs and preferences is commonly referred to as a target _______.

    <p>Segment</p> Signup and view all the answers

    A law requiring that producers update the nutritional information on the outside packaging of food products to highlight information such as serving size and calories is what type of force in the external marketing environment?

    <p>Regulatory and legal</p> Signup and view all the answers

    The socioeconomic model of social responsibility _______.

    <p>Holds that society will benefit most when business is left alone to p.</p> Signup and view all the answers

    Study Notes

    Equilibrium and Market Price

    • Equilibrium or market price is the price at which the quantity of a good or service that consumers are willing to buy equals the quantity that producers are willing to supply.

    Per Capita GDP

    • Businesspeople are interested in per capita GDP (Gross Domestic Product) as it indicates the standard of living of a country's citizens.

    Devaluation Effect

    • Devaluation increases the cost of foreign goods, making them more expensive, and decreases the cost of domestic goods, making them cheaper.

    Export Assistance

    • Organizations that offer assistance and information to help exporters include government agencies, trade associations, and international trade centers.

    Decision Making

    • Decision making involves selecting a course of action from available options to achieve organizational goals.

    Marketing Plans

    • Long-range marketing plans typically cover a period of 3 to 5 years.

    Types of Resources

    • The four types of resources that managers administer to reach their goals are human, physical, financial, and informational.

    Strategic Planning

    • Strategic planning is a process that determines the overall direction of the organization, and involves setting goals, allocating resources, and defining strategies to achieve them.
    • Top-level managers are responsible for strategic planning.

    Infrastructure

    • Examples of a nation's infrastructure include roads, bridges, airports, and seaports.

    Consumer Buying Decision Process

    • The consumer buying decision process involves need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.

    Target Marketing

    • A target market refers to a group of persons for whom a firm develops and maintains a marketing mix suitable for the group's specific needs and preferences.

    External Marketing Environment

    • A law requiring producers to update nutritional information on food packaging is an example of a regulatory force in the external marketing environment.

    Socioeconomic Model

    • The socioeconomic model of social responsibility emphasizes the organization's responsibility to society's economic well-being.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Test your knowledge of economics with this final quiz. Indicate whether the given statements are true or false.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser