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1) A child in the United States is normally exposed to all of the following values EXCEPT ? a. achievement ans success b. activity and involvement c. material comfort d. collectivism
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2) The internet evolved from a network created by ________ during the 1960s? a. the Commerce Department b. the Massachusetts institutes of Technology (MIT) c. Northwestern University d. the Defense Department
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3) _________ describes changes in an individual’s behavior arising from experience? a. Modeling b. Motivation c. Perception d. Learning
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4) All of the following would be ways to segment within the category of psychographic segmentation EXCEPT ? a. social class b. occupation c. lifestyle d. personality
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5) In determining salesforce size, when a company groups accounts into different size classes and then determines the number of salespeople needed to call on them the desired number of times it is called the ? a. Key-size approach b. work-load appraoch c. product-need appraoch d. call-service appraoch
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6) Setting call objectives is done during which of the following stages of the selling process? a. Prospecting b. Preapproach c. Approach d. Handling objections
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7) The biggest of greatest amount of involvement in a foreign market comes through which of the following ? a. Exporting b. Joint venturing c. Licensing d. Direct investment
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8) Coginitive dissonance occurs in which stage of the buyer decision process model ? a. Need recognition b. Information search c. Evaluation of alternative d. Postpurchase behaviour
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9) Which of the following information forms available to the marketing manager can usually be accessed more quickly and cheaply than other information sources ? a. Marketing intelligence b. Marketing research c. Customer profiles d. Internal databases
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10) The Coase theorem states that ? a. public goods should be produced up to the point where the additional benefit received by society equals the additional cost of producing the good b. under certain conditions, private parties can arrive at the efficient solution without government involvement c. the private sector will fail to produce the efficient amount of a public good because of the free-rider problem. d. if there are external costs in production the government must intervene in the market to assure that the efficient level of output is produced
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11) The optimal level of provision of public goods is where society total willingness to pay per unit is equal to the ? a. variable cost of producing the good b. average cost of producing the good c. marginal cost of producing the good d. total cost of producing the good
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12) The whole class of goods that will be under produced or not produced at all in a completely unregulated market economy are referred to as ? a. Pareto goods b. public goods c. private goods d. free goods
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13) imperfect competition occurs ? a. When firms are not profit maximisers b. When firms have some control over price and competition c. When the consumption of the good involves an external benefit d. Whenever firms are losing money.
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14) The statement everything affects everything else reflects the principle behind ? a. efficiency analysis b. partial equilibrium analysis c. general equilibrium analysis d. equity analysis
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15) Externalities are a problem only if ? a. decision makers do not take them into account b. all firms are perfectly competitive c. the externalities are negative d. all firms are monopolistic
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16) A person will continue to pursue an activity up to the point where ? a. Marginal benefit equals marginal damage cost b. marginal benefits equals marginal social cost c. marginal benefit equals marginal private cost d. marginal social cost equals marginal external cost
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17) If some gain and some lose as the result of a proposed change and it can be demonstrated that the value of the gains would exceed the value of the losses then the change is said to be ? a. technically efficient. b. inefficient. c. potentially efficient d. unequivocally Pareto optimal
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18) Markets fail to produce an efficient allocation of resources, but government also fail because ? a. elected officials will act selflessly for the good of society and ignore their own self interest b. the managers of government agencies are trying to maximize the profit of their agency and they ignore the implications that this has on other departme c. the optimal level of public goods may be too expensive for the society to produce d. the measurement of social damages and benefits is difficult and imprecise
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19) The idea that when externalities are present private parties can arrive at the efficient solution without government intervention under certain circumstance is known as ? a. The coase theorem b. Arrow’s impossibility theorem c. the drop -in-the bucket problem. d. the free rider problem
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20) If a large number of individuals are affected by an external benefit, private bargaining will not work because of ? a. non-rivalry b. the free-rider problem c. the Coase theorem d. the fallacy of composition
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21) If one person’s enjoyment of the benefits of a good does not interfere with another’s consumption of it, the good is said to be ? a. limitless in utility b. non-rival in consumption c. congestible in consumption d. non-excludable
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22) An example of public good is ? a. a beautifully landscaped lawn. b. preservation of wetlands c. a public utility. d. a book
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23) Private goods are ? a. non-rival in consumption and their benefits are nonexcludable: b. rival in consumption and their benefits are excludable c. rival in consumption and their benefits are non-excludable d. non-rival in consumption and their benefits excludable
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24) The conclusion that free, unregulated markets will produce an efficient outcome breaks down if ? a. households do not have perfect information b. firms are not price takers in input markets c. firms are not price takers in the output market d. all of the above
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25) The government increase the minimum wage. The National Association of Fast Food Restaurants hires you to determine the impact that this higher minimum wage will have on it industry. This is an example of ? a. industry equilibrium analysis b. specific equilibrium analysis c. partial equilibrium analysis d. general equilibrium analysis
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26) When you consume good Q, not only do you benefit form consuming the good but other people benefit from your consumption as well, if firms produce good Q where P = MC, firms will be producing ? a. less than the efficient level of output b. more than the efficient level of output c. so that consumer surplus is zero d. the efficient level of output
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27) The total cost to society of producing an additional unit of a good or service is the ? a. marginal damage cost b. marginal social cost c. marginal private cost d. marginal external cost
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28) If PX > MCX, society gains by ? a. raising the price of X. b. production less X c. Producing more X d. Increasing the cost of producing X
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