Marketing Core Competition Practice Exam! Quiz
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Ya-Hui Chan operates a catering business. Her ovens, the flour and other food supplies, and the money she used to start her business are all examples of the ____________________ factor of production.
About This Quiz
The 'Marketing Core Competition Practice Exam!' evaluates key concepts in marketing and business functions. It assesses understanding of merchandising, financial management, consumer behavior, resource utilization, and global trade impacts, crucial for professionals and students in marketing fields.
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- 2.
A tree growing in a forest is a factor of production called __________________________.
Explanation
The correct answer is "Land". In the context of factors of production, land refers to natural resources such as forests, fields, and water bodies. A tree growing in a forest is a part of the land factor of production as it is a natural resource found on the land. The repetition of "land" in the answer might be a typographical error or an emphasis on the importance of land as a factor of production.Rate this question:
- 3.
Examples of LAND are natural resources
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True
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False
Correct Answer
A. TrueExplanation
The statement is true because land refers to the surface of the earth, including all natural resources such as forests, minerals, water bodies, and agricultural land. These resources are essential for human survival and economic development. Therefore, examples of land include natural resources.Rate this question:
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- 4.
In a communist economy, ___________________ decides the type of education children will receive.
Correct Answer
the government
the Government
government
GovernmentExplanation
In a communist economy, the government is responsible for deciding the type of education children will receive. This is because in a communist system, the government controls all aspects of the economy and society, including education. The government determines the curriculum, teaching methods, and educational priorities based on the principles and goals of the communist ideology.Rate this question:
- 5.
The three main types of trade barriers are tariffs, quotas, and ____________________________.
Correct Answer
embargo
embargos
embargoesExplanation
The three main types of trade barriers are tariffs, quotas, and embargoes. An embargo refers to a complete ban or restriction on trade with a particular country or region. It is a political decision made by a government to impose trade restrictions as a form of punishment or to achieve political objectives. Embargoes can be implemented for various reasons, such as national security concerns, human rights violations, or to protest against certain policies or actions of a country.Rate this question:
- 6.
Which form of economy has NO GOVERNMENT involvement in economic decisions?
Correct Answer
Market, market, Market Economy, market economyExplanation
A market economy is a form of economy where economic decisions are made by individuals and private businesses rather than the government. In this type of economy, the forces of supply and demand determine the prices of goods and services. The government does not intervene in setting prices, regulating industries, or controlling production. Instead, individuals and businesses have the freedom to make their own economic decisions based on their own self-interest. This allows for competition, innovation, and efficiency in the allocation of resources.Rate this question:
- 7.
A country's ability to produce a product at a lower cost than any other nation gives the country (a)n ___________________________ advantage
Correct Answer
absoluteExplanation
When a country has the ability to produce a product at a lower cost than any other nation, it has an absolute advantage. This means that the country can produce the product more efficiently and effectively, resulting in lower production costs. Having an absolute advantage allows the country to dominate in the production and export of that specific product, giving it a competitive edge in the global market.Rate this question:
- 8.
A country's infrastructure includes it sewers, highways, and phone lines.
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True
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False
Correct Answer
A. TrueExplanation
The statement is true because infrastructure refers to the basic physical and organizational structures and facilities needed for the operation of a society or enterprise. Sewers, highways, and phone lines are all examples of infrastructure as they are essential components for the functioning and development of a country.Rate this question:
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- 9.
Limits either the quantity or the monetary value of an imported product.
Correct Answer
quotaExplanation
A quota is a restriction imposed on the quantity or value of a product that can be imported. It sets a limit on the amount of a specific product that can be brought into a country from abroad. This measure is often used by governments to protect domestic industries, control trade deficits, or regulate the supply and demand of certain goods. By imposing a quota, the government can control the flow of imports and ensure that domestic producers have a fair chance to compete in the market.Rate this question:
- 10.
Lalaland is a small country in the Southern Hempisphere. Currently, it exports $10 billion in furniture, clothing, and really attractive lamps. It imports $12 billion in various products. Based on its export-import balance, Lalaland has a trade ___________________.
Correct Answer
deficitExplanation
Based on the information provided, Lalaland exports $10 billion worth of products and imports $12 billion worth of products. Since the value of imports exceeds the value of exports, Lalaland has a trade deficit. This means that it is spending more on imports than it is earning from exports, resulting in a negative balance of trade.Rate this question:
- 11.
Jack LaMesa, owner of Tables R Us would like to establish a foreign office and manufacturing plant in the country of Magnolia. The government of Mongolia does not allow foreign businesses to have full ownership of a business in its country. Currently, Jack is looking for a Mongolian busisnessperson with whom to set up a joint ___________________________.
Correct Answer
ventureExplanation
Jack LaMesa, owner of Tables R Us, wants to establish a foreign office and manufacturing plant in Mongolia. However, the Mongolian government does not permit foreign businesses to have complete ownership of a business in their country. Therefore, Jack is searching for a Mongolian businessperson to form a joint venture. A joint venture is a business agreement between two or more parties who agree to pool their resources and expertise to achieve a specific goal. In this case, Jack and the Mongolian businessperson would collaborate and share ownership, allowing them to navigate the government's restrictions and establish their presence in Mongolia.Rate this question:
- 12.
For most businesses, competition is
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Becoming more intense
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Becoming less intense
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Remaining unchanged
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Non-existent
Correct Answer
A. Becoming more intenseExplanation
The answer "becoming more intense" is supported by the statement that competition is increasing. This suggests that businesses are facing more challenges and rivals in the market, indicating a higher level of intensity. This could be due to factors such as new entrants, globalization, technological advancements, or changing consumer demands. As competition becomes more intense, businesses need to adapt and innovate to stay competitive and maintain their market share.Rate this question:
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- 13.
In economic terms, land, labor, and capital refers to
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Infrastructure
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Scarcity
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Factors of production
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Free enterprise system
Correct Answer
A. Factors of productionExplanation
The term "land, labor, and capital" is commonly used in economics to refer to the factors of production. These factors are essential inputs in the production process. Land represents natural resources, labor refers to the human effort and skills, and capital represents the tools, machinery, and equipment used in production. Together, these factors contribute to the creation of goods and services in an economy. Therefore, the correct answer is factors of production.Rate this question:
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- 14.
Restricts imports in order to protect domestic industries.
Correct Answer
tariffExplanation
A tariff is a tax or duty imposed on imported goods, which increases their cost and makes them less competitive compared to domestic products. This protectionist measure restricts imports, making foreign goods more expensive and encouraging consumers to purchase domestically produced goods. By implementing tariffs, countries aim to shield their domestic industries from foreign competition, allowing them to grow and thrive. Tariffs can also be used as a means to correct trade imbalances and protect national security interests.Rate this question:
- 15.
Total ban on specific goods coming into and leaving a country.
Correct Answer
embargoExplanation
An embargo refers to a complete prohibition or ban on specific goods being imported into or exported out of a country. This measure is typically imposed by a government or international organization for various reasons, such as political, economic, or security concerns. The embargo aims to restrict trade and isolate the targeted country, making it difficult for them to access certain goods or sell their products internationally.Rate this question:
- 16.
Some activities in the action plan will include
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Responsibilities for marketing activities
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Responsibilities for risk reduction
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Responsibilities for the marketing strategy
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All of the above
Correct Answer
A. All of the aboveExplanation
The correct answer is "all of the above" because the question asks for activities that will be included in the action plan. The options provided include responsibilities for marketing activities, responsibilities for risk reduction, and responsibilities for the marketing strategy. Since all of these responsibilities are mentioned, the correct answer is "all of the above".Rate this question:
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- 17.
The U.S. has a trade deficit.
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True
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False
Correct Answer
A. TrueExplanation
The statement "The U.S. has a trade deficit" is true. A trade deficit occurs when a country's imports exceed its exports, meaning that it is buying more goods and services from other countries than it is selling to them. The U.S. has consistently had a trade deficit for many years, as it imports a significant amount of goods from countries like China, Mexico, and Canada. This trade deficit has both economic and political implications, as it can impact domestic industries, employment, and international relations.Rate this question:
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- 18.
As a factor of production, the term labor refers to both skilled and unskilled workers.
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True
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False
Correct Answer
A. TrueExplanation
The term labor as a factor of production refers to both skilled and unskilled workers. Skilled workers possess specialized knowledge and expertise in a particular field, while unskilled workers do not have specialized training or skills. Both types of workers contribute to the production process and are essential for the functioning of an economy. Therefore, the statement is true.Rate this question:
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- 19.
The difference in value between exports and imports of a nation is called its balance of trade.
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True
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False
Correct Answer
A. TrueExplanation
The statement is true because the balance of trade refers to the difference in value between a nation's exports and imports. If a nation's exports exceed its imports, it has a trade surplus, while if its imports exceed its exports, it has a trade deficit. Therefore, the correct answer is true.Rate this question:
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- 20.
________________________________ is the opposite of free trade.
Correct Answer
protectionismExplanation
Protectionism is the opposite of free trade because it refers to the practice of imposing restrictions on imports and promoting domestic industries through measures such as tariffs, quotas, and subsidies. Unlike free trade, which advocates for open markets and the removal of barriers, protectionism aims to shield domestic industries from foreign competition and protect them from market forces. This approach prioritizes the protection of domestic jobs, industries, and national economic interests over the benefits of international trade and globalization.Rate this question:
- 21.
Which of the following research techniques usually answers questions related to "how many":
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Economic
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Intelligence
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Syndicated
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Quantitative
Correct Answer
A. QuantitativeExplanation
Quantitative research techniques usually answer questions related to "how many" because they involve the collection and analysis of numerical data. This type of research focuses on measuring and quantifying variables, allowing researchers to gather information about quantities, frequencies, proportions, and trends. By using statistical methods, researchers can draw conclusions and make generalizations about a population based on the data collected. Therefore, quantitative research is commonly used to answer questions related to quantities and numerical relationships.Rate this question:
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- 22.
A nation experiences a trade surplus when it exports more than it imports.
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True
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False
Correct Answer
A. TrueExplanation
A trade surplus occurs when a nation's exports exceed its imports, meaning that it sells more goods and services to other countries than it buys from them. This leads to an inflow of foreign currency and can have positive effects on a nation's economy, such as increased employment and economic growth. Therefore, the statement that a nation experiences a trade surplus when it exports more than it imports is true.Rate this question:
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- 23.
When supermarket employees demonstrate adaptability, they are able to be
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Aggressive
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Flexible
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Honest
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Creative
Correct Answer
A. FlexibleExplanation
Adaptability refers to the ability to adjust and change according to different circumstances or situations. In the context of supermarket employees, being flexible is crucial. Supermarkets often face unpredictable situations such as changes in customer demands, unexpected stock shortages, or sudden changes in store layout. Being flexible allows employees to quickly adapt to these changes, switch tasks or roles as needed, and find effective solutions. It also enables them to handle customer requests or complaints with ease. Therefore, flexibility is an important quality for supermarket employees to possess in order to excel in their roles.Rate this question:
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- 24.
Adveritising is used extensively to encourage people to consider
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A general type of product
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Specific brands of product
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Lower prices
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Shopping
Correct Answer
A. Specific brands of productExplanation
Advertising is used extensively to encourage people to consider specific brands of products. Advertisements are designed to create brand awareness and promote the unique features and benefits of a particular brand. By highlighting the qualities and advantages of specific brands, advertising aims to influence consumer behavior and persuade them to choose those brands over others in the market. Through advertising, companies can differentiate their products from competitors and build brand loyalty among consumers.Rate this question:
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- 25.
The marketing plan is based on
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The marketing strategy
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The current environment
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The behavior of competitors
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Available funds
Correct Answer
A. The marketing strategyExplanation
The marketing plan is based on the marketing strategy because the strategy outlines the overall approach and goals for reaching the target market. It provides a framework for making decisions about product positioning, pricing, promotion, and distribution. The marketing strategy helps to identify the target audience, understand their needs and preferences, and develop a plan to effectively communicate and engage with them. The marketing plan then outlines the specific tactics and actions to be taken to execute the strategy and achieve the desired marketing objectives.Rate this question:
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- 26.
How do managers asses organizational satisfaction?
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Ask the board of directors
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Poll senior management
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Evaluate how well goals are being met
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Survey customers and consumers
Correct Answer
A. Evaluate how well goals are being metExplanation
Managers assess organizational satisfaction by evaluating how well goals are being met. This involves analyzing the performance and progress of the organization in achieving its objectives. By assessing whether the goals are being met or not, managers can gauge the level of satisfaction within the organization. This evaluation helps identify areas of improvement and make necessary adjustments to enhance overall satisfaction. Asking the board of directors, polling senior management, and surveying customers and consumers may provide additional insights, but the primary method for assessing organizational satisfaction is through evaluating goal achievement.Rate this question:
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- 27.
The ECONOMY is
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An organized way a nation provides for the needs and wants of its people.
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All the things used in producing goods and services.
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All the people that work.
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Natural resources (gas, plants, soil, tree, oil)
Correct Answer
A. An organized way a nation provides for the needs and wants of its people.Explanation
The correct answer is "an organized way a nation provides for the needs and wants of its people." This answer accurately describes the concept of the economy as a system that ensures the provision of goods and services to meet the needs and wants of the population. It emphasizes the organization and structure involved in this process, highlighting the role of the economy in facilitating the allocation and distribution of resources within a nation.Rate this question:
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- 28.
Technological advances that make it possible for food-marketing busiensses to sell to customers throughout the worldd have had what type of effect on the industy?
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Social
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Political
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Economic
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Domestic
Correct Answer
A. EconomicExplanation
The technological advances that allow food-marketing businesses to sell to customers worldwide have had an economic effect on the industry. This means that these advancements have impacted the financial aspects of the industry, such as increasing global market opportunities, expanding customer reach, and potentially boosting profits.Rate this question:
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- 29.
Which of the following is often a consideration when packaging food products:
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Bundling
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Protection
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Cooking
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Theft
Correct Answer
A. ProtectionExplanation
When packaging food products, protection is often a consideration. This is because packaging plays a crucial role in ensuring that the food remains safe and intact during transportation, storage, and handling. The packaging should be able to protect the food from physical damage, contamination, moisture, and other external factors that could compromise its quality and safety. Proper packaging can also help extend the shelf life of the food and maintain its freshness. Therefore, protection is an important aspect to consider when packaging food products.Rate this question:
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- 30.
Purchasing goods from a foreign country
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Exports
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Imports
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Quota
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Foreign direct investment
Correct Answer
A. ImportsExplanation
Imports refers to the act of purchasing goods from a foreign country. It involves bringing goods into one's own country from another country. This can be done for various reasons, such as to meet domestic demand for certain products that are not produced domestically or to take advantage of lower prices or better quality goods available in the foreign market. Importing goods can have both positive and negative impacts on the domestic economy, depending on factors such as the balance of trade, domestic production capacity, and government policies.Rate this question:
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- 31.
The condition of a country's road, its sewage system, and its telephone service are all part of its ____________________________.
Correct Answer
infrastructureExplanation
The condition of a country's road, sewage system, and telephone service are all aspects of its infrastructure. Infrastructure refers to the basic physical and organizational structures and facilities needed for the operation of a society or enterprise. It includes transportation systems, utilities, communication networks, and other essential facilities that support economic and social activities. In this context, the condition of the road, sewage system, and telephone service are all indicators of the state of a country's infrastructure.Rate this question:
- 32.
Church groups, fraternities, work groups, families, and peer groups are representatives of
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Reference group
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Consumer behavior
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Culture
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Consumers
Correct Answer
A. Reference groupExplanation
Reference groups are groups of people that individuals compare themselves to and use as a basis for their own attitudes, behaviors, and beliefs. Church groups, fraternities, work groups, families, and peer groups are all examples of reference groups because individuals often look to these groups for guidance, validation, and social norms. These groups influence consumer behavior by shaping individuals' preferences, opinions, and purchasing decisions. Therefore, the correct answer is reference group.Rate this question:
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- 33.
___________________________ - money to start and operate a business
Correct Answer
Capital
capitalExplanation
Capital refers to the funds or financial resources that are required to start and operate a business. It can include money invested by the business owner or obtained from external sources such as loans or investments. Capital is essential for purchasing assets, paying for expenses, and covering operational costs. The use of both capital and lowercase "c" in the answer suggests that the term can be written in either form and still refer to the same concept.Rate this question:
- 34.
During the Persian Gulf War, the U.S. placed a ban on all exports to Iran. What is another term for this ban?
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Protective tariff
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Quota
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Embargo
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Time draft
Correct Answer
A. EmbargoExplanation
During the Persian Gulf War, the U.S. implemented an embargo on all exports to Iran. An embargo is a government-imposed restriction on trade, typically in response to political or economic reasons. It involves a complete ban on the import or export of goods and services to or from a specific country. In this case, the U.S. imposed the embargo on Iran as a means of exerting economic pressure and isolating the country during the conflict.Rate this question:
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- 35.
Why is it important to avoid considering prejudice and bias when judging others?
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To be persuasive
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To improve negotiation
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To be fair and equitable
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To communicated effectively
Correct Answer
A. To be fair and equitableExplanation
It is important to avoid considering prejudice and bias when judging others in order to be fair and equitable. Prejudice and bias can cloud judgment and lead to unfair treatment or discrimination. By setting aside personal biases and prejudices, individuals can make more objective and unbiased judgments, ensuring that everyone is treated fairly and equally. This promotes a more just and inclusive society where individuals are judged based on their merits and not on preconceived notions or stereotypes.Rate this question:
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- 36.
Resource scarcity forces nations to make economic choices.
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True
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False
Correct Answer
A. TrueExplanation
Resource scarcity refers to the limited availability of resources compared to the unlimited wants and needs of individuals and societies. When resources are scarce, nations are forced to make economic choices in order to allocate these limited resources efficiently. This involves deciding how to best use the available resources to meet the needs of the population, which often involves making trade-offs and prioritizing certain sectors or activities over others. Therefore, the statement that resource scarcity forces nations to make economic choices is true.Rate this question:
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- 37.
The price of one's country currency if you were to buy it with another country's currency is known as the ___________________________
Correct Answer
foreign exchange rateExplanation
The price of one's country currency when buying it with another country's currency is referred to as the foreign exchange rate. This rate determines the value of one currency in relation to another and is used in international trade and financial transactions. It represents the amount of one currency that needs to be exchanged to obtain a certain amount of another currency. The foreign exchange rate fluctuates based on various factors such as supply and demand, interest rates, inflation, and geopolitical events.Rate this question:
- 38.
Determining customer needs is often done through
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Marketing research
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Planning
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Brainstorming
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Product development
Correct Answer
A. Marketing researchExplanation
Marketing research is the process of gathering and analyzing data about customers, competitors, and market trends in order to understand customer needs and preferences. It involves various techniques such as surveys, interviews, and data analysis to gather insights that can inform decision-making and product development. This helps businesses identify and prioritize customer needs, develop effective marketing strategies, and create products or services that meet those needs. Therefore, marketing research is the most appropriate method for determining customer needs among the given options.Rate this question:
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- 39.
Which of the following is an example of an economic factor that affects the business environment:
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Long-term goals
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Employee morale
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Management style
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Business cycle
Correct Answer
A. Business cycleExplanation
The business cycle refers to the fluctuation in economic activity, characterized by periods of expansion and contraction. It includes phases such as boom, recession, and recovery. This economic factor directly affects the business environment as it impacts consumer spending, demand for goods and services, interest rates, and overall economic stability. Businesses need to adapt their strategies and operations to align with the different phases of the business cycle to remain competitive and successful.Rate this question:
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- 40.
For selling to be effective, salespeople must receive support from
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Other marketing personnel
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Production
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Customer service
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All of the above
Correct Answer
A. All of the aboveExplanation
To be effective, selling requires support from other marketing personnel, as they can help in creating effective promotional strategies and campaigns. Production support is also necessary to ensure that the products are available and delivered on time. Customer service support is crucial as it helps in addressing customer queries and concerns, building trust and loyalty. Therefore, all three - marketing personnel, production, and customer service - are essential in providing the necessary support for effective selling.Rate this question:
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- 41.
What type of service are many large supermarket chains offering their customers?
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Loyalty discounts
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Free shipping
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Personal shoppers
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Order tracking
Correct Answer
A. Loyalty discountsExplanation
Many large supermarket chains are offering their customers loyalty discounts. These discounts are a way for the supermarket to reward their loyal customers and encourage them to continue shopping at their store. By offering discounts on certain items or providing special promotions for loyal customers, the supermarket can build customer loyalty and keep them coming back for more. This type of service helps to create a positive relationship between the supermarket and its customers, ultimately benefiting both parties.Rate this question:
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- 42.
A legal issue associated with the use of information might involve violation of ____________ laws.
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Copyright
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Patent
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Trademark
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Contract
Correct Answer
A. CopyrightExplanation
A legal issue associated with the use of information might involve violation of copyright laws. Copyright laws protect the original works of authors, artists, and creators, giving them exclusive rights to reproduce, distribute, and display their work. If someone uses copyrighted material without permission, they may be infringing on the rights of the copyright holder and could face legal consequences. This could include using someone else's written work, music, artwork, or any other form of creative expression without proper authorization.Rate this question:
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- 43.
The set of computer programs that manages the hardware and software of a computer is the
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Operating system
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Digital connection
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Transfer protocol
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Electronic resource
Correct Answer
A. Operating systemExplanation
The operating system is the correct answer because it is responsible for managing both the hardware and software components of a computer system. It provides a platform for other software applications to run and ensures that the hardware resources are utilized efficiently. The operating system also handles tasks such as memory management, file management, and user interface, making it an essential component of any computer system.Rate this question:
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- 44.
One way that technology has improved the process of receiving food products is by making it possible to use
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Inexpensive metal drawers
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Movable storage racks
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Bin shelving components
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Automated conveyor systems
Correct Answer
A. Automated conveyor systemsExplanation
Automated conveyor systems have improved the process of receiving food products by providing a more efficient and streamlined method of transportation. These systems can move products quickly and accurately from one point to another, reducing the need for manual labor and minimizing the risk of human error. They also allow for better organization and tracking of inventory, ensuring that products are received and stored in a timely manner. Additionally, automated conveyor systems can handle a large volume of products, making them ideal for high-demand environments such as the food industry.Rate this question:
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- 45.
Which of the following is a source of relevant, valid written material:
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Internet chat rooms
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Government publications
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Personal e-mails
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Computer-generated memos
Correct Answer
A. Government publicationsExplanation
Government publications are a source of relevant, valid written material because they are typically produced by government agencies or departments with expertise in specific areas. These publications undergo a rigorous review process and are based on accurate and up-to-date information. They are often used to disseminate important information, policies, regulations, and research findings. Therefore, government publications can be trusted as reliable sources of information for research or reference purposes.Rate this question:
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- 46.
Supermarket employees need to understand the information provided on shelf tags to explain the _______________ to customers.
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Ingredient list
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Production process
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Nutritional value
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Product price
Correct Answer
A. Product priceExplanation
Supermarket employees need to understand the information provided on shelf tags to explain the product price to customers. This is because customers often have questions or concerns about the pricing of products, and employees need to be knowledgeable about the factors that contribute to the pricing, such as the cost of production, transportation, and overhead expenses. By understanding the product price, employees can provide accurate and helpful explanations to customers, ensuring transparency and customer satisfaction.Rate this question:
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- 47.
A political and economic philosophy characterized by marketplace competition and private ownership of businesses.
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Socialism
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Capitalism
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Communism
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Neoism
Correct Answer
A. CapitalismExplanation
Capitalism is a political and economic philosophy that emphasizes marketplace competition and private ownership of businesses. In a capitalist system, individuals and companies have the freedom to own and control their own businesses, make profits, and engage in trade. This system encourages competition, innovation, and efficiency, as businesses strive to attract customers and increase their profits. Capitalism also allows for individual economic freedom and the accumulation of wealth. Overall, capitalism is characterized by a market-driven economy where supply and demand determine the prices and production of goods and services.Rate this question:
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- 48.
Goods and Services sold to other countries.
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Exports
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Imports
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Quota
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Foreign direct investment
Correct Answer
A. ExportsExplanation
Exports refer to the goods and services that a country sells to other countries. This can include physical products, such as manufactured goods or agricultural produce, as well as services like tourism, consulting, or software development. Exports are an important component of a country's economy as they generate revenue, create jobs, and contribute to economic growth. By selling goods and services to other countries, a country can tap into new markets, diversify its sources of income, and strengthen its international trade relationships.Rate this question:
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- 49.
What term identifies a person who is responsible for a buisness created and owned by others?
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Manager
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Entrepreneur
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Owner
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Investor
Correct Answer
A. ManagerExplanation
The term "manager" is the correct answer because a manager is someone who is responsible for running and overseeing the day-to-day operations of a business that is created and owned by others. They are in charge of making decisions, coordinating activities, and ensuring that the business operates efficiently and effectively. While an entrepreneur may also be responsible for starting a business, an owner refers to someone who owns the business, and an investor refers to someone who provides financial support to the business.Rate this question:
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Aug 30, 2024Quiz Edited by
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Nov 14, 2011Quiz Created by
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