Trivia Quiz On Different Types Of Market

1.

Rolls Royce cars are sold in a luxury market,...

They are high quality and expensive goods.

They are often sold to a small but profitable market.

Rolls Royce cars are considered high quality and expensive goods because they are known for their exceptional craftsmanship, attention to detail, and use of premium materials. The brand has a long-standing reputation for producing luxurious vehicles that offer a superior driving experience. The high price tag of Rolls Royce cars reflects the level of quality and exclusivity they offer, making them desirable to a select group of wealthy individuals who value luxury and prestige.

Explanation

Rolls Royce cars are considered high quality and expensive goods because they are known for their exceptional craftsmanship, attention to detail, and use of premium materials. The brand has a long-standing reputation for producing luxurious vehicles that offer a superior driving experience. The high price tag of Rolls Royce cars reflects the level of quality and exclusivity they offer, making them desirable to a select group of wealthy individuals who value luxury and prestige.

2. Choose the most appropriate definition for the different kinds of markets.

Adidas and Volkswagen are a mass market since

It sells high quality and expensive goods.

They sell to large numbers of people.

The correct answer is "they sell to large numbers of people." This is because a mass market refers to a market where a company sells its products or services to a large number of people. In this case, Adidas and Volkswagen are considered mass markets because they sell their products to a wide customer base, rather than targeting a specific niche or smaller segment of the market. The fact that they sell high quality and expensive goods is not the defining factor for being a mass market.

Explanation

The correct answer is "they sell to large numbers of people." This is because a mass market refers to a market where a company sells its products or services to a large number of people. In this case, Adidas and Volkswagen are considered mass markets because they sell their products to a wide customer base, rather than targeting a specific niche or smaller segment of the market. The fact that they sell high quality and expensive goods is not the defining factor for being a mass market.

3.

An export market

Is a country to which goods and services from another country are sold.

Is in the producer's country.

An export market refers to a country where goods and services produced in one country are sold. It represents the destination for products that are being exported from another country. This means that the correct answer is "is a country to which goods and services from another country are sold."

Explanation

An export market refers to a country where goods and services produced in one country are sold. It represents the destination for products that are being exported from another country. This means that the correct answer is "is a country to which goods and services from another country are sold."

4.

Selling special-interest holidays is a niche market...

It is a market that sells ridiculously expensive goods.

Since they are sold to a group of people with specific needs.

The correct answer is "since they are sold to a group of people with specific needs." This answer explains that selling special-interest holidays is a niche market because it caters to a specific group of individuals with unique requirements and preferences. This suggests that these holidays are tailored to meet the specific needs and interests of this particular target market, making them different from mass-market holidays that appeal to a broader audience.

Explanation

The correct answer is "since they are sold to a group of people with specific needs." This answer explains that selling special-interest holidays is a niche market because it caters to a specific group of individuals with unique requirements and preferences. This suggests that these holidays are tailored to meet the specific needs and interests of this particular target market, making them different from mass-market holidays that appeal to a broader audience.

5.

Money market...

Is concerned with the lending and borrowing money among institutions on the basis of a medium or long -term credit.

The correct answer is the first option, which states that the money market is the organized exchange on which participants can lend and borrow large sums of money for profit for a period of one year or less. This option accurately describes the main characteristics and purpose of the money market, which is a financial market where short-term borrowing and lending of funds takes place. Participants in the money market include banks, financial institutions, corporations, and governments, who engage in transactions to meet their short-term funding needs.

Explanation

The correct answer is the first option, which states that the money market is the organized exchange on which participants can lend and borrow large sums of money for profit for a period of one year or less. This option accurately describes the main characteristics and purpose of the money market, which is a financial market where short-term borrowing and lending of funds takes place. Participants in the money market include banks, financial institutions, corporations, and governments, who engage in transactions to meet their short-term funding needs.