World Prices Quiz

10 Questions | Total Attempts: 29

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World Prices Quiz

Price is the value of a product offering that can be created through the different marketing mix elements, such as through product, distribution and communication decisions. Therefore, global pricing decisions are related to other marketing mix variables. Know more about pricing in this quiz.


Questions and Answers
  • 1. 
    The major role in price setting of finished goods belongs to 
    • A. 

      Stock exchange

    • B. 

      Major exporters

    • C. 

      Major importers

    • D. 

      Unions of exporters

  • 2. 
    The basis for world price is
    • A. 

      Law of the value of commodities

    • B. 

      Fluctuations in supply and demand

    • C. 

      State regulation

    • D. 

      Monopoly price setting mechanism

  • 3. 
    International value is defined by
    • A. 

      Socially necessary capital for the production of goods

    • B. 

      Actual labor costs for the production of goods

    • C. 

      Socially necessary labor costs for the production of goods

    • D. 

      State regulated labor costs for the production of goods

  • 4. 
    Select features of world prices
    • A. 

      Price of the largest transactions

    • B. 

      Average price of all transactions

    • C. 

      Price of large regular transactions

    • D. 

      Price of large regular unconnected transactions

  • 5. 
    Select feature of world price
    • A. 

      Transactions must be set in USD

    • B. 

      Currency is irrelevant

    • C. 

      Transaction must be set in freely usable currency

    • D. 

      Transaction must be set in IMF reserve currency

  • 6. 
    What contract became available for international investors first?
    • A. 

      Iron ore futures

    • B. 

      Oil futures

    • C. 

      RMB futures

    • D. 

      PTA futures

  • 7. 
    Is there a standard oil price?
    • A. 

      Yes

    • B. 

      No

  • 8. 
    More than half of consumers all around the world prioritize price as the deciding factor for their purchase.
    • A. 

      True

    • B. 

      False

  • 9. 
    Only around a quarter of businesses consider competition or market pricing before setting their price.
    • A. 

      True

    • B. 

      False

  • 10. 
    The price of petroleum in the international market fell to a negative state ( below 0) in 2020.
    • A. 

      True

    • B. 

      False

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