Marketing Finial – Flashcards with Answers
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Which utility involves making products?
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Form utility
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Jared asked his mom to buy him coco puffs after watching a tv commercial. To what group does he belong?
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A consumer market
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Which economic utility increased when fast food restaurants began excepting credit cards?
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Possession utility
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When Angela checked out of her hotel, she completed a research form rating the hotel's service, food, and accommodations. This is an example of what marketing core function?
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Marketing information management
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What does a miniature golf business provides to its customers?
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A service
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What is deciding how much to charge for goods and services?
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Pricing
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What is planning, promoting, and distributing products?
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Marketing
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What is the added value of a product in economic terms?
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Utility
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What is product, price, place, and promotion?
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Marketing mix
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What is providing customers with goods and services they want?
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Selling
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What are tangible items?
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Goods
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What is deciding how goods get into customers hands?
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Channel management
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What is obtaining, developing, or improving a product?
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Product/service management
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What are businesses that buy products for use in their operations?
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Organizational market
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What is the percentage of total sales generated by competing companies?
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Market share
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A market includes people who share similar needs and wants, and can purchase a company's products.
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True
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A marketing concept includes information such as ethic background, age, income level, and geographic location.
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False
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Time utility involves having a product available at a certain time of year or day.
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True
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The "buy one get one free" strategy is an example of distribution.
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False
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Selling exercise equipment through catalogs mailed to ABA members and other athletes is an example of place quality.
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True
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Discretionary income might be used by which items?
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Magazine subscriptions
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According to the text, which US ethnic population is declining, relative to other I think regulations?
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Caucasian
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The Cracked Pot Potteryware company decided to sell its coffee mugs in the local coffee houses. What type of marketing decision was this?
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Place
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The Music Stand direct-mail company wants to send catalogs to music teachers, dancers, and other music consumers. What type of data would be helpful in this endeavor?
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Psychographic
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The Good Ol' Barbecue Company began marketing a new sauce that includes spices often found in Asian cuisine. How is the company segmenting its market?
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Demographics
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What is money left after taking out taxes?
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Disposable income
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What are characters such as age, gender, ethnic background, and income?
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Demographics
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What is putting a market plan into action and managing it called?
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Implementation
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What is product information that's gathered from Internet use called?
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Generation Y
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What is separating large groups into smaller, precise groups based on characteristics called?
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Market segmentation
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What is the analysis of outside influences on an organization called?
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PEST analysis
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What is a brief overview of entire marketing plan called?
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Executive summary
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What is a combination of four strategies used to market a product?
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Marketing mix
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What is information about where people live?
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Geographics
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What are alerts to changes in laws and regulations?
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External opportunities
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Information regarding ethnic backgrounds and household income facilitates market segmentation.
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True
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A Marketing plan is a formal written document which directs activities for a specific time.
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False
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A timeframe will help determine if a marketing plan objective it has been reached.
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True
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According to the US Census Bureau, the most racially and ethnically diverse age group is generation Y.
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True
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Businesses can use database technology to provide to a specified target market.
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True
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What is the purpose of the activities in a traditional economy?
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To provide food, shelter, and clothing
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In a command economy, who decides how products are produced?
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Government
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Would you economy would best describes the US economy?
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Mixed economy
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In economic terms, land, labor, and capital refers to?
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Factors of production
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What is the term for the organized way in which a nation provides for the needs and wants of its people?
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Economy
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What are all things use in producing goods and services?
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Resources
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All people that are assigned jobs according to skills?
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Communism
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What is the measurement of the amount of goods and services that people have?
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Standard of living
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What is a period when prices rise?
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Inflation
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The government makes economic decisions in a?
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Command economy
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What includes goods and services produced abroad?
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GNP
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Money to start and operate a business?
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Capital
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Each part of a finish product is completed by a person?
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Specialization
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What is a period of renewed economic growth?
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Recovery
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What is reduced workforce and less money spent by consumers?
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Recession
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Sweden has a socialist economy; therefore, Swedes pay low taxes on income.
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False
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A country's infrastructure includes its roads, ports, sanitation facilities, and utilities.
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True
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Labor is a factor of production that includes both skilled and unskilled workers.
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True
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Scarcity of resources forces nations to make economic choices.
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True
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In a market economy, individual consumers decide what items will best satisfy their wants and needs.
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True
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The major trade benefit of contract manufacturing is?
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Lower wages
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Select the trade alliance that establishes guidelines for international trade.
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All the above; WTO, EU, NAFTA
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One economic factor relevant to starting a business in another country is?
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Foreign exchange rate
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In 1989, the United States placed a ban on Chilean grapes due to poison fruit. What is another term for this band?
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Embargo
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Global marketing strategies include globalization, adaptations, and?
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Customization
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The exchange of goods and services among nations is called?
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International trade
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The coalition of nations that makes rules governing national trade is?
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WTO
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Restrict imports in order to protect domestic industries is called?
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Protectionism
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What is the difference in value between exports and imports?
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Balance of trade
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What limits either the quantity or the monetary value of an imported product?
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Quota
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What is purchasing goods from a foreign country called?
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Imports
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What is the use of a trademark, patent, special formula, company name for a fee?
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Licensing
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What is our total ban on specific goods coming into and leaving a country called?
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Embargo
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What is an agreement that's compromised of US, Canada, and Mexico?
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NAFTA
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What is the establishment of a business in a foreign country?
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Foreign direct investment
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An embargo is a limit on the number or monterey value of a product that can be imported.
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False
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A nation's balance of trade is the difference in value between its exports and imports.
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True
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GATT was an international agreement to open trade markets and promote global free-trade.
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True
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International trade and foreign investments generate about two-thirds of the profits of US businesses.
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False
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A nation experiences a trade surplus when it imports more than it exports.
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False
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Sales and rebates are examples of what strategy?
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Price competition
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What is the purpose of a licensing agreement?
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Protects an originator from unauthorized copying of name and products
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What occurs when the potential for earning increases?
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Risk increases
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What is the purpose of most businesses?
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To produce products
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What is the term for the struggle between companies for customers?
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Competition
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What is consumers' willingness and ability to buy a product?
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Demand
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What is sole control over a product or the means of producing it?
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Monopoly
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What is the amount of goods producers are willing to make and sell?
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Supply
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What is potential for loss or failure?
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Business risk
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What is consumers buying products that are lowest priced?
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Nonprice competition
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In organizational markets, demand for consumer goods and services is?
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Derived demand
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What is creating, growing, manufacturing, improving on goods and services?
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Production
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Who obtains goods from manufacturers and resells them to organizational users?
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Wholesalers
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What is the military, social, and regulatory agencies?
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Public sector
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What happens when supply exceeds demand?
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Surplus of goods
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Businesses stress quality of products, services, and financing when engaging in nonprice competition.
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True
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Competition forces businesses to produce poor quality products at low prices.
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False
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When the supply of the product exceeds the demand for it, businesses usually lower the product's price.
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True
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Due to deregulation of the utility companies, the United States government does not restrict the prices charged by gas and electric companies.
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False
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Businesses in the private sector produce the same product or group of products.
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False
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Which agency was established to protect consumers from unfair or deceptive business practices?
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Federal Trade Commission
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What federal agency would regulate chemicals that are improperly stored at a plant, causing employees to become ill?
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Occupational Safety and Health Administration
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How would you describe a company that voluntarily works with the government and consumer groups to provide important information to consumers?
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Socially responsible
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Which government agency monitors pollution from diesel engines?
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Environmental Protection Agency
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What is the purpose of the Security and Exchange Commission?
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To regulate the sale of stocks and bonds
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What provides inspection, grading, and certification of meat?
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USDA
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What law makes it illegal to sell tobacco to minors?
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Distribution law
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What is the US central bank?
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Federal Reserve System
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What is undercharging for a product to put competitors out of business?
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Predatory pricing
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What prohibits price discrimination?
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Robinson-Patman Act
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What regulates labeling of food, drugs, and cosmetics?
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FDA
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What provides US border security, disaster recovery, and airport security?
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Department of Homeland Security
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What covers merges and acquisitions?
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Clayton Antitrust Act
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Who is responsible for investigating anti-competitive business practices?
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FTC
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Who protects investors from deceptive practices?
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SEC
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The Federal Trade Commission assists businesses in establishing trade relations with other countries.
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False
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Green marketing involves promoting agriculture products.
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False
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The US government serves as a regulator, protecting consumers, workers, investors, and the environment.
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True
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In business, ethics are guidons for good behavior.
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True
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As a socially responsible company, Ben & Jerry's contributes part of it's pre-tax income to charitable and environmental causes.
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True
