Economics (Marketing EOPA)

Why is it important for businesses to monitor customer purchases?

• To satisfy consumers' needs and wants

• To block consumers' economic votes

• To promote slow-selling merchandise

• To classify their products

Natural resources are provided by nature, and capital resources are provided by

• machinery.

• people.

• technology.

• automation.

What might cease if producers decide that their incomes are inadequate to continue making goods and

services?

• Consumption

• Competition

• Compensation

• Communication

T-shirts sold at music concerts that are imprinted with a rock group's name are examples of products that

have __________ utility.

• service

• form

• price

• intangible

What type of market likely exists when a local automobile dealer has many cars for sale at low prices but

demand is low?

• Elastic

• Buyer's

• Seller's

• Inelastic

Which of the following is an example of excess demand:

• Price = $500, demand = 500, supply = 500

• Price = $400, demand = 600, supply = 400

• Price = $600, demand = 400, supply = 600

• Price = $700, demand = 300, supply = 700

Who owns a good if the good is used in performing a service for a customer?

• The business performing the service

• The customer who buys the service

• The producer of the good

• The supplier of the good to the business

Which of the following is a function that is an important part of the human resources management

activities of business:

• Promoting

• Pricing

• Selling

• Staffing

Which of the following types of economic systems would offer the most benefits to business owners and

to their employees:

• Market

• Socialist

• Communist

• Traditional

The differences in the education and skills of the workforce are reasons why market economies usually

experience

• unequal income distribution.

• low unemployment levels.

• unpredictable taxation rates.

• minimal profit margins.