Marketing (MM) Quiz

What is an external factor that affects business cycle?

• Money Supply

• Climatic Changes

• Aggregate Demand

• Inventory Levels

What motivates a business owner to improve efficiency?

• Income

• Profits

• Sales

• Expenses

What is determined by counting the number of completed packages at a gift wrapping booth?

• Ratio

• Input

• Output

• Capital

Marketing functions involve interrelated activities to get goods and services from producers to:

• Consumers

• Wholesalers

• Retailers

• Manufacturers

What increases gross domestic product:

• Decreasing exports

• Improving the use of resources

• Reducing productivity

• Purchasing fewer capital goods

The point at which producers begin to make a profit on a product is known as: Total revenue - marginal cost = producer surplus

• Surplus

• Risk

• Demand

• Break Even

As the price of an item increases demand will:

• Remain constant

• Increase

• Decrease

• Create inflation

What happens to price when there is a surplus of a good or service?

• The price increases

• The price decreases

• The price remains the same

• The price fluctuates unpredictably

The purpose of government regulations of business monopolies is to:

• Eliminate natural monopolies

• Enforce equal opportunity

• Protect competition

• Regulate residual income

A business with well-planned buildings, effective employee training and careful selection of goods and services does what:

• Insures against

• Retains

• Prevent or control risk

• Transfer