Sports Marketing Fall 24 Final Exam Review

The amount of product available to the market is known as which of the following?

• Interest

• Demand

• Supply

• Resources

Which of the following is the rule which states at some point adding more factors to a production process will not improve returns?

• Factors of production

• Place utility

• Specialization

• Law of diminishing returns

Advertising which informs consumers about a new product is an example of which of the following?

• Information utility

• Place utility

• Time utility

• Possession utility

Which of the following types of utility enhances value by creating more useful or desirable products out of raw materials or separate parts?

• Possession

• Information

• Time

• Form

When companies are understaffed employees can become overworked, cause a hostile work environment and increase the time of production.

• True

• False

Unprofitable firms negatively affect the economy by increasing the job market and increasing salaries and benefits.

• True

• False

When describing supply and demand, which of the following defines when a product is demanded in larger quantities than is produced?

• Equilibrium

• Demand

• Shortage

• Surplus

Gross National Income includes all of the income earned by a country’s residents and businesses including those earned abroad.

• True

• False

Current events can impact personal financial decisions, particularly through the stock market?

• True

• False

Which of the following is an example of an objective?

• Increase sales

• Increase repeat business by 15 percent over one year

• Improve post-purchase relationships with customers

• Call customers to verify satisfaction