Marketing Principles Final Exam

What are the two categories in which Economics is broadly divided?

• Government and Cultural

• Macroeconomics and Microeconomics

• Social and Business

• Large Scale and Small Scale

What is the analysis of a company’s internal strengths and weaknesses and external opportunities and threats?

• POP Analysis

• Business Analysis

• SWOT Analysis

• None of the above

The loss of potential gain from among other alternatives, when one alternative is chosen is known as ______________?

• Opportunity cost
• Loss of Profit

• Alternative gain

• Gain of Choices

Choosing between two things that can’t be had or done at the same time; so it’s giving up something you want in exchange for something else you want, often as a compromise is commonly known as _________?

• Profit Exchange

• Alternative Gain

• Trade-off

• Item Debate

What are the economic question(s) that every society must answer?

• What should be produced?

• How it should be produced?

• For whom it is being produced?

• All of the above

All the components needed for production including natural resources, labor, capital goods, and expertise is known as ___________?

• Supplies

• Resources

• Necessities

• Aspects of production

Talking to a friend is considered to be a(n) ___________?

• Economic Wants

• Noneconomic Wants

What is the total amount of goods and services used by an economy?

• Ultimate Production

• Final Usage

• Resource Degradation

• Total Consumption

If there is a 9% increase in prices from one year to the next what has taken place in the economy?

• Bull Market

• Deflation

• Inflation

• Bear Market

The portion of the economy that is controlled or owned by the government is considered ___________?

• Federal Sector

• Public Sector

• Private Sector

• Usage Sector