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Chapter 2 Marketing

Total questions: 73

Worksheet time: 49mins

Name
Class
Date
1.

How much of a good or service is available AND how much people want it. (The more people want it, the more they'll pay for it.)

a)

Scarcity

b)

Specialization

c)

Supply and Demand

d)

Standard of Living

2.

Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless. So people are forced to make choices.

a)

Scarcity

b)

Trade

c)

Standard of Living

d)

Human Resources

3.
Read the following two statements:
***People want more things than they have money to buy.
***The goods and services a society can produce at any one time are limited.
What problem results from these two conditions? 
a)
Imbalance of Power 
b)
Scarcity
c)
Excessive Wealth
d)
Opportunity Cost
4.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 
a)
rise
b)
fall
c)
stay the same
d)
Consumer
5.
The desire or willingness a consumer has to purchase a good or a service is called?
a)
shortage
b)
supply
c)
price
d)
demand
6.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
7.
When there is a shortage the price will usually? 
a)
rise
b)
fall
c)
remain the same
d)
equilibrium
8.
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
a)
The price will go up.
b)
The price will go down.
9.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
10.
Amazon Prime is selling Smencils.  There are only a few packs left and they are very popular.  What will happen to the price?
a)
The price will go up.
b)
The price will go down.
11.
How much people want something
a)
supply
b)
demand
12.
How much of something is available
a)
supply
b)
demand
13.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

a)

The supply will probably go up

b)

The supply will probably go down

14.

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

a)

The demand will probably go up

b)

The demand will probably go down

15.
In general, if the price of a good or service goes down, what happens to the demand for that good or service?
a)
demand goes up
b)
demand goes down
c)
demand stays the same
d)
none of the above
16.
In general, if the price of a good or service goes up, what happens to the demand for that good or service?
a)
demand goes up
b)
demand goes down
c)
demand stays the same
d)
none of the above
17.
Entrepreneurs enter business because they desire to make money. The term that best describes this is:
a)
Greed
b)
Pricing motive
c)
Profit motive
d)
Service
18.
Tangible items that businesses sell (those items that can be placed in a bag) are called:
a)
Products or Goods
b)
Services
c)
Combination products and service
d)
For-profit
19.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
20.
This part of the market determines SUPPLY
a)
buyers
b)
sellers
c)
consumers
d)
us
21.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
22.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
23.
Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?
a)
Prices or availability of substitutes
b)
Prices or availability of complementary goods
c)
Change in the weather or season
d)
Change in the number of buyers
24.
Which of the following will cause an increase in demand for snowboards?
a)
More costly production methods 
b)
A decrease in the price of lift tickets at resorts in Colorado 
c)
A decrease in consumer income   
d)
A decrease in the population 
25.
Which of the following would not shift the supply curve for iphones?
a)
an increase in the price of iphones
b)
a decrease in the number of sellers of iphone
c)
an increase in the price of plastic, an input into the production of iphones
d)
an improvement in the technology used to produce iphones
26.
Buying one ice-cream instead of two at lunch describes what concept 
a)
marginal utility 
b)
diminishing marginal utility
c)
demand
d)
consumerism 
27.
Area of economics that deals with behaviors and decision making of units 
a)
Microeconomics 
b)
demand curve 
c)
demand 
d)
marginal utility 
28.
The extra usefulness of satisfaction a person gets from acquiring of using one or more unit of a product 
a)
elasticity 
b)
marginal utility 
c)
substitutes 
d)
income effect 
29.
Describes very little a change in demand with a large change in price 
a)
elastic 
b)
inelastic 
c)
demand curve 
d)
price 
30.
Which Utility is this?
a)
Time
b)
Possession
c)
Information
d)
Place
31.
Which Utility is this?
a)
Possession
b)
Information
c)
Form
d)
Place
32.
Which Utility is this?
a)
Form
b)
Place
c)
Possession
d)
Information
33.
Which Utility is this?
a)
Form
b)
Place
c)
Time
d)
Information
34.
Which Utility is this?
a)
Possession
b)
Information
c)
Time
d)
Place
35.
Which Utility is this?
a)
Time
b)
Place
c)
Form
d)
Information
36.
Which Utility is this?
a)
Possession
b)
Form
c)
Information
d)
Place
37.
Which Utility is this?
a)
Possession
b)
Place
c)
Form
d)
Information
38.
Which Utility is this?
a)
Time
b)
Form
c)
Place
d)
Information
39.
Which Utility is this?
a)
Place
b)
Form
c)
Information
d)
Possession
40.
Utility is the
a)
benefit or satisfaction that a person gets from the consumption of a good or service
b)
measure of how useful a resource is in the production process
c)
measure of productivity associated with a good or service
d)
economic term for consumption possibilities
41.
Form utility results from changes in the tangible parts of a product or service. 
a)
True
b)
False
42.
A business that schedules its hours to better meet consumer needs provides place utility. 
a)
True
b)
False
43.
Offering auto leases rather than requiring customers to pay the full purchase price provides possession utility. 
a)
True
b)
False
44.
Convenience stores open 24 hours a day usually provide both time and place utility. 
a)
True
b)
False
45.
Possession utility does not occur until the consumer owns the product. 
a)
True
b)
False
46.
A business that mails movie rentals to consumers rather than requiring them to visit its store is primarily improving form. 
a)
True
b)
False
47.
Improving products through analyzing economic utility supports the marketing concept. 
a)
True
b)
False
48.
The amount of satisfaction a consumer receives from the consumption of a particular product or service is
a)
form utility
b)
possession utility
c)
time utility
d)
economic utility
49.
Packaging milk into smaller containers to meet the demand of people who live alone is an example of
a)
form utility
b)
possession utility
c)
time utility
d)
place utility
50.
Offering coupons or sale prices for a product provides 
a)
form utility
b)
possession utility
c)
time utility
d)
place utility
51.
Offering coupons or sale prices for a product provides 
a)
form utility
b)
possession utility
c)
time utility
d)
place utility
52.
When economic utility is improved
a)
prices charged by businesses will increase
b)
consumers will have fewer choices
c)
customers satisfaction improves as well
d)
competition will be greater
53.
A ________analysis is based on a customers changes in attitudes, lifestyles, and opinions.
a)
Demographic
b)
Social-Cultural(Psychographics)
c)
Geographic
d)
Behavioral
54.
The change in climate of the city, where a product is being sold will affect the __________region of the marketing plan.
a)
Geographic
b)
Demographic
c)
Psychographic
d)
Telepathic
55.
___________is based on the way a customer use the product.
a)
Mass Marketing
b)
Behavioral
c)
Target Market
d)
Demographic
56.
A customers interest in playing basketball can help a marketer determine his/her ______.
a)
Psychographic criteria
b)
Geographic criteria
c)
Demographic criteria
d)
Behavioral criteria
57.
Chad has an interest partying every weekend this can help a marketer determine his ______.
a)
Psychographic criteria
b)
Geographic criteria
c)
Demographic criteria
d)
Behavioral criteria
58.
Knowing a customers family size can not help determine the demographics of the target market.
a)
TRUE
b)
FALSE
59.
Ms. Montford's loyalty to purchasing only coach handbags will help in determining the_____ aspect of a Market Segmentation analysis.
a)
Target Market
b)
Behavioral
c)
Demographic
d)
Geographic
60.
Africa-American, Asian, Hispanic, Caucasian are fall into the __________ category which helps determine how to market a product in a region.
a)
Gender
b)
Income
c)
Marital Status
d)
Ethnic Background
61.
A consumer attitude includes all the following..
a)
healthy eating, trend-setting, exercising
b)
shoveling snow, wearing shorts in February 
c)
purchasing from the same company all the time
d)
moving from state to state
62.
___________ is a method used to identify customers with similar wants and needs.
a)
Selling
b)
Planning
c)
Market Segmentation
d)
Sales pitch
63.
Brandon lives in the hot Nevada desert where extreme weather conditions dictate what types of products he purchases. Which method would marketers be conscious of when promoting their merchandise in the region where Brandon lives?
a)
Behaviorial
b)
Psychographic
c)
Demographic
d)
Geographic 
64.
Which market segmentation method is selected when classifications of age, gender, income, or family size is utilized.
a)
Behaviorial
b)
Psychographic
c)
Demographic
d)
Geographic
65.

The process of dividing a market of potential customers into groups based on different characteristics is called

a)

Market Segmentation

b)

Market Analysis

c)

Demographics

d)

Consumer identification

66.

The term "Demographics" refers to

a)

Grouping potential customers based on their beliefs and preferences

b)

Grouping potential customers based on whether or not they have purchased a product in the past

c)

Grouping potential customers using statistical data such as age, race and gender

d)

Grouping potential customers based on where they live

67.

Which of these is NOT a Demographic characteristic, or a statistical way of grouping people that is tracked in the US Census?

a)

Age

b)

Household Income

c)

Race

d)

Political preference

68.

Which of these answer includes ONLY examples of demographics?

a)

Marital status, religion, ethnicity

b)

Household income, gender, race

c)

Age, geographical location, gender

d)

Race, age, hobbies

69.

Segmenting a market based on customers' attitudes, opinions, and interests is called

a)

Demographics

b)

Psychographics

c)

Geographics

d)

Market Segmentation

70.

When a business divides its market on the basis of where its customers live is called

a)

geographic segmentation

b)

demographic segmentation

c)

psychographic segmentation

d)

behavioral segmentation

71.

Segmenting a market based on customers' buying habits is an example of

a)

demographic segmentation

b)

psychographic segmentation

c)

behavioral segmentation

d)

geographic segmentation

72.

Demographics includes grouping customers based on which three of these characteristics?

a)

Marital status

b)

Gender

c)

Ethnicity

d)

Buying habits

73.

Targeting a group of potential consumers using psychographic characteristics might include using data about

a)

music preferences

b)

race

c)

age

d)

gender

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