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Questions
Q:
The first step in managing a sales force is making a decision regarding its design.
Q:
Firms in a monopolistically competitive market will advertise because
A) they want to differentiate their products.
B) they want to increase the elasticity of the demand curve.
C) of the significant differences in their product over their competitors.
D) the elasticity for their product is inelastic.
Q:
The role of public relations is to create good relationships with the popular press and other media to help companies communicate messages to their publics.
Q:
In the above figure, marginal cost and marginal revenue are equal at outputA) Q5. B) Q1. C) Q3. D) Q2.
Q:
While developing an international advertisement campaign, the last step of the process is executing the campaign.
Q:
Refer to the above figure. Which panel represents the long-run supply curve for a decreasing cost industry?A) Panel A. B) Panel B. C) Panel C. D) Panel D.
Q:
Of all the elements of the marketing mix, decisions involving advertising are those most often affected by cultural differences among country markets.
Q:
Refer to the above table. The table represents information on the costs for Ajax Corporation. Ajax operates in a perfectly competitive market and the price of the product is $9. What does total revenue equal when quantity equals 4?A) $4 B) $9 C) $30 D) $36
Q:
Sales promotions constitute the major portion of the promotional effort in rural and less accessible parts of a market.
Q:
Sales promotions are long-term IMC efforts directed to the consumer or retailer.
Q:
Which equation is used by a manager when considering total cost?A) total costs (TC) = consumption (C) + investment (I) + government (G) B) total costs (TC) = average fixed costs (AFC) + number of workersC) total costs (TC) = average total costs (ATC)D) total costs (TC) = total fixed costs (TFC) + total variable costs (TVC)
Q:
Contests, sweepstakes, and sponsorship of special events such as concerts are techniques used for maintaining and improving public relations.
Q:
A legal claim entitling the owner of the claim to fixed annual payments and a lump -sum payment is called a(n)A) equity share. B) bond. C) stock. D) debit.
Q:
Sales promotions are marketing activities that stimulate consumer purchases and improve retailer or middlemen effectiveness and cooperation.
Q:
Economists assume that the goal of a firm is toA) maximize economic profits. B) sell as many units as possible.C) maximize gross revenues. D) be the largest firm in its industry.
Q:
For most companies, trade shows and direct selling are the major components in the marketing communications mix.
Q:
Which of the following is NOT true about indifference curves?A) Indifference curves slope downward.B) Indifference curves show equally preferred combinations of two goods.C) Indifference curves are not straight lines because the marginal rate of substitution falls. D) Indifference curves shift when prices change.
Q:
How might social media be used as a marketing tool? What do international advertisers need to do to take advantage of this medium?
Q:
Refer to the above figures. Amyʹs total utility for chocolate chip cookies reaches a maximum at 4 cookies. Which panel best represents marginal utility?A) Panel A B) Panel B C) Panel C D) Panel D
Q:
Explain the significance of radio and television in international advertising. How has this changed over time?
Q:
The absolute price elasticity of demand for a product that has many good substitutes is probablyA) less than 1. B) greater than 1. C) equal to 1. D) infinity.
Q:
In an international advertising process, what four factors must be considered by an advertiser while selecting a medium? Describe them and give an example.
Q:
The price elasticity of demand measuresA) the consumersʹ sensitivity to a price change. B) the producersʹ sensitivity to a price change.C) how much the market price changes in response to a change in demand. D) how much the demand changes in response to a change in income.
Q:
How does cultural diversity influence the IMC process? Give examples.
Q:
In general, we would expect the marginal cost of pollution abatement to beA) zero.B) decreasing. C) increasing. D) constant.
Q:
Language is one of the major barriers to effective communication through advertising. Explain with an example.
Q:
Which of the following statements about Social Security is FALSE?A) Social Security is an intergenerational transfer where the benefits paid are only roughly related to past earnings.B) Over 90 percent of all employed workers in the United States are covered by Social Security.C) Benefit payments under Social Security are based on the recipientʹs need.D) Benefit payments under Social Security redistribute income from young to old.
Q:
The encoding step has many factors that can affect the interpretation of the message. Explain with an example.
Q:
Refer to the above figure. The wage rate under perfect competition isA) W2. B) W3. C) W4. D) W5.
Q:
Describe the seven essential elements of the international communications process that affect the accuracy of the message.
Q:
Explain the concept of the future value of an annuity.
Q:
The United Auto Workers is an example ofA) a public-sector union. B) a craft union.C) an industrial union. D) a socialist union.
Q:
List the seven steps in creating an international advertising campaign.
Q:
Explain the concept of the present value of an annuity.
Q:
The additional output from one more worker is known asA) marginal revenue product. B) marginal physical product.C) marginal factor cost. D) marginal wage.
Q:
Describe the role of public relations (PR).
Q:
Explain the concept of the future value of a single amount.
Q:
The ʺprimary motiveʺ of regulators, according to the share -the-gains, share-the-pains theory, is toA) maximize their income through accepting monetary payoffs from groups. B) ensure that every group gets what it wants.C) ensure that all customers share the benefits of regulation, and not just the wealthiest consumers.D) keep their jobs.
Q:
What is the purpose of sales promotions? Describe 5 examples of sales promotions and give an example of each.
Q:
Explain the concept of the present value of a single amount.
Q:
The idea that if enough consumers cut back on their use of a product it induces other consumers to do the same is referred to asA) positive market feedback. B) non-dynamic market feedback. C) negative market feedback. D) elicit market feedback.
Q:
Which country has the most egregious control over advertising, where each medium has its own censorship board that passes judgment on any advertising even before it is submitted for approval by the Ministry of Information?
A) Germany
B) France
C) Myanmar
D) Australia
E) Argentina
Q:
What is interest?
Q:
Which of the following statements is INCORRECT regarding the properties of information products?A) Providing an information product entails incurring relatively high fixed costs.B) The average total cost curve for a firm that sells an information product slopes upward.C) The firm experiences economies of operation in the short run.D) In the long run, the producer earns sufficient revenue to cover the opportunity cost of capital.
Q:
Skepticism and negative attitudes about advertising, along with poor practices by some advertisers, have resulted in the International Advertising Association
A) producing public service announcements to improve their image.
B) banning certain types of ads.
C) hiring public relations professionals.
D) asking governments to intervene.
E) developing self-regulating codes of conduct.
Q:
A monopolistic competitor behaving in a profit -maximizing way willA) not advertise.B) advertise as much as it can in order to increase its sales.C) advertise to the point where the additional sales from advertising equal the additional marginal costs of the product.D) advertise to the point where the additional revenue from one more dollar of advertising just equals the extra dollar cost of advertising.
Q:
Chad is setting up a retirement fund, and he plans on depositing $5,000 per year in an investment that will pay 7% annual interest. How long will it take him to reach his retirement goal of $69,080?
A.13.816 years
B.0.072 years
C.10 years
D.20 years
E.5 years
Q:
The assault on advertising of ________ is escalating, as evidenced by the World Health Organization launching a global campaign against it.
A) trans fat
B) alcohol
C) tobacco products
D) pharmaceuticals
E) animal-derived products
Q:
In the above figure, at the firmʹs profit maximizing output, total revenue is rectangleA) 0P1AQ1. B) 0P3FQ3. C) 0P5EQ5. D) 0P2BQ1.
Q:
________ in advertising is a thorny issue because most member countries of the European Commission have different interpretations of what constitutes a misleading advertisement.
A) Discrimination
B) Endorsement
C) Deception
D) Plagiarism
E) Fear mongering
Q:
Refer to the above figure. Which panel represents the long-run supply curve for an increasing cost industry?A) Panel A. B) Panel B. C) Panel C. D) Panel D.
Q:
What is true of advertising agencies for international advertising?
A) The cross-cultural communication between a foreign client and a local agency can be problematic.
B) A multinational agency always has the best feel for a market.
C) Only a multinational agency can provide the best cultural interpretation in a situation in which local modification is required.
D) Only a local domestic agency can provide a company with a high level of sophistication.
E) Agency commission patterns are consistent throughout the world.
Q:
A study of a representative sample of European consumers indicated that
A) nearly 8 in 10 believed ads were often deceptive about product quality.
B) most believed advertising was necessary for product purchase decisions.
C) most considered ads enjoyable and entertaining.
D) about 1 in 10 believed advertising meant higher prices for a product.
E) advertising was a way to obtain valuable information about products.
Q:
Total revenue divided by quantity isA) average revenue. B) marginal revenue. C) quantity revenue D) price revenue.
Q:
In the context of international advertising, companies are moving from the commission system to a ________ system.
A) tactical
B) standardized
C) reward-by-results
D) self-regulation
E) business-to-business
Q:
Which of the following would be an example of a fixed cost to a firm?A) rent for the building it occupies B) wages for the laborersC) the cost of raw materials D) electricity and other fuel costs
Q:
In Spain, a new medium for advertising called Publicoche involves
A) lasers projected onto clouds.
B) private cars that are painted with advertisements.
C) buses fitted with television sets showing promotional messages.
D) financing of popular sporting and entertainment events.
E) hot air balloons printed with promotional messages.
Q:
A company raises funds by selling 5 million shares of common stock to 5,000 shareholders and $1 million bonds to 1,000 bondholders. The number of individuals who vote for the companyʹs board of directors isA) 6,000. B) 5,000. C) 1,000. D) 5,000,000.
Q:
In the context of international advertising, ________ is the neon capital of the world.
A) Paris
B) Hong Kong
C) London
D) Sydney
E) Braslia
Q:
A basic tenet of the theory of the firm is that the firmʹs primary objective is toA) stay out of debt.B) produce a given level of output at a specified cost. C) maximize economic profits.D) operate for the benefit of society.
Q:
Billboards are especially useful in countries:
A) with high income levels.
B) where the laws governing the Internet are very complicated.
C) with high illiteracy rates.
D) where sales promotions are ineffective.
E) where people prefer buying in small quantities.
Q:
If the marginal utility of each good is constant as consumption increases, the indifference curves areA) horizontal. B) vertical.C) straight lines. D) positively sloped.
Q:
Blogs, virtual worlds, and video sharing are examples of media commonly known as
A) global media.
B) local media.
C) social media.
D) Texas Visual Imaging.
E) widespread media.
Q:
Refer to the above figures. Which panel best represents marginal utility?A) Panel A. B) Panel B. C) Panel C. D) Panel D.
Q:
In the context of consumer products, what is the major limitation of the Internet?
A) knowledge of how to use the Internet
B) accessibility outside the United States
C) government regulations on the use of the Internet
D) difficulty in tracking the effectiveness of advertisements on the Internet
E) cost of using the Internet
Q:
The absolute price elasticity of demand for a product for which annual expenditures make up a very small share of a typical consumerʹs budget is probablyA) less than 1. B) equal to 1. C) greater than 1. D) infinity.
Q:
Compensation arrangements for advertising agencies throughout the world are based on the U.S. system of ________ commissions.
A) 15 percent
B) 25 percent
C) consistent
D) no
E) shared
Q:
Suppose that when the price of a soft drink rises 10%, the quantity demanded of the soft drink falls 5%. Based on this information, what is the approximate absolute price elasticity of demand for soft drink?A) 0.05 B) 0.2 C) 0.5 D) 2.0
Q:
Which medium suffer(s) from issues such as difficulty in assessing taxes, unfair competition, import duties, and privacy?
A) the radio
B) direct mail
C) magazines
D) newspapers
E) the Internet
Q:
In the process of reducing pollutants in our environment, we areA) achieving a cleaner environment at no real cost. B) causing higher levels of unemployment.C) reallocating resources in an inefficient manner.D) trading off less of other goods and services for a cleaner environment.
Q:
Direct mail is an unpopular medium in Chile because
A) the literacy level in Chile is extremely low.
B) customers must pay for every item delivered by the letter carrier.
C) it uses paper; hence, it is considered a threat to the environment.
D) its reach is extremely limited.
E) it is subject to complicated government regulations.
Q:
Which interest rate column would you use from a present value table or a future value table for 8% compounded quarterly?
A.12%.
B.6%.
C.3%.
D.2%.
E.1%.
Q:
_______ allows ESPN to fill blank walls, streets, or stadium sidings with computer-generated visuals that look like they belong in the scene.
A) Self-extracting archive
B) Princeton Video Imaging
C) High Definition Television
D) HighMAT (High Performance Media Access Technologies)
E) Conditional Access System
Q:
Which of the following statements is an accurate statement about the Social Security (OASDI) program?A) The program is financed by voluntary contributions. B) Only 50 percent of workers are covered by OASDI.C) Benefits are based on financial need.D) The program transfers income from those who work to those who do not work.
Q:
Interest is:
A.Time.
B.A borrower's payment to the owner of an asset for its use.
C.The same as a savings account.
D.Always a liability.
E.Always an asset.
Q:
One of the drawbacks of satellite TV is
A) the cost of creating a high quality ad for satellite television.
B) the limited market penetration of satellite television.
C) the number of intermediaries required for satellite service transmission.
D) the government regulations placed on satellite advertising.
E) governments' fear of a loss of control over their airwaves and messages.
Q:
Refer to the above figure. Under monopsony, the wage rate will beA) W1. B) W2. C) W3. D) W5.
Q:
________ are considered to be major communications media in most countries due to their inherent entertainment value.
A) Newspapers and magazines
B) Radio and television
C) Newspapers and billboards
D) Billboards and television
E) Radio and newspapers
Q:
The future value of an ordinary annuity is the accumulated value of each annuity payment with interest one period after the date of the final payment.
Q:
Which of the following is a correct statement about unions in the United States?A) The trend away from manufacturing and the deregulation of certain industries has promoted unionization of the U.S. workforce.B) Half of the top ten U.S. unions now have members who work in service and government occupations.C) Since the 1960s, there has been a gradual increase in the proportion of U.S. workers who are members of unions.D) Half of all U.S. workers are union members.