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Q:
List the seven steps in creating an international advertising campaign.
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:
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:
What is the purpose of sales promotions? Describe 5 examples of sales promotions and give an example of each.
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:
Explain the concept of the present value of a single amount.
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:
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:
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 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:
In the above figure, at the firmʹs profit maximizing output, total revenue is rectangleA) 0P1AQ1. B) 0P3FQ3. C) 0P5EQ5. D) 0P2BQ1.
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:
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:
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.
Q:
What is true of the newspaper industry?
A) In many countries, newspapers hardly have any trouble achieving complete market coverage.
B) Most U.S. cities have three or four major daily newspapers.
C) In many countries, there is a time lag before advertisements can be run in a newspaper.
D) Since there is an indication that the space for advertising is paid for, it is easy to tell exactly how much advertising appears in a given newspaper.
E) Japan has more than 15 national daily newspapers, but the circulation numbers are low.
Q:
The additional revenue a firm obtains when it hires an additional worker (holding other inputs constant) is theA) marginal revenue product (MRP) of labor. B) total factor cost (TFC) per worker.C) general rule for hiring.D) marginal physical product (MPP) of labor.
Q:
Certain advertising media are forbidden by government edict to accept some advertising materials. Such restrictions are most prevalent in
A) Internet forums.
B) personal selling initiatives.
C) radio and television broadcasting.
D) trade shows and exhibitions.
E) direct selling and sales promotions.
Q:
According to the theory of regulation, regulators must take into account the preferences of legislators, consumers, and producers.A) capture B) general interestC) public interest D) share-the-gains, share-the-pains
Q:
An ordinary annuity refers to a series of equal payments made or received at the end of each period.
Q:
________ is especially important when an advertising budget is small, where there are severe production limitations, or where there are low literacy rates.
A) Class distinction
B) Politicization
C) Standardization
D) Creativity
E) Following a formula
Q:
In an industry with network effects and differentiated products, it is possible for the industry to become an oligopoly ifA) they engage in a zero -sum game. B) they use a price-leadership model.C) they use a kinked demand curve model.D) a few firms reap most of the sales gains resulting from positive market feedback.
Q:
The only way to avoid linguistic problems in advertising communication is by
A) creating an entirely new advertisement for the new market.
B) using only English in all media promotions.
C) developing a new version of the product for the new market.
D) performing in-country testing with the target consumer group.
E) using facial expressions and physical gestures in the advertisement.
Q:
The present value of an annuity table can be used to determine the series of equal payments that are required by a loan agreement.
Q:
Information products (e.g., software)
A) have relatively high fixed costs but low marginal and average variable costs.
B) have relatively low fixed costs but high marginal and average variable costs.
C) have relatively high fixed costs and relatively high marginal and average variable costs.
D) have relatively low fixed costs and relatively low marginal and average variable costs.
Q:
Advertising ________ in some countries can distort media choice by changing the cost ratios of various media.
A) taxation
B) language
C) demographics
D) cultural focus
E) channels
Q:
An annuity is a series of equal payments.
Q:
Monopolistic competitors advertise becauseA) they have downward sloping demand curves.B) the demand curves they face are very elastic.C) they produce goods that can be differentiated from the goods of other firms in the industry.D) they can earn long-run profits if they advertise.
Q:
Companies that rely on television infomercials and television shopping are restricted by the limitations placed on the ________ of television commercials permitted when their programs are classified as advertisements.
A) length and number
B) religious content
C) subliminal messaging
D) cost
E) ethnic focus
Q:
The profit-maximizing price and quantity established by the unregulated monopolist in the above figure areA) Q1 units of output and a price of P5. B) Q3 units of output and a price of P3. C) Q1 units of output and a price of P1. D) Q4 units of output and a price of P4.
Q:
What is especially vulnerable as EU member states decide which area of regulation should apply to these services?
A) newspaper advertising
B) radio advertising
C) outdoor services
D) personal selling
E) Internet services
Q:
Refer to the above figure. Which panel represents the long-run supply curve for a constant cost industry?A) Panel A. B) Panel B. C) Panel C. D) Panel D.
Q:
What is an example of comparative advertising?
A) an ad using a scantily clad model to promote a soft drink
B) an ad showing a celebrity smoking his preferred brand of cigarettes
C) an ad showing a dog choosing one brand of dog food over another brand
D) an ad showing the superiority of synthetic materials used in its products as compared to cotton
E) an ad using shocking or taboo material to promote a product
Q:
The number of periods in a future value calculation can only be expressed in years.
Q:
The price per unit times the total quantity sold isA) average revenue. B) marginal revenue.C) total revenue. D) price revenue.
Q:
Which statement about advertising laws is correct?
A) Advertising of pharmaceuticals is unrestricted in most countries.
B) Toy, tobacco, and liquor advertising is restricted in numerous countries.
C) Advertising on television is unregulated in most countries.
D) The Internet is the only medium where no restrictions exist in any country.
E) Television ads are exempted from tax in all countries.
Q:
Future value can be found if the interest rate (i), the number of periods (n), and the present value (p) are known.
Q:
Which step of the international communications process is important as a check on the effectiveness of the other steps?
A) selecting a proper message
B) encoding the message
C) selecting an appropriate channel of communication
D) decoding the message
E) feedback
Q:
The marginal cost curve intersectsA) the average fixed cost curve at its minimum. B) the average total cost curve at its maximum.C) the minimum of the average fixed cost, average variable cost and the average total cost curves.D) the minimum of the average variable cost and average total cost curves.
Q:
The ________ step in the international communications process refers to the information about the effectiveness of the message that flows from the receiver back to the information source for evaluation of the effectiveness of the process.
A) message channel selection
B) interpretation
C) encoding
D) decoding
E) feedback
Q:
Suppose you own $15,000 of personal property, $5,000 of stock in ABC Corporation, a $1,000 certificate of deposit, and $10,000 of government bonds. If ABC goes bankrupt, the most you could lose isA) $31,000. B) $26,000. C) $15,000. D) $5,000.
Q:
A manufacturer of sports bicycles uses various cycling legends and sports celebrities as brand ambassadors to promote its product in China. Bicycles in China are used mainly by the working class for commuting, not sports, so the promotional campaign was a failure. During which step of the international communications process did the manufacturer most likely go wrong?
A) information source
B) message channel
C) encoding
D) decoding
E) noise cancellation
Q:
The goal of the firm isA) low labor turnover. B) to maximize sales.C) to minimize costs. D) profit maximization.
Q:
In a present value or future value table, the length of one time period may be interpreted as one year, one month, or any other length of time.
Q:
Using the Internet as a communication medium when only a small percentage of an intended market has access to it is an example of an error related to
A) feedback.
B) decoding.
C) message channel selection.
D) encoding.
E) message selection.
Q:
An indifference curve between one dozen eggs and several dozens of eggs would beA) bowed in to the origin. B) bowed out from the origin.C) a downward sloping straight line. D) a straight line from the origin.