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Q:
The Present Value of 1 formula is often useful when a borrowed asset must be repaid in full at a later date and the borrower wants to know its worth at the future date.
Q:
Using newspapers or magazine ads as a channel of communication when the majority of the intended users cannot read is an example of ineffective ________ in the communications process.
A) feedback
B) media channel selection
C) noise
D) market selection
E) message selection
Q:
As marginal utility declines but remains positive, thenA) total utility continues to increase but at a decreasing rate.B) total utility also declines. C) total utility is unaffected. D) none of the above.
Q:
In the context of the communications process in advertising, problems of literacy, media availability, and types of media create challenges in the communications process at the ________ step.
A) feedback
B) decoding
C) amplification
D) encoding
E) message selection
Q:
Which of the following is NOT a determinant of the price elasticity of demand?
A) the number of producers of the good
B) the number of substitutes available to buyers
C) the time consumers have to adjust to a price change
D) expenditures on the item as a percentage of a consumerʹs total budget
Q:
The number of periods in a present value calculation can only be expressed in years.
Q:
Janel, a media consultant, is helping the integrated marketing communications manager of a French cosmetics company with the design and content to be used in an upcoming promotional campaign in Japan. The IMC manager knows what to convey but wants to word it in a culturally relevant manner. With which step of the international communications process is Janel helping the company?
A) encoding of the message
B) choosing an appropriate channel for the message
C) decoding of the message
D) providing feedback from customers
E) reducing noise from competing ad campaigns
Q:
The price elasticity of demand is a measure ofA) the responsiveness of the quantity demanded of a good to a changes in the price of the good.B) the quantity demanded of a good at a given price.C) the demand for a product holding prices constant.D) the horizontal shift in the demand curve when the price of a good changes.
Q:
A company can use present and future value computations to estimate the interest component of holding assets over time.
Q:
Which element of the international communications process comprises external influences such as competitive advertising, other sales personnel, and confusion at the receiving end that can detract from the ultimate effectiveness of the communication?
A) selecting a message source
B) encoding
C) selecting a message channel
D) decoding
E) noise
Q:
According to economic analysis, the optimal level of pollution isA) always zero.B) at the point at which the marginal benefits of pollution control exceed the marginal cost. C) at the point at which the marginal benefits of pollution control are less than the marginal cost.D) at the point at which the marginal benefits from pollution control are equal to the marginal cost.
Q:
An interest rate is also called a discount rate.
Q:
A multinational pharmaceutical company used a saffron trident in a promotional campaign for one of its drugs in India. The saffron trident, a religious symbol in India, was meant to indicate the three levels of efficacy of the drug but mistakenly conveyed a religious message to Indians. This miscommunication indicates a problem associated with which step of the international communications process?
A) encoding
B) noise cancellation
C) media channel selection
D) message transmission
E) information source selection
Q:
Which of the following statements about the Social Security (OASDI) program is FALSE?A) Benefits are paid to individuals who would be financially secure in their absence. B) Benefits are based on need.C) Benefits are an intergenerational transfer program from those who work to those who donʹt work.D) When an insured worker dies, benefits continue for widows or other dependents.
Q:
From the perspective of a depositor, a savings account is a liability with interest.
Q:
________ is defined as the interpretation by the receiver of the symbolism transmitted from an information source.
A) Encoding
B) Message selection
C) Decoding
D) Message channel selection
E) Feedback evaluation
Q:
Under monopsony, marginal factor cost isA) equal to the wage rate.B) below the wage rate but increases as more workers are hired.C) greater than the wage rate. D) downward sloping.
Q:
An international marketing executive with a product message to communicate specifically acts as a(n)
A) decoder.
B) information source.
C) receiver.
D) encoder.
E) noise source.
Q:
Interest is the payment to the owner of an asset for its use by a borrower.
Q:
Collective bargaining refers toA) negotiations between workers and health officials.B) negotiations between management of a company and a labor union.C) farming methods in Marxist states.D) the process of electing union leaders.
Q:
The sales force of a company that provides the company's product specifications to the customer acts as a(n)
A) decoder.
B) interpreter.
C) receiver.
D) message channel.
E) noise.
Q:
During ________, the message from the source is converted into effective symbolism for transmission to a receiver.
A) interpretation
B) scrambling
C) standardizing
D) decoding
E) encoding
Q:
The MRP of labor will shift to the left ifA) labor productivity increases. B) labor productivity decreases.C) wages increase. D) wages decrease.
Q:
During which step of the international communications process does the receiver of the message interpret symbolism transmitted from an information source?
A) selecting a message
B) encoding
C) selecting a message channel
D) decoding
E) identifying the sources of noise
Q:
Economists who think the capture theory explains regulatory behavior will support their claims by noting that
A) regulation as carried out in this country generates larger profits for the firms and does not generate lower prices for consumers.
B) consumers actually dominate regulatory hearings through the influence of consumer advocacy groups.
C) Congress ensured that consumers have more influence on the decisions of regulators by setting up the agencies in ways that insulated the regulators from the regulated firms.
D) the firms that are regulated have greater incentive to try to influence regulators than do consumers.
Q:
The emergence of pan-European communications media will most likely cause companies to
A) opt for localized promotional campaigns.
B) opt for greater customization of promotional efforts.
C) promote their products only in English.
D) use only the Internet as their message channel.
E) choose more standardized promotional efforts.
Q:
Because all of his friends stopped exclusively wearing black clothes, Doug wears anything but black clothes. This is known asA) a negative sum game. B) collusion.C) positive market feedback. D) negative market feedback.
Q:
Due to differences in culture in different markets, standardized products that are marketed globally will most likely require
A) different advertising appeals.
B) different primary functions.
C) consistent promotional messages.
D) standardized marketing strategies.
E) standardized secondary attributes.
Q:
For a firm that sells an information product, the long -run equilibrium exists at a point whereA) price equals average total cost. B) price equals average variable cost.C) price equals average fixed cost. D) price equals marginal cost.
Q:
What is an example of the primary function of a product?
A) the ability of a camera to take a picture
B) the design and form factor of a phone
C) the color of a cell phone
D) the prestige associated with driving a car
E) the shape of speakers
Q:
The key feature of monopolistic competition isA) interdependence of the firms. B) lack of advertisement.C) product differentiation.D) the small number of firms in the industry.
Q:
When developing an international advertisement campaign, what is the first step of the process?
A) Compose and secure a budget based on what is required to meet goals.
B) Specify the goals of the communication.
C) Select effective media.
D) Execute the campaign.
E) Perform marketing research.
Q:
The profit maximizing behavior of a monopoly is different from that of a perfectly competitive firm in that a monopoly canA) only choose the desired output, while a competitive firm can control only price. B) only choose the desired price, while a competitive firm can control only output. C) control the position of its demand schedule, but a competitive firm cannot.D) control the desired price and output to maximize profits, but a perfectly competitive firm can only choose the desired output.
Q:
In the context of international advertising, it has been observed that advertising expenditures are generally
A) linear.
B) supplemental.
C) minimal.
D) cyclical.
E) one-time only.
Q:
Firms in a perfectly competitive industry are earning economic losses. This isA) a signal to entrepreneurs that some of the firms in the industry should exit and the resources of these firms should move into production of other goods.B) a signal to entrepreneurs that additional resources should be brought into this industry in order to make it profitable.C) a signal that the entrepreneurs are doing a poor job and should become workers for someone else.D) a signal to government officials that a subsidy is needed for the firms in the industry.
Q:
Of all the elements of the marketing mix, decisions involving ________ are those most often affected by cultural differences among country markets.
A) direct selling
B) public relations
C) trade shows
D) advertising
E) sales promotion
Q:
The total amount received from the sale of output isA) average revenue. B) marginal revenue.C) total revenue. D) price revenue.
Q:
In an international advertising campaign, what happens once the goals of the communication have been specified?
A) Develop the most effective message(s) for the market segments selected.
B) Compose and secure a budget.
C) Select effective media.
D) Execute the campaign.
E) Evaluate the campaign relative to the goals specified.
Q:
Suppose there are fixed costs and marginal costs that are constant. Then we know thatA) average total costs are also constant.B) average variable costs decrease continuously as output increases, and lie above the marginal cost curve.C) average total costs decrease continuously as output increases, and lie above the average variable cost curve, which also is decreasing continuously.D) average total costs decrease continuously as output increases, and lie above the average variable cost curve, which is constant.
Q:
Corporate ________ might be classified as an aspect of sales promotions or public relations, though they also bear a connection to advertising.
A) entrepreneurships
B) sustainability
C) governance
D) espionage
E) sponsorships
Q:
If a corporation fails, the last recipients of funds that may remain areA) preferred stockholders. B) common stockholders.C) bond holders. D) government tax collectors.
Q:
Since 2007, FedEx has contributed millions to the PGA Tour, and as its most lucrative donor, an event is named after the company. This is an example of
A) an entrepreneurship.
B) sustainability.
C) governance.
D) a bribe.
E) a sponsorship
Q:
On a bar graph comparing a firmʹs economic profit with its accounting profit, it will always be true thatA) explicit costs will be greater in the column representing accounting profit. B) explicit costs will be greater in the column representing economic profit. C) total revenue will be greater in the column depicting accounting profit.D) opportunity costs will be missing from the column depicting accounting profit.
Q:
Which element of integrated marketing communications includes encouraging the press to cover positive stories about companies and managing unfavorable rumors, stories, and events?
A) public relations
B) direct selling
C) crisis management
D) personal selling
E) sales promotion
Q:
An indifference curve cannot be positively sloped becauseA) the law of diminishing marginal utility would be violated. B) the substitution effect would be violated.C) a point to the right of another point will represent a lower quantity of both goods and a reduction in utility.D) a point to the right of another point will represent a higher quantity of both goods and an increase in utility.
Q:
Which statement best defines the concept of public relations?
A) It is the practice of using the public to promote a company's products through vehicles like blogs.
B) It is the direct sale of goods at discount rates to the public at trade fairs.
C) It the creation of relationships with the media to help communicate messages to their customers, the general public, and governmental regulators.
D) It is the distribution of samples and coupons directly to the public.
E) It is the use of various forms of promotions to improve relationships with customers..
Q:
If we are graphing total utility, then the total utility curve willA) always be increasing.B) always be decreasing.C) be increasing as long as marginal utility is positive.D) be horizontal if marginal utility is positive.
Q:
An especially effective promotional tool when a product concept is new or has a very small market share is
A) sponsorship.
B) sweepstakes.
C) product sampling.
D) contests.
E) product tie-ins.
Q:
Which of the following is NOT a determinant of the price elasticity of demand?
A) the availability of potential substitutes
B) the share of the budget spent on the item
C) the time the consumer has to adjust to the price change
D) the cost to produce the product
Q:
In-store demonstrations, samples, coupons, contests, and sweepstakes are examples of ________ devices.
A) personal selling
B) sales promotions
C) content marketing
D) direct selling
E) public relations
Q:
Attaining higher and higher levels of air cleanliness causesA) additional costs to rise to increasingly high levels.B) larger and larger increases in per capita incomes. C) additional costs to fall to lower and lower levels. D) larger and larger marginal benefits to society.
Q:
Sales promotions are short-term efforts directed to the consumer or retailer to achieve specific objectives such as
A) consumer product trial or immediate purchase.
B) reducing advertising expenses.
C) discouraging stores from stocking a product.
D) eliminating the need for retail point-of-purchase displays.
E) long-term performance of a product.
Q:
If an individual receives in-kind transfers from the government in the form of food stamps, public housing, and so on, his money income isA) less than his total income.B) greater than his total income.C) the same as his total income.D) equal to his in-kind income plus his wages.
Q:
Sales promotions are
A) marketing activities that stimulate consumer purchases and improve retailer or middlemen effectiveness and cooperation.
B) long-term efforts directed to a manufacturer or supplier.
C) composed of activities that encourage the press to cover positive stories about companies.
D) ineffective in markets where consumers are hard to reach.
E) the only element of the marketing mix that are affected by cultural differences among country markets.
Q:
A monopsonist is currently employing 50 workers at $10 an hour. It wants to hire an additional worker, but will have to pay the worker $10.10. The marginal factor cost isA) ten cents.B) $10.00. C) $10.10. D) $15.10.
Q:
What are the major components in the marketing communications mix for most companies?
A) public relations and advertising
B) direct selling and trade shows
C) advertising and personal selling
D) public relations and sales promotions
E) direct selling and sales promotions
Q:
Workers in the United States were granted the legal right to engage in collective bargaining by theA) National Labor Relations Act. B) Taft-Hartley Act.C) Landrum-Griffin Act. D) Knights of Labor Act.
Q:
Integrated marketing communications include
A) marketing management.
B) research and development.
C) human resources.
D) logistics.
E) advertising.
Q:
The MRP of labor will shift to the right ifA) labor productivity increases. B) labor productivity decreases. C) wages increase. D) wages decrease.
Q:
Most toy manufacturers would agree that toys cannot be marketed profitably in countries without commercial television advertising directed toward children. In this scenario, commercial television advertising exemplifies the availability of appropriate
A) demonstrations.
B) personal selling services.
C) direct mailing services.
D) public relations.
E) communication channels.
Q:
According to the capture hypothesis of regulation,
A) regulation favors producers over consumers because the producers were able to pay off the regulators.
B) regulation eventually favors producers over consumers because the producers have more at stake than individual consumers.
C) regulation benefits the regulators and the legislators who support the regulation by enabling them to obtain favors from both producers and consumers.
D) regulation benefits the consumers over producers because the number of consumers is greater than the number of producers, giving the consumers more political clout.
Q:
As advertising agencies have expanded internationally, local agencies have virtually disappeared.
Q:
Sunil has decided not to purchase another can of Stosh because his friends laughed at him the last time he purchased some. Stosh is no longer a popular item. Sunilʹs action is known asA) price-leadership. B) negative-sum game.C) positive market feedback. D) negative market feedback.
Q:
In the context of international advertising, search engines have now become crucial directors of Internet users' attention.
Q:
The long-run equilibrium for a firm in an information product industry exists at a point at which
A) marginal cost equals marginal revenue.
B) the demand curve crosses the marginal cost curve.
C) the demand curve is tangent to the average total cost curve.
D) average total cost is minimized.
Q:
International advertisers use foreign national consumer magazines extensively because they have dependable circulation figures.
Q:
International advertisers prefer global television (satellite broadcasts) due to the availability of accurate market data in most countries.
Q:
The demand for the product of a monopolistically competitive firm is highly elastic whenA) firms collude. B) there are fewer firms in the industry. C) there is a lot of product differentiation. D) there are a lot of close substitutes.
Q:
In international advertising, an advertiser should consider availability, cost, and coverage of media.
Q:
Suppose a monopolistʹs costs and revenues are as follows: ATC = $50.00; MC = $45.00; MR = $40.00; P = $55.00. The firm shouldA) increase output and decrease price. B) decrease output and increase price.C) not change output or price. D) shut down.
Q:
Industrial advertisers rarely use direct mail for advertising.
Q:
Profits and losses are true signals because theyA) convey information about true long-run profits. B) cannot be misinterpreted by entrepreneurs.C) convey information about where to place resources and reward people who act on the information.D) reward people who make profits with even more profits and punish those who make losses with even more losses.
Q:
Satellites have the ability to span a wide geographical region covering many different cultures.
Q:
Refer to the above figure. If an individual firm wants to maximize economic profits, it shouldA) charge $5 for its product.B) charge more than $5 for its product since increasing the price will increase revenues. C) charge less than $5 for its product since a lower price will attract more customers.D) withdraw its product from the market forcing the market price up.
Q:
In spite of their inherent entertainment value, radio and television have not been able to become major communications media in most nations.
Q:
Refer to the above figure. Curve (4) is theA) total fixed cost curve. B) marginal product curve.C) average fixed cost curve. D) average variable cost curve.
Q:
If a corporation fails, the first recipients of funds that may remain areA) preferred stockholders. B) common stockholders.C) bond holders. D) no one.
Q:
With some exceptions, usually a majority of the population of less developed countries can be reached readily through the traditional mass medium of advertising.
Q:
To find economic profit from accounting profit, it is necessary toA) subtract dividends. B) add retained earnings.C) subtract the opportunity cost of capital. D) add depreciation expense.
Q:
The French government until recently forbade TV ads for retailers, publishing, cinema, and the press.