Question 1

Smaller businesses often sell their unusable and excess inventory to _____, which are firms that find buyers for these items.

Accepted Answer

Liquidation brokers specialize in finding buyers for excess and unusable inventory for smaller businesses.

Question 2

One rough measure of _____-a Web site's ability to keep visitors on the site and attract repeat visitors-is how long each user spends at a Web site.

Accepted Answer

The answer of One rough measure of _____-a Web site's...

Question 3

Started at Duke University in 1979, _____ was a set of interconnected computers devoted to storing information on specific topics.

Accepted Answer

The answer of Started at Duke University in 1979, _____...

Question 4

_____ software is developed by a community of programmers who make the software available for download at no cost.

Accepted Answer

The answer of _____ software is developed by a community...

Question 5

_____ is the practice of lending very small amounts of money to people who are starting or operating small businesses, especially in developing countries.

Accepted Answer

The answer of _____ is the practice of lending very...

Question 6

The most common format used on eBay is a computerized version of the _____ auction.

Accepted Answer

The English auction is the most common format used on eBay, where the starting price is set low and buyers bid against each other, with the highest bidder winning the item. It is also known as an open ascending price auction.

Question 7

_____ refers to the conversion of existing regular site visitors seeking free information or services into fee-paying subscribers or purchasers of services.

Accepted Answer

The answer of _____ refers to the conversion of existing...

Question 8

The New York Stock Exchange conducts _____ auctions of stocks and bonds in which the auctioneer, called a specialist, manages the market for a particular stock or bond issue.

Accepted Answer

The answer of The New York Stock Exchange conducts _____...

Question 9

The most popular and fastest growing third-party mobile operating system is _____.

Accepted Answer

Android has consistently been the most popular third-party mobile operating system for several years and continues to dominate the market share. It is also the fastest growing, with millions of new activations per day. BlackBerry 10 and Symbian have both experienced significant declines in popularity, while Apple iOS remains a strong competitor but has a smaller market share compared to Android.

Question 10

An auction where visitors describe items or services they want to buy, and a group of participating merchants reply with offers to supply the item at a particular price is called a _____.

Accepted Answer

The auction described is a reverse bid, where buyers post their desired items and sellers compete to offer the lowest price to supply them. The other options, second-price sealed bid, seller-bid, and first-price sealed bid, do not match the described format of the auction.

Question 11

Modifying an Apple iPhone's operating system is called _____ the phone.

Accepted Answer

The answer of Modifying an Apple iPhone's operating system is...

Question 12

Abstract communities based on the connections between opinions and contributions of community members are called _____ social media.

Accepted Answer

The answer of Abstract communities based on the connections between...

Question 13

Existing auction sites, such as eBay, are inherently more valuable to customers than new auction sites. This basic economic fact is called a(n) _____.

Accepted Answer

The lock-in effect refers to a situation where existing customers are hesitant to switch to a new provider because they have already invested time, money, and energy into the current provider. In the case of auction sites, customers may have built up a reputation on eBay and established relationships with other users, making it more difficult for them to move to a new site. This makes existing auction sites, like eBay, more valuable to customers than new auction sites. The other answer choices (deadlock effect, smoke-and-mirrors effect, anti-pattern effect) are not relevant to this economic concept.

Question 14

Traditionally, large companies distribute excess inventory through _____.

Accepted Answer

Liquidation specialists are traditionally used by large companies to distribute excess inventory, as they have the expertise and networks to efficiently handle and sell large volumes of surplus goods.

Question 15

A(n) _____ is an independent party that holds a buyer's payment until the buyer receives the purchased item and is satisfied that the item is what the seller represented it to be.

Accepted Answer

An escrow service is an independent third party that holds a buyer's payment until the buyer receives the purchased item and is satisfied that the item is what the seller represented it to be. This helps protect both the buyer and seller in a transaction.

Question 16

Modifying an Android operating system is called _____ the phone.

Accepted Answer

The answer of Modifying an Android operating system is called...

Question 17

An early attempt to monetize social networking by charging visitors a fee for a specific service was the _____ site.

Accepted Answer

The answer of An early attempt to monetize social networking...

Question 18

One of the first operating systems for Internet-capable phones was made by _____ for their phones and other portable devices.

Accepted Answer

Palm created the Palm OS, which was one of the first operating systems for Internet-capable phones and other portable devices.

Question 19

Wary bidders in low-price auctions can check the_____ to protect themselves from being cheated.

Accepted Answer

The answer of Wary bidders in low-price auctions can check...

Question 20

Intra-community interaction among members of a virtual community is called _____.

Accepted Answer

The answer of Intra-community interaction among members of a virtual...

Quiz 6: Social Networking Mobile Commerce and Online Auctions