Question 1

Which of the following specifically prohibits monopolies?
A) Sherman Antitrust Act
B) Federal Trade Act
C) Robinson-Patman Act
D) Financial Reform Law
E) Consumer Product Act

Accepted Answer

The Sherman Antitrust Act specifically prohibits monopolies, aiming to promote competition and prevent anti-competitive business practices.

Question 2

________ is the cost to the customers or the fee the bank charges those customers for borrowing money.
A) Interest
B) A service charge
C) A tax
D) A tariff
E) A user fee

Accepted Answer

Interest is the cost charged by the banks to their customers for borrowing money. It is usually calculated as a percentage of the amount borrowed and is applied over a set period of time. This is different from a service charge (B), which is a fee charged by the bank for the services it provides to the customer. Taxes (C) and tariffs (D) are charged by the government, and user fees (E) are charged for a specific service or product provided by the bank.

Question 3

The government has enacted laws that promote both fair trade and competition by prohibiting the formation of monopolies or alliances that would damage a competitive marketplace,fostering fair pricing practices for all suppliers and consumers.These actions are part of the ________ environment of business.
A) communication
B) political / regulatory
C) constitutional
D) social
E) technological

Accepted Answer

The government's enactment of laws related to fair trade and competition demonstrate the political/regulatory environment of business, which refers to the laws and regulations that impact businesses and their operations.

Question 4

When Diana went to college,tuition was $650 per semester.Now that same college charges $6,500 per semester.This number reflects a persistent increase in price known as
A) currency fluctuation.
B) inflation.
C) recession.
D) interest.
E) deflation.

Accepted Answer

The persistent increase in price is known as inflation.

Question 5

According to the text,14 cable companies agreed to provide low-cost Internet access to impoverished families for all of the following reasons except
A) calls for greater social responsibility.
B) increased income from a larger number of subscribers.
C) increased access to faster broadband capabilities.
D) the economic status of consumers.
E) pressures from the Federal Communications Commission.

Accepted Answer

The answer of According to the text,14 cable companies agreed...

Question 6

Laws that prohibit the formation of monopolies or alliances that would damage a competitive marketplace benefit consumers through
A) increased choices.
B) higher prices.
C) protection from false advertising.
D) fair debt collection practices.
E) fewer competitors.

Accepted Answer

Laws that prevent monopolies and alliances that harm competition promote a competitive marketplace, which in turn benefits consumers by providing more choices. When there are several competing companies providing the same goods or services, consumers have the freedom to choose the best product at the best price. This competition incentivizes companies to improve their offerings and ensures that prices stay reasonable.

Question 7

Which generation's members are also known as Millennials?
A) Baby Boomers
B) Gen X
C) Gen Y
D) Gen Z
E) the Digital Natives

Accepted Answer

Gen Y is also known as the Millennial generation, which includes individuals born between the early 1980s to mid-1990s.

Question 8

Which of the following groups has never lived without easy access to the Internet and other digital technologies?
A) Baby Boomers
B) Generation W
C) Generation X
D) Generation Y
E) Generation Z

Accepted Answer

Generation Z, also known as Digital Natives or the iGeneration, were born between approximately 1996 and 2012 and have never known a world without easy access to the Internet and digital technologies. Baby Boomers were born between 1946 and 1964, Generation X between 1965 and 1980, and Generation Y (or Millennials) between 1981 and 1995. While younger individuals in these groups may have grown up with some of these technologies, they have experienced life without them at some point.

Question 9

If McDonald's wanted to change its marketing strategy in response to the social trends outlined in the text,it might consider all of the following ideas except
A) offering an expanded menu of healthy options.
B) making nutritional information readily available to consumers.
C) using recycled paper in its food packaging.
D) using solar power in its restaurants.
E) creating an advertising campaign targeting elementary schoolchildren.

Accepted Answer

Creating an advertising campaign targeting elementary schoolchildren would not align with the social trend of promoting healthier food options and transparency in nutrition. In fact, advertising to children has been criticized as contributing to the rise in childhood obesity rates. Therefore, it would not be a recommended strategy for McDonald's to pursue.

Question 10

Which statement about the changing ethnicity in the United States is true?
A) Minorities now represent almost half of the population in the United States.
B) In spite of increases in the Hispanic population,Hispanic buying power is expected to maintain its current level.
C) Hispanics differ vastly from other groups in America in terms of consumer behavior.
D) African American U.S.households are more affluent than previous studies suggested.
E) Asian Americans are the slowest-growing minority population.

Accepted Answer

The answer of Which statement about the changing ethnicity in...

Question 11

Some companies have been accused of taking advantage of the current social trend of green marketing,positioning their products as environmentally friendly when this may not actually be the case.This is called
A) fake greening.
B) greenwashing.
C) greenbaiting.
D) green puffery.
E) red marketing.

Accepted Answer

Greenwashing is the act of misleading consumers about the environmental practices of a company or the environmental benefits of a product. This is done in order to make the company or product appear more environmentally friendly than it actually is, and to take advantage of the current trend of consumers who are concerned about the environment. Fake greening, greenbaiting, and green puffery are similar concepts, but they do not have the same widespread use and recognition as greenwashing. Red marketing is not a recognized term in relation to environmental marketing.

Question 12

Suppose that you are the vice president of marketing for Target,the large retail store chain.You want to keep your website and in-store services current with technological advances.You would be experimenting with what is most likely the next expected development in mobile technology,which is
A) wireless payments from mobile devices.
B) location-based social media applications.
C) mobile devices completely replacing desktop and laptop computers.
D) devices that block smartphone usage in retail stores.
E) RFID tags.

Accepted Answer

Wireless payments from mobile devices are becoming increasingly popular, with mobile payment services like Apple Pay and Google Wallet gaining momentum. As vice president of marketing for Target, it would make sense to keep up with this trend and offer customers the ability to make purchases using their mobile devices in-store and online. This would improve the customer experience and keep Target at the forefront of technological advancements in the retail industry.

Question 13

Kimberly-Clark recently introduced rolls of toilet paper without the cardboard core.What social trend does this product respond to?
A) green marketing
B) time-poor society
C) cultural diversity
D) technological advances
E) regulatory issues

Accepted Answer

The introduction of rolls of toilet paper without the cardboard core responds to the social trend of green marketing, as the elimination of the cardboard core reduces waste and promotes more environmentally friendly packaging.

Question 14

The political / regulatory environment comprises political parties,governmental organizations,and
A) legislation and laws.
B) citizens.
C) interest groups.
D) for profit and nonprofit businesses.
E) international influences.

Accepted Answer

The answer of The political / regulatory environment comprises political...

Question 15

Which of these is a macroenvironmental factor?
A) culture
B) corporate partners
C) competition
D) company
E) competencies

Accepted Answer

Culture is a macroenvironmental factor, as it refers to the broader societal and cultural context in which a business operates. Corporate partners, competition, company, and competencies are all microenvironmental factors, as they are more directly related to the individual business or industry.

Question 16

Part of the social trend toward health and wellness is a concern about the increasing degree of obesity in the United States.Related to this,the text notes the increasing popularity of
A) flu shots.
B) high-carbohydrate diets.
C) yoga.
D) cooking shows on TV.
E) juicing.

Accepted Answer

The text notes the increasing popularity of yoga, which is often associated with promoting physical and mental wellness, as a way to address concerns about obesity.

Question 17

The poorest 10 percent of the U.S.population earned less than _______ per week in 2013.
A) $2,500
B) $1,801
C) $1,265
D) $920
E) $392

Accepted Answer

According to the Census Bureau, the poorest 10% of the U.S. population earned less than $392 per week in 2013. Therefore, the correct answer is E.

Question 18

What is most likely to happen when inflation increases?
A) Consumers buy more discretionary merchandise.
B) Consumers buy fewer personal care and home entertainment products.
C) Off-price and discount retailers suffer from lower sales.
D) Consumers buy lower-priced foods.
E) Consumers buy less food.

Accepted Answer

When inflation increases, the prices of goods and services increase in general, but some items are impacted more than others. As a result, consumers may choose to buy lower-priced foods to save money, leading to an increase in demand for budget-friendly food options.

Question 19

Christy,who was born in 1955,advocated for "casual Friday" at her workplace.Christy is a member of which generational cohort?
A) Baby Boomer
B) Gen X
C) Gen Y
D) Gen Z
E) Millennials

Accepted Answer

Christy was born prior to 1965, which is the cutoff birth year for the Baby Boomer generation. Therefore, she is a member of the Baby Boomer generational cohort.

Question 20

The value of the euro has changed significantly since 2002 with the problems experienced by several European economies.This change in value is called
A) interest destabilization.
B) inflation.
C) recession.
D) foreign currency fluctuations.
E) global financial impact.

Accepted Answer

The change in value of the euro since 2002 is due to foreign currency fluctuations, which refers to the fluctuation of exchange rates between different currencies. The economic problems of several European economies have affected the value of the euro relative to other currencies such as the US dollar.

Quiz 5: Analyzing the Marketing Environment

Which of the following specifically prohibits monopolies?

________ is the cost to the customers or the fee the bank charges those customers for borrowing money.

When Diana went to college,tuition was $650 per semester.Now that same college charges $6,500 per semester.This number reflects a persistent increase in price known as

According to the text,14 cable companies agreed to provide low-cost Internet access to impoverished families for all of the following reasons except

Laws that prohibit the formation of monopolies or alliances that would damage a competitive marketplace benefit consumers through

Which generation's members are also known as Millennials?

Which of the following groups has never lived without easy access to the Internet and other digital technologies?

If McDonald's wanted to change its marketing strategy in response to the social trends outlined in the text,it might consider all of the following ideas except

Which statement about the changing ethnicity in the United States is true?

Some companies have been accused of taking advantage of the current social trend of green marketing,positioning their products as environmentally friendly when this may not actually be the case.This is called

Suppose that you are the vice president of marketing for Target,the large retail store chain.You want to keep your website and in-store services current with technological advances.You would be experimenting with what is most likely the next expected development in mobile technology,which is

Kimberly-Clark recently introduced rolls of toilet paper without the cardboard core.What social trend does this product respond to?

The political / regulatory environment comprises political parties,governmental organizations,and

Which of these is a macroenvironmental factor?

Part of the social trend toward health and wellness is a concern about the increasing degree of obesity in the United States.Related to this,the text notes the increasing popularity of

The poorest 10 percent of the U.S.population earned less than _______ per week in 2013.

What is most likely to happen when inflation increases?

Christy,who was born in 1955,advocated for "casual Friday" at her workplace.Christy is a member of which generational cohort?

The value of the euro has changed significantly since 2002 with the problems experienced by several European economies.This change in value is called