31) Other things remaining the same, a right shift in the supply curve will lead to: A) an increase in the equilibrium price and the equilibrium quantity. B) a decrease in the equilibrium price and the equilibrium quantity. C) a decrease in the equilibrium price and an increase in the equilibrium quantity. D) an increase in the equilibrium price and a decrease in the […]
61) As a curve approaches a maximum point, the slope will A) be positive and then negative after the maximum point. B) be negative and then positive after the maximum point. C) remain constant on either side of the maximum point. D) increase before and after the maximum point. E) decrease before and after the maximum point. 62) In the figure above, the relationship […]
31. (p. 29) What was the outcome for GATT, after the ratification of the Uruguay Round agreements? A. It came into effect retrospectively, leading to huge payment deficits for member nations. B. It became part of the World Trade Organization. C. It triggered formation of competitive treaties from Asian nations. D. The European Union decided to stay away from the treaty. E. The original purpose was sidelined in favor of political and […]
3.2 The Supply Side of the Market 1) A supply schedule A) is a table that shows the relationship between the price of a product and the quantity of the product supplied. B) is a curve that shows the relationship between the price of a product and the quantity of the product supplied. C) is the relationship between the supply of a […]
60) The figure above shows the marginal social cost curve of generating electricity and the marginal private cost curve. The difference between the marginal cost curve and the marginal social cost curve equals A) marginal private cost. B) private cost. C) external cost. D) marginal external cost. E) Coasian cost. 61) The figure above shows the marginal social cost curve of generating […]
31) To show the values of an economic variable for different groups in a population at a point in time, it is best to use a A) scatter diagram. B) time-series graph. C) linear graph. D) cross-section graph E) trend-section diagram. 32) A graph that shows how the amount of advertising expenditure differs among various industries can be shown A) by a […]
11) In the short run A) the interest rate can rise when the domestic money supply falls. B) the interest rate can decrease when the domestic money supply falls. C) the interest rate stays constant when the domestic money supply falls. D) the interest rate rises in the same proportion as the domestic money supply falls. E) the interest rate never rises when the […]
121. Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. Considering both country’s production possibilities frontiers, we can conclude that: A. Country B will specialize in trucks, and be willing to accept no less than 3 cars for each truck. B. Country B will specialize in cars, and be willing to give no more than 3 cars for […]
1.The luxury market is characterized by: a.Fewer competitors than in a mass market. b.Less use of incentives and price cuts to induce purchases. c.Healthier profit margins than in a mass-market segment. d.All of the above. e.None of the above. 2.The ultra luxury automobile market is characterized by: a.Little competition in the past – but that is changing. b.A small number of cars produced each […]
11) The total amount of unemployment in the economy decreases when the flows of individuals A) into unemployment are positive. B) into unemployment exceed the flows out of unemployment. C) out of unemployment exceed the flows into unemployment. D) out of unemployment are negative. E) out of unemployment are equal to the flows into unemployment. 12) The total amount of unemployment in the economy […]
o Segmentation Variables
§ What are the common segmentation variables used in this market?
o Target Market
§ What are the characteristics of your target customer? If you are selling to
individual consumers, what is their age, sex, income level, education, race,occupation, lifestyle, and number of children at home? Are they married, single, or retired? Where does the target customer live?
o Customer Profile
§ Who is expected to use your product or service? What will they use it for? Why do they buy the product? If you are already selling your products or services, who is currently buying them and why? One way to write the customer profile is to organize it by demographics or lifestyle descriptions.
o Predict any future changes to your current customer profile and target market.
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