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Identify the correct answers for the following:

1. Goods that are bought by businesses to increase their productive resources are (consumption; capital; export) goods.

2. In 2011 (labor; capital) received 69 percent of total income.

3. The distribution of income among households is called the (functional; personal) distribution of income.

4. The lowest average income is in the (emerging market economies; developing economies).

5. Factories in advanced economies generally are much (less; more) capital intensive than in developing economies.

6. During the past 20 years, the distribution of income in the world economy has become (more; less) equal.

7. An arrangement that brings buyers and sellers together is a (firm; market).

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Joshua StredderLv10
28 Sep 2019
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Related questions

1. Which of the following groups of countries are all advanced economies?

Ā  Ā 

Hong Kong, Japan, France, and the United Kingdom
Ā  Ā 

Italy, the United States, China, and Russia
Ā  Ā 

Singapore, Russia, France, and Chad
Ā  Ā 

Australia, Brazil, and the United States

QUESTION 2

1. The most people live in ________ economies and the fewest people live in ________ economies.

Ā  Ā 

developing; emerging market
Ā  Ā 

advanced; emerging market
Ā  Ā 

emerging market; developing
Ā  Ā 

advanced; developing

QUESTION 3

1. Households and firms in the U.S. economy interact with those in the rest of the world in the ________ market and the ________ market.

Ā  Ā 

goods; financial
Ā  Ā 

government; goods
Ā  Ā 

goods; factor
Ā  Ā 

financial; factor

QUESTION 4

1. As a factor of production, oil reserves are counted as

Ā  Ā 

labor.
Ā  Ā 

capital.
Ā  Ā 

entrepreneurship.
Ā  Ā 

land.

QUESTION 5

1. ________ the owners of the factors of production, while ________ what amounts of those factors to hire.

Ā  Ā 

Households are; the government determines
Ā  Ā 

Firms are; households that determine
Ā  Ā 

The government is; firms determine
Ā  Ā 

Households are; firms that determine

QUESTION 6

1. The emerging market economies are

Ā  Ā 

the nations that are currently agricultural in nature.
Ā  Ā 

most of the nations of Western Europe.
Ā  Ā 

the largest grouping including the nations of China and India.
Ā  Ā 

in the transition from state-owned production to free markets.

QUESTION 7

1. In the United States, the productive factor that, as a group, receives the largest fraction of the nation's total income was

Ā  Ā 

consumption of goods and services.
Ā  Ā 

entrepreneurship.
Ā  Ā 

capital.
Ā  Ā 

labor.

QUESTION 8

1. Items bought by individuals to provide personal enjoyment are termed

Ā  Ā 

personal goods.
Ā  Ā 

consumption of goods.
Ā  Ā 

consumption or investment goods.
Ā  Ā 

standard goods.

QUESTION 9

1. In the advanced economies, ________ of the factories use advanced capital equipment and in the developing economies ________ of the factories use advanced capital equipment

Ā  Ā 

virtually all; none
Ā  Ā 

some; some
Ā  Ā 

virtually all; virtually all
Ā  Ā 

virtually all; some

QUESTION 10

1. The productive resource that includes all the "gifts of nature" is called

Ā  Ā 

land.
Ā  Ā 

labor.
Ā  Ā 

entrepreneurship.
Ā  Ā 

capital.

QUESTION 11

1. What would be an example of government good?

Ā  Ā 

Donald Trump purchases furniture for his office.
Ā  Ā 

Antonio, the manager of the local Taco Hut, purchases a new deep fryer.
Ā  Ā 

The local driver's license office purchases a new digital camera and printer.
Ā  Ā 

Jake buys an iPhone.

QUESTION 12

1. The world population is approximately ________ people.

Ā  Ā 

2 trillion
Ā  Ā 

680 million
Ā  Ā 

6.8 billion
Ā  Ā 

6.8 million

QUESTION 13

1. Computers and insurance coverage produced in the United States and sold to people in other nations are categorized as

Ā  Ā 

U.S. exports of goods and services.
Ā  Ā 

U.S. government goods and services.
Ā  Ā 

foreign capital goods.
Ā  Ā 

U.S. consumer goods and services.

QUESTION 14

1. Of the following, the federal government obtains most revenue from

Ā  Ā 

corporate income taxes.
Ā  Ā 

excise taxes.
Ā  Ā 

sales taxes.
Ā  Ā 

social security taxes.

QUESTION 15

1. Items bought by businesses to help produce other goods and services are called

Ā  Ā 

capital goods.
Ā  Ā 

government goods and services.
Ā  Ā 

consumption of goods and services.
Ā  Ā 

exports of goods and services.

QUESTION 16

1. The majority of the income earned in the United States is paid in

Ā  Ā 

profit.
Ā  Ā 

interest.
Ā  Ā 

rent.
Ā  Ā 

wages.

QUESTION 17

1. Dan missed class the day the professor covered the circular flow model. Dan asked his friend Joan to explain markets to him. Joan correctly stated that a market

Ā  Ā 

must include a written contract between buyers and sellers.
Ā  Ā 

requires a physical location for buyers and sellers to get together.
Ā  Ā 

is only a place to purchase groceries.
Ā  Ā 

is an arrangement that brings buyers and sellers together.

QUESTION 18

1. The United States possesses a large amount of human capital. As a result of this fact, in the United States, there is a

Ā  Ā 

highly skilled and educated labor force.
Ā  Ā 

a large number of kind and generous humans.
Ā  Ā 

a large number of people and a great deal of land.
Ā  Ā 

a large amount of machinery and equipment.

QUESTION 19

1. Which of the following correctly lists the categories of factors of production?

Ā  Ā 

labor, machines, buildings, capital, and entrepreneurship
Ā  Ā 

land, buildings, capital, and entrepreneurship
Ā  Ā 

land, labor, capital, and entrepreneurship
Ā  Ā 

forests, fish, buildings, capital, and entrepreneurship

QUESTION 20

1. Which of the following correctly lists the categories of factors of production?

Ā  Ā 

capital, money, and labor
Ā  Ā 

hardware, software, land, and money
Ā  Ā 

land, labor, capital, and entrepreneurship
Ā  Ā 

machines, buildings, land, and money

QUESTION 21

1. In the United States, the poorest 20 percent of households receive roughly ________ percent of total income.

Ā  Ā 

10
Ā  Ā 

3
Ā  Ā 

15
Ā  Ā 

20

QUESTION 22

1. What would be an example of a consumption service?

Ā  Ā 

Jake buys an iPhone.
Ā  Ā 

The local driver's license office purchases a new digital camera and printer.
Ā  Ā 

Antonio, the manager of the local Taco Hut, purchases a new deep fryer.
Ā  Ā 

Rhianna gets a haircut.

QUESTION 23

1. The total value of capital in the United States is around

Ā  Ā 

$47 trillion.
Ā  Ā 

$10 trillion.
Ā  Ā 

$100 trillion.
Ā  Ā 

$79 trillion.

QUESTION 24

1. An export good is a good produced

Ā  Ā 

by foreigners in the United States and purchased by U.S. households.
Ā  Ā 

in another country and purchased by U.S. residents.
Ā  Ā 

in the United States and sold to foreigners living in the United States.
Ā  Ā 

in the United States and sold in other countries.

QUESTION 25

1. ________ paid for the use of land; ________ paid for the services of labor; and ________ paid for the use of capital.

Ā  Ā 

Interest is; wages are; profit is
Ā  Ā 

Rent is; wages are; interest is
Ā  Ā 

Rent is; interest is; wages are
Ā  Ā 

Mortgages are; interest is; wages are

1. Which of the following groups of countries are all advanced economies?

Ā  Ā 

Hong Kong, Japan, France, and the United Kingdom
Ā  Ā 

Italy, the United States, China, and Russia
Ā  Ā 

Singapore, Russia, France, and Chad
Ā  Ā 

Australia, Brazil, and the United States

QUESTION 2

1. The most people live in ________ economies and the fewest people live in ________ economies.

Ā  Ā 

developing; emerging market
Ā  Ā 

advanced; emerging market
Ā  Ā 

emerging market; developing
Ā  Ā 

advanced; developing

QUESTION 3

1. Households and firms in the U.S. economy interact with those in the rest of the world in the ________ market and the ________ market.

Ā  Ā 

goods; financial
Ā  Ā 

government; goods
Ā  Ā 

goods; factor
Ā  Ā 

financial; factor

QUESTION 4

1. As a factor of production, oil reserves are counted as

Ā  Ā 

labor.
Ā  Ā 

capital.
Ā  Ā 

entrepreneurship.
Ā  Ā 

land.

QUESTION 5

1. ________ the owners of the factors of production, while ________ what amounts of those factors to hire.

Ā  Ā 

Households are; the government determines
Ā  Ā 

Firms are; households determine
Ā  Ā 

The government is; firms determine
Ā  Ā 

Households are; firms determine

QUESTION 6

1. The emerging market economies are

Ā  Ā 

the nations that are currently agricultural in nature.
Ā  Ā 

most of the nations of Western Europe.
Ā  Ā 

the largest grouping including the nations of China and India.
Ā  Ā 

in the transition from state-owned production to free markets.

QUESTION 7

1. In the United States, the productive factor that, as a group, receives the largest fraction of the nation's total income was

Ā  Ā 

consumption of goods and services.
Ā  Ā 

entrepreneurship.
Ā  Ā 

capital.
Ā  Ā 

labor.

QUESTION 8

1. Items bought by individuals to provide personal enjoyment are termed

Ā  Ā 

personal goods.
Ā  Ā 

consumption of goods.
Ā  Ā 

consumption or investment goods.
Ā  Ā 

standard goods.

QUESTION 9

1. In the advanced economies, ________ of the factories use advanced capital equipment and in the developing economies ________ of the factories use advanced capital equipment

Ā  Ā 

virtually all; none
Ā  Ā 

some; some
Ā  Ā 

virtually all; virtually all
Ā  Ā 

virtually all; some

QUESTION 10

1. The productive resource that includes all the "gifts of nature" is called

Ā  Ā 

land.
Ā  Ā 

labor.
Ā  Ā 

entrepreneurship.
Ā  Ā 

capital.

QUESTION 11

1. What would be an example of government good?

Ā  Ā 

Donald Trump purchases furniture for his office.
Ā  Ā 

Antonio, the manager of the local Taco Hut, purchases a new deep fryer.
Ā  Ā 

The local driver's license office purchases a new digital camera and printer.
Ā  Ā 

Jake buys an iPhone.

QUESTION 12

1. The world population is approximately ________ people.

Ā  Ā 

2 trillion
Ā  Ā 

680 million
Ā  Ā 

6.8 billion
Ā  Ā 

6.8 million

QUESTION 13

1. Computers and insurance coverage produced in the United States and sold to people in other nations are categorized as

Ā  Ā 

U.S. exports of goods and services.
Ā  Ā 

U.S. government goods and services.
Ā  Ā 

foreign capital goods.
Ā  Ā 

U.S. consumer goods and services.

QUESTION 14

1. Of the following, the federal government obtains most revenue from

Ā  Ā 

corporate income taxes.
Ā  Ā 

excise taxes.
Ā  Ā 

sales taxes.
Ā  Ā 

social security taxes.

QUESTION 15

1. Items bought by businesses to help produce other goods and services are called

Ā  Ā 

capital goods.
Ā  Ā 

government goods and services.
Ā  Ā 

consumption of goods and services.
Ā  Ā 

exports of goods and services.

QUESTION 16

1. The majority of the income earned in the United States is paid in

Ā  Ā 

profit.
Ā  Ā 

interest.
Ā  Ā 

rent.
Ā  Ā 

wages.

QUESTION 17

1. Dan missed class the day the professor covered the circular flow model. Dan asked his friend Joan to explain markets to him. Joan correctly stated that a market

Ā  Ā 

must include a written contract between buyers and sellers.
Ā  Ā 

requires a physical location for buyers and sellers to get together.
Ā  Ā 

is only a place to purchase groceries.
Ā  Ā 

is an arrangement that brings buyers and sellers together.

QUESTION 18

1. The United States possesses a large amount of human capital. As a result of this fact, in the United States, there is a

Ā  Ā 

highly skilled and educated labor force.
Ā  Ā 

a large number of kind and generous humans.
Ā  Ā 

a large number of people and a great deal of land.
Ā  Ā 

a large amount of machinery and equipment.

QUESTION 19

1. Which of the following correctly lists the categories of factors of production?

Ā  Ā 

labor, machines, buildings, capital, and entrepreneurship
Ā  Ā 

land, buildings, capital, and entrepreneurship
Ā  Ā 

land, labor, capital, and entrepreneurship
Ā  Ā 

forests, fish, buildings, capital, and entrepreneurship

QUESTION 20

1. Which of the following correctly lists the categories of factors of production?

Ā  Ā 

capital, money, and labor
Ā  Ā 

hardware, software, land, and money
Ā  Ā 

land, labor, capital, and entrepreneurship
Ā  Ā 

machines, buildings, land, and money

QUESTION 21

1. In the United States, the poorest 20 percent of households receive roughly ________ percent of total income.

Ā  Ā 

10
Ā  Ā 

3
Ā  Ā 

15
Ā  Ā 

20

QUESTION 22

1. What would be an example of a consumption service?

Ā  Ā 

Jake buys an iPhone.
Ā  Ā 

The local driver's license office purchases a new digital camera and printer.
Ā  Ā 

Antonio, the manager of the local Taco Hut, purchases a new deep fryer.
Ā  Ā 

Rhianna gets a haircut.

QUESTION 23

1. The total value of capital in the United States is around

Ā  Ā 

$47 trillion.
Ā  Ā 

$10 trillion.
Ā  Ā 

$100 trillion.
Ā  Ā 

$79 trillion.

QUESTION 24

1. An export good is a good produced

Ā  Ā 

by foreigners in the United States and purchased by U.S. households.
Ā  Ā 

in another country and purchased by U.S. residents.
Ā  Ā 

in the United States and sold to foreigners living in the United States.
Ā  Ā 

in the United States and sold in other countries.

QUESTION 25

1. ________ paid for the use of land; ________ paid for the services of labor; and ________ paid for the use of capital.

Ā  Ā 

Interest is; wages are; profit is
Ā  Ā 

Rent is; wages are; interest is
Ā  Ā 

Rent is; interest is; wages are
Ā  Ā 

Mortgages are; interest is; wages are
1.
A channel of distribution:
A) is any series of firms or individuals who participate in the flow of goods and services from producer to consumer or final user.
B) is only needed when products must be stored.
C) must include one or more intermediaries.
D) is only needed when products are sold indirectly.
2.
Which of the following statements about Place decisions is True?
A) Product classes are not related to Place objectives.
B) The product life cycle is not related to Place objectives.
C) Place decisions are short-term decisions that are easy to change.
D) Different market segments may require separate Place arrangements.
3.
Direct _____ involves personal sales contact between a representative of the company and an individual consumer.
A) marketing
B) selling
C) distribution
D) servicing
4.
A manufacturer prefers to produce and ship in large quantities to take advantage of economies of scale. Final consumers often want to purchase in small quantities. This difference between the producer and consumer is a:
A) Discrepancy of assortment.
B) Discrepancy of quantity.
C) Regrouping activity.
D) Discrepancy adjustment
5.
Which of the following best illustrates adjusting "discrepancies of assortment?"
A) General Motors makes Hummer for one product-market and Chevrolet for another product-market.
B) A hardware store sells all the hardware items wanted by most people.
C) Over 310 million U.S. consumers are served by around 330,000 manufacturers.
D) RCA sold more than 2,000,000 TVs last year
6.
Small farmers in the mountains of Peru pick coffee beans by hand, obtaining only a bucket a day. Then they sell them to buyers who put the beans in large bags to be shipped to processors. This regrouping activity is called:
A) Assorting
B) Wholesaling
C) Bulk-breaking
D) Accumulating
7.
Costco is a warehouse store that sells groceries, household items, and business products. Purchase quantities tend to be larger than in traditional stores that serve final consumers. For example, soft drinks are only sold in 24-can cases, not in 6-packs. Coffee is sold in 3-pound cans instead of one-pound foil packs. Which regrouping activity is Costco shifting to the consumer?
A) Accumulating.
B) Adjusting discrepancies.
C) Assorting.
D) Bulk-breaking.
8.
_____ means separating products into grades and qualities desired by different target markets.A) B) C) D)
A) Bulk-breaking
B) Sorting
C) Accumulating
D) Assorting
9.
A wine producer wants a supermarket manager to display its wines in a desirable end-of-aisle location, but the supermarket manager refuses to give that valuable real estate to this producer. This is an example of __________ conflict.
A) contractual
B) vertical
C) corporate
D) horizontal
10.
A local TV retailer hires knowledgeable salespeople to explain the differences among its models to customers, but a nearby discount store with very few sales staff sells the same TVs at a lower price. This is an example of __________ conflict.
A) horizontal
B) traditional
C) vertical
D) contractual
11.
Yukon Sportswear, a manufacturer of textile products, bought out the wholesaler that had been handling its distribution in Canada. This is an example of:
A) dual distribution.
B) reverse distribution.
C) a contractual channel system.
D) vertical integration.
12.
______________ means selling a product through only one wholesaler or retailer in a particular geographic area.
A) Exclusive distribution
B) Direct distribution
C) Intensive distribution
D) Multichannel distribution
13.
_____ means selling the right to use some process, trademark, patent, or other right for a fee or royalty.
A) Licensing
B) Management contracting
C) Joint venturing
D) Exporting
14.
Logistics, or physical distribution, is the ________________ part of the marketing mix.
A) Place
B) Production
C) Promotion
D) Product
15.
Physical distribution customer service level means all of the following EXCEPT:
A) Honda wants enough bumpers to build cars that day.
B) A vacationer wants Avis to have his rental car clean and ready when he arrives at the rental car counter.
C) Sears' shirts are priced at a fair value.
D) McDonald's has enough large cups so that customers can buy the larger size drinks which are on sale.
16.
The right physical distribution system should be based primarily on
A) the desired customer service level.
B) how customers store the product.
C) the physical characteristics of the product.
D) what is the lowest cost method of transportation for the product.
17.
The "total cost approach" to physical distribution management:
A) seeks to eliminate the storing function.
B) seeks to minimize the cost of transportation.
C) might suggest a high-cost transporting mode if storing costs could be reduced enough to lower total distribution costs.
D) ignores inventory carrying costs.
18.
Just-in-time (JIT) delivery:
A) Increases physical distribution costs for business customers.
B) Requires that a supplier be able to respond to the customer's production schedule.
C) Usually does not require e-commerce order systems and computer networks.
D) Means that deliveries are larger and less frequent.
19.
A _____ is the complete set of firms, facilities, and logistics activities that are involved in procuring materials, transforming them into intermediate or finished products, and distributing them to customers.
A) supply chain
B) physical distribution group
C) logistics partnership
D) just-in time group
20.
Which of the following products would have the lowest transporting costs as a percentage of the selling price?
A) Electronic equipment.
B) Chemicals and plastics.
C) Pharmaceuticals.
D) Sand and gravel.
21.
Which of the following statements about transporting by rail is True?
A) Rail transportation is the slowest mode of transportation.
B) Rail transportation is the least expensive mode of transportation.
C) Rail transportation is good for long-distance transportation of heavy, bulky items.
D) Railroads are most efficient at handling less-than-carload (LCL) shipments
22.
Regarding transporting by truck:
A) Trucks are best for moving large quantities of goods long distances.
B) Trucks are a very low cost mode of transportation.
C) Trucks are not reliable in meeting delivery schedules.
D) Trucks tend to provide fast delivery.
23.
Products that require a high frequency of scheduled shipments would be least suited to travel by
A) truck.
B) rail.
C) air.
D) water.
24.
In spite of high cost, high value, low-weight goods like high-fashion clothing and parts for the electronic industry are often shipped long distances by ____
A) rail.
B) water.
C) air.
D) pipeline.
25.
Air express companies place many small packages into specially designed cylinders that conform to the interior dimensions of a cargo airplane. This practice protects the smaller packages and helps to reduce distribution costs. The air express companies are practicing:
A) Containerization.
B) Piggybacking.
C) Freight forwarding.
D) Cylinderization.
26.
The railroad service which picks up truck trailers at a producer's location, loads them onto rail flatcars, hauls them close to the customer, and then delivers them to the buyer's door is:
A) truck service.
B) fast freight.
C) trailer service.
D) piggyback service.
27.
Inventory refers to
A) the amount of goods being stored.
B) minimizing storage costs.
C) the amount of goods being sold.
D) the marketing function of holding goods.
28.
When the manager of a local electronics store decides to offer its customers a gift-wrapping service for the holidays, this is a decision about:
A) Product
B) Place
C) Promotion
D) Price
29.
When the manager of a RadioShack electronics store decides to accept American Express credit cards from its customers, this is a decision about:
A) Product
B) Place
C) Promotion
D) Price
30.
Limited-line storesA) B) C) D)
A) specialize in certain lines of related products rather than a wide assortment.
B) carry anything they can sell in reasonable volume.
C) are a type of unconventional general store.
D) are larger stores that are organized into many separate departments and offer many product lines.
31.
Specialty shops generally:
A) want to be known for the distinctiveness of their product assortment and the special services they offer.
B) sell homogeneous shopping products.
C) are very good at speeding turnover.
D) carry complete lines--like department stores.
32.
The ____________ says that retailers should offer low prices to get faster turnover and greater sales volumes by appealing to larger markets.
A) Wheel of retailing theory
B) Production concept
C) Mass-merchandising concept
D) Sales concept
33.
A retail store that averages about $17 million in sales annually and specializes in groceries--with self-service and large assortments is a:
A) mass-merchandiser.
B) specialty shop.
C) convenience food store.
D) supermarket.
34.
________ offer

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