1. The basic objective of the U.S. market-directed economic system is to:

A. minimize inflation.

B. achieve an annual growth rate of at least 10 percent.

C. make the most efficient use of the country's resources.

D. satisfy consumer needs as they--the consumers--see them.

E. provide each person with an equal share of the economic output.

2. The three basic tasks of ALL managers, according to the text, are:

A. planning, staffing, and evaluating.

B. hiring, training, and compensating.

C. planning, implementation, and control.

D. marketing, production, and finance.

E. execution, feedback, and control.

3. The managerial process of developing and maintaining a match between the resources of an organization and its market opportunities is called:

A. management by objective.

B. strategic (management) planning.

C. market planning.

D. marketing programming.

E. marketing strategy planning.

4.The difference between target marketing and mass marketing is that target marketing:

A. means focusing on a small market.

B. does not rely on e-commerce but mass marketing does.

C. aims at increased sales, while mass marketing focuses on increased profits.

D. focuses on short-run objectives, while mass marketing focuses on long-run objectives.

E. focuses on specific customers, while mass marketing aims at an entire market.

5. The economists' view of buyers:

A. puts a great deal of emphasis on differences in buying behavior related to individual differences among consumers.

B. emphasizes psychological variables rather than social influences.

C. None of these are true

D. is based on the idea that consumers value time and select the first alternative they learn about.

E. assumes that they always buy the lowest-price alternative.

6. "Positioning":

A. applies to new products--but not existing products.

B. is useful for combining but not for segmenting.

C. eliminates the need for judgment in strategy planning.

D. helps strategy planners see how customers view competitors' offerings.

E. is concerned with obtaining the best shelf space in retail outlets.

7. The statement, "Of course people will buy our product--each of its features is better than the competition," most closely reflects which consumer behavior concept?

A. psychographics

B. competitive advantage

C. the economic-buyer theory

D. reference groups

E. needs

8. In a criminal proceeding, what is the difference between an indictment and an information?

A. The defendant is charged with a crime in an indictment, but not in an information.

B. An indictment requires proof beyond a reasonable doubt, but an information does not.

C. A grand jury issues an indictment, but does not issue an information.

D. Guilt or innocence is determined in an indictment, but not in an information.

9. Overtime pay is required to be paid to nonexempt employees who work:

A. Over 8 hours per day.

B. Over 40 hours per week.

C. Over 50 hours per week.

D. Over 10 hours per day.

E. Over 12 hours per day.

10. Product disparagement differs from defamation of a nonpublic figure in that:

A. Intent is required for the disparagement case, but not in the defamation case.

B. Publication to a third party is required in the defamation case, but not in the disparagement case.

C. Intent is only required in a disparagement case.

D. Intent is required for the defamation case, but not in the disparagement case.

E. Publication to a third party is required in the disparagement case, but not in the defamation case.

11. To be guilty of monopolization, the defendant must:

A. Possess monopoly power and have obtained the monopoly power by some improper act or be abusing the monopoly power.

B. Have been previously convicted.

C. Be a US company.

D. Have obtained the monopoly power from the government.

E. Must be part of a conspiracy, combination, or contract.

12. Bob, an employee of Risky Manufacturing, Inc. is accidentally injured by a fellow worker while working his shift. Under workers' compensation, Bob can:

A. Sue Risky or seek workers' compensation recovery, but not both.

B. Recover from workers' compensation only if Risky was negligent in allowing the injury to occur.

C. Seek workers' compensation only.

D. Sue Risky or seek workers' compensation recovery.

13. Which of the following is not one of the Caux Round Table Principles for International Business?

A. Promotion of Multiculturalism.

B. Respect for the Environment.

C. Support for Multilateral Trade.

D. Responsibility of Business Beyond Shareholders Toward Stakeholders.

E. Avoidance of Illicit Operations.

14. Which country does the text describe as becoming the largest producer and consumer of many of the world's goods?

A. Mexico

B. China

C. Canada

D. Ecuador

E. Japan

15. Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States' second largest trading partner.

A. Mexico, Canada

B. Mexico, Venezuela

C. Canada, Mexico

D. Great Britain, Paraguay

E. Canada, Venezuela

16. One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.

A. Less than $1; about 25

B. $2; about 25

C. About $2; about 15

D. Less than $1; about 40

E. Less than $1; about 15