1.
Purchasing power is measured by a.
Income b.
Comparing income to cost of living c.
Inflation d.
Comparing inflation to income
2.
Which act controlled false advertising? a.
Sherman Act b.
Robinson-Patman Act c.
Wheeler-Lea Act d.
Clayton Act
3.
All of the following are U.S. Regulatory agencies except: a.
Consumer Product Safety Commission (CPSC) b.
United States Bureau of Production (UBP) c.
Food and Drug Administration (FDA) d.
Federal Trade Commission (FTC)
4.
The competitive environment encompasses all of the following except: a.
Degree of independence within the industry. b.
Number of competitors a firm must face. c.
Relative size of the firm's competitors. d.
Degree of interdependence within the industry.
5.
What is the primary determinant of a person’s earning potential? a.
Education b.
Age c.
Sex d.
Race
6.
Which of the following are approaches to keep innovation strong? a.
Building scenarios b.
Using marketing research c.
Catering to entrepreneurs d.
All of the above
7.
Which of the following is NOT a social factor that may affect marketing? a.
Attitudes b.
Influence

c.
Values d.
Lifestyle
8.
What is measured by comparing income to the relative cost of a standard set of goods and services in different geographic areas? a.
Purchasing Power b.
Pricing c.
Inflation d.
Competition
9.
The ___ protects trademarks. a.
Hart-Scott-Rodino Act of 1976 b.
Clayton Act of 1914 c.
Lanham Act of 1946 d.
Sherman Act of 1890
10.
What is Environmental Management? a) Managing your environment for animal protection. b) A department of the Environmental Protection Agency. c) When a company implements strategies that attempt to shape the external environment within which it operates. d) A type of business management that stresses minimal environmental impact.
11.
What is inflation?
a.
A measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year b.
What you do to a ball.
c.
The comparison of income versus the relative cost of a standard set of goods and services in different geographic areas.
d.
The measure of how much money you need compared to previous years.
12.
Which of the following is not an economic factor that affects marketing?
a.
Consumer incomes b.
Inflation c.
Purchasing power d.
Unemployment rates
13.
Demographic Characteristics relate to: a.
Buyer Behavior b.
Social Media c.
Target Market d.
Baby Boomers
14.
Between 2007 and 2011, average family incomes, a.
Rose b.
Fell c.
Remained the same d.
There is no way to measure every family’s income

15.
The study of peoples vital statistics, age, race, ethnicity and location is: a.
Geography b.
Topography c.
Demography d.
Kenestesiology
16.
The generation born toward the end of World War Two, between the years
1946 and 1964 is: a.
Generation X b.
Tweens c.
Baby Boomers d.
Generation Y
17.
Which if these is not considered an American value? a.
Self sufficiency b.
Work Ethic c.
Upward mobility d.
The Pursuit of Happiness
18.
Why do business need government regulation? a.
Protect innovators of new technology b.
Protect the interest of society at large c.
Protect the interest of the consumer d.
All of the above
19.
Which of these is an action of the Federal Trade Commissions Bureau of
Competition? a.
Review mergers and acquisitions b.
Even playing field by eliminating competition c.
Review stock prices to reduce completion in the market d.
Protect consumers against fraud
20.
Which of these does not describe the term “component lifestyle”? a.
Increased complexity of consumers’ buying habits b.
Addiction to LEGOs c.
Being a professional banker - but also a gourmet, fitness enthusiast, and Internet guru d.
Choosing products and services that meet diverse needs and interests