Reference no: EM131060970

1. Who does a retail company sell products to? (Select the best answer.)

• Wholesalers
• Manufacturers
• End consumers
• Producers

2. Staple goods and impulse goods are examples of which type of consumer good? (Select the best answer.)

• Specialty
• Convenience
• Unsought
• Shopping

3. An improvement that makes a product satisfy its purpose better is an improvement to the product's ____________ utility. (Select the best answer.)

• Information
• Place
• Possession
• Form

4. Which industry takes materials and transforms them into new tangible, physical products? (Select the best answer.)

• Wholesaling
• Manufacturing
• Extractive
• Service

5. A mining company is part of what industry? (Select the best answer.)

• Extractive
• Manufacturing
• Wholesaling
• Service

6. A company that lowers its costs per unit by selling more units overall has improved what? (Select the best answer.)

• Its economies of scale
• The product's market saturation
• The product life cycle
• Its economic utility

7. The set of companies a product goes through on the way to the consumer is called the ______________. (Select the best answer.)

• Economic utility
• Cottage industry
• Market saturation
• Distribution chain

8. A home-based business is part of what industry? (Select the best answer.)

• Service industry
• Cottage industry
• Retail industry
• Wholesale industry

9. What is a market? (Select the best answer.)

• A system that allows people or companies to buy and sell products and services
• The number of companies willing to manufacture a specific product
• The ability to buy production materials in large quantities and save on costs
• A product's ability to satisfy a consumer

10. _____________ is when a product is sold from the manufacturer to the end consumer, with no wholesale or retail companies in between. (Select the best answer.)

• Direct distribution
• Extraction
• Hospitality
• Subcontracting

11. A hotel is part of what industry? (Select the best answer.)

• Service
• Wholesaling
• Subcontracting
• Cottage

12. By offering delivery of a large, heavy product, a company can improve the product's _____________ for the consumer. (Select the best answer.)

• Market saturation
• Economies of scale
• Durability
• Possession utility

13. What is a saturated market like for sellers? (Select the best answer.)

• Consumer demand is higher.
• It contains more available consumers.
• It is more competitive.
• It encourages companies to produce more of the product.

14. Which of the following goods is commonly considered a staple convenience good by many people in the U.S.? (Select the best answer.)

• A car
• Toilet paper
• A television
• Specialty doughnuts

15. Which of the following is a way to improve a company's economies of scale? (Select the best answer.)

• Selling fewer products
• Promoting unsought goods
• Increasing the distribution chain
• Buying in bulk