Question 1

The owners of Ben & Jerry's Homemade Inc. adhere to the belief that the company should not harm the environment in any way but actually improve it. This is an example of

Accepted Answer

A)  moral capitalism. 
B)  utilitarianism. 
C)  existentialism. 
D)  moral idealism. 
E)  socialism.

Question 2

A decline in ________ affects discretionary income and often leads consumers to adjust their spending upwards in other categories.

Accepted Answer

A)  entertainment prices 
B)  gasoline prices 
C)  interest rates 
D)  consumer confidence 
E)  property values

Question 3

The obligation organizations have to the preservation of ecological environment and to the general public is referred to as

Accepted Answer

A)  community responsibility. 
B)  stakeholder responsibility. 
C)  benefit marketing. 
D)  societal responsibility. 
E)  profit responsibility.

Question 4

A company can protect its competitive position under ________, which gives inventors of new and novel products the right to exclude others from making, using, or selling products that infringe on the invention.

Accepted Answer

A)  copyright law 
B)  patent law 
C)  trademark law 
D)  commercial law 
E)  antitrust law

Question 5

During the holiday shopping season, many online retailers offer buyers price reductions, coupons, two-for-one deals, or free delivery. This is because these retailers operate in ________ environment.

Accepted Answer

A)  a pure competition 
B)  an oligopoly 
C)  a monopolistic competition 
D)  a monopoly 
E)  a marginal competition

Question 6

The Consumer Bill of Rights

Accepted Answer

A)  codified the ethics of exchange between manufacturers, distributors, and suppliers, including the right to be paid. 
B)  codified the ethics of exchange between manufacturers, distributors, and suppliers, including the rights to safe working conditions, fair pay, and collaborative decision making. 
C)  codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard. 
D)  guaranteed consumers the right to be compensated through replacement, repair, or reimbursement for products that fail to perform as promised by the manufacturer. 
E)  guaranteed consumers the rights that are enumerated in the First Amendment to the U.S. Constitution.

Question 7

A code of ethics is a formal statement of ethical principles and

Accepted Answer

A)  legal restrictions. 
B)  rules of conduct. 
C)  cultural values. 
D)  core values. 
E)  moral laws.

Question 8

Bribery is most likely to occur when

Accepted Answer

A)  industries experience little competition. 
B)  the country has reached a high level of economic development. 
C)  industries are high-tech in nature. 
D)  a monopoly exists in the industry. 
E)  the country is facing economic and political turmoil.

Question 9

The purpose of patent law is to

Accepted Answer

A)  provide incentives for increased competition and lower prices by limiting the granting of patents. 
B)  give an author of a literary, dramatic, musical, or artistic work the exclusive right to print, perform, or otherwise copy that work. 
C)  give inventors of new and novel products the right to exclude others from making, using, or selling products that infringe the patented invention. 
D)  guarantee the quality and safety of any product produced or distributed in the United States. 
E)  level the playing field between inventors who work for large corporations and those who work on their own.

Question 10

In 1970, the typical U.S. household earned about $8,700. In 2016, the typical U.S. household earned about $59,039. If adjusted for inflation, the gross income of the typical U.S. household in 2016 relative to 1970 has

Accepted Answer

A)  increased dramatically. 
B)  fluctuated intensely. 
C)  remained relatively stable. 
D)  decreased somewhat. 
E)  decreased dramatically.

Question 11

Identify the five environmental forces that affect an organization, and explain using the coffee industry as an example. What might you predict would be the future of the coffee industry.

Accepted Answer

The answer of Identify the five environmental forces that affect...

Question 12

A growing trend to "Buy American" may encourage U.S. automakers to increase political pressure on Washington to pass legislation for more restrictive quotas on Japanese car imports. In addition, a decline in the value of the U.S. dollar would be instrumental in Toyota's decision to build a manufacturing plant in the United States instead of continuing to export cars from Japan. If Toyota builds the plant, its decision would reflect

Accepted Answer

A)  a reactive strategy that would impact the competitive environmental force. 
B)  a proactive maneuver to manipulate and impact the social environmental force. 
C)  a positive result from regulatory and economic environmental forces. 
D)  a positive response to a technological environmental force. 
E)  a negative impact as a result of adverse competitive, regulatory, and technological environmental forces.

Question 13

The network of products embedded with connectivity-enabled electronics has come to be known as

Accepted Answer

A)  marketspace. 
B)  the extranet. 
C)  the Internet of Things. 
D)  the cloud. 
E)  universal connection.

Question 14

Millennials are technologically savvy, innovative, ambitious, and determined to make the world a better place. A major way they hope to achieve their goal is through

Accepted Answer

A)  environmental responsibility. 
B)  political activism. 
C)  intergenerational dialogue. 
D)  fiscal conservatism. 
E)  educational reform.

Question 15

All of the following factors contribute significantly to the rate of change of a country's population except which?

Accepted Answer

A)  life expectancy (the average number of years a population lives from birth) 
B)  immigration (the number of people who enter a country for the purpose of permanent residence) 
C)  population density (the total number of people per square mile/kilometer) 
D)  birth rate (the number of births during a specified time period) 
E)  death rate (the number of deaths during a specified time period)

Question 16

Agribusinesses that sell commodity products such as wheat, rice, and corn are often in ________ position with their competitors.

Accepted Answer

A)  a limited competition 
B)  a pure competition 
C)  an oligopolistic competition 
D)  a monopolistic competition 
E)  a monopolistic

Question 17

The Lanham Act (1946)

Accepted Answer

A)  prevents someone from using a trademark on a noncompeting product. 
B)  protects the consumer from product defects. 
C)  provides for registration of a company's trademarks. 
D)  allows a company to secure rights to a name before its actual use. 
E)  facilitates the protection of U.S. trademark rights throughout the world.

Question 18

Culture refers to the

Accepted Answer

A)  moral and ethical beliefs of a family passed down from generation to generation. 
B)  set of values, ideas, and attitudes that are learned and shared among the members of a group. 
C)  pastimes associated with the fine arts, such as ballet, music, and theater. 
D)  standard or pattern of behaviors that is typical or expected of a group. 
E)  description of a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.

Question 19

Recently, the number of people who attended music concerts, plays, and other live entertainment increased because they had the ________ to enjoy these activities.

Accepted Answer

A)  gross income 
B)  bonus income 
C)  profit 
D)  disposable income 
E)  discretionary income

Question 20

Using smartphones, people can watch the news, shoot videos, browse the Internet, take pictures, and listen to music. Improved features are added with each smartphone introduced by Apple, Samsung, Google, and others. As a result, customers often want to replace their existing smartphones with new models every two years or more often, even if their existing phones still work. This increase in demand is due mostly to changes in ________, an environmental force.

Accepted Answer

A)  competition 
B)  social culture 
C)  technology 
D)  regulations 
E)  the economy

Exam 3: Understanding the Marketing Environment, Ethical Behavior, and Social Responsibility