Deck 6: Social Networking, Mobile Commerce, and Online Auctions

Question 1

In the second wave of electronic commerce, the Internet had become simply a tool that enabled communication among virtual community members.

Answer 1

True

Question 2

Sites that monetize visitors by charging them are unconcerned about visitor backlash.

Answer 2

False

Question 3

Phone manufacturers depended on third-party operating system software in the past but are now creating their own operating systems.

Answer 3

False

Question 4

In sealed-bid auctions, bidders share information with each other.

Question 5

The most common third-party operating systems today are Apple iOS and BlackBerry 10.

Question 6

Many colleges and universities now offer courses that use distance learning platforms such as Blackboard for student-instructor interaction.

Question 7

Virtual communities began online after the Internet was in general use.

Question 8

In-person meetings arranged by people over social networking sites are called meetups.

Question 9

The Internet reduces transaction costs in value chains and offers an efficient means of communication to anyone with an Internet connection.

Question 10

The most successful consumer auction Web site today is eBay.

Question 11

In a double auction, buyers and sellers each submit combined price-quantity bids to an auctioneer.

Question 12

A growing number of large organizations have built internal Web sites that provide opportunities for online social networking among their employees.

Question 13

The 2008 U.S.elections saw the first major use of blogs as a political networking tool.

Question 14

The Dutch auction is also called an ascending-price auction.

Question 15

One of the first social shopping sites was craigslist, an information resource for San Francisco area residents that was created in 1995 by WELL member Craig Newmark.

Question 16

The types of products that work well for group shopping sites are branded products with well-established reputations.

Question 17

The lock-in effect makes the task of creating alternative successful general consumer Web sites much easier.

Question 18

Visitors spend a greater amount of time at portal sites than they do at most other types of Web sites, which is attractive to advertisers.

Question 19

The general idea behind many social networking sites is that people are invited to join by existing members who think they would be valuable additions to the community.

Question 20

The introduction of larger mobile phones and tablet devices has made the use of Wireless Application Protocol (WAP) mandatory.

Question 21

People employed by a seller or an auctioneer to make bids on behalf of the seller are called _____.

A) auction agents
B) faux bidders
C) shill bidders
D) auction dealers

Question 22

Compared to traditional advertising, an effective business use of social media tools is to _____.

A) focus on the company's interests
B) engage customers
C) broadcast information
D) promote products

Question 23

An English auction is sometimes called a(n) _____ because the bids are publicly announced.

A) reverse auction
B) double auction
C) open auction
D) sealed-bid auction

Question 24

The whole auction process is managed by a(n) _____.

A) shill bidder
B) auctioneer
C) observer
D) seller

Question 25

The most popular and fastest growing third-party mobile operating system is _____.

A) BlackBerry 10
B) Apple iOS
C) Android
D) Symbian

Question 26

One of the first operating systems for Internet-capable phones was made by _____ for their phones and other portable devices.

A) Palm
B) Linux Foundation
C) BlackBerry
D) Samsung

Question 27

The act of placing a winning bid at the last second is called a lock-in.

Question 28

Because sniping software synchronizes its internal clock to the auction site clock and executes its bid with a computer's precision, the software almost always wins out over a human bidder.

Question 29

The earliest written records of auctions are from _____.

A) Huanbei
B) Babylon
C) Rome
D) Athens

Question 30

Mobile phones that function as credit cards are called _____.

A) mobile wallets
B) e-caches
C) universal cards
D) bitcoins

Question 31

Cricket Jr.was a mobile operating system software written by David Eccles in 1997.

Question 32

In _____ auctions, bidders submit their bids independently and are usually prohibited from sharing information with each other.

A) sealed-bid
B) descending-price
C) open-outcry
D) seller-bid

Question 33

A(n) _____ allows individuals to create and publish a profile, create a list of other users with whom they share a connection (or connections), control that list, and monitor similar lists made by other users.

A) bulletin board system
B) Usenet
C) social networking site
D) RSS feed

Question 34

_____ were computers that allowed users to connect using dial-up connections through telephone lines to read and post messages in a common discussion forum.

A) Microblogs
B) Web chat rooms
C) Social networks
D) Bulletin board systems

Question 35

The _____ auction is a form of open auction in which bidding starts at a high price and drops until a bidder accepts the price.

A) English
B) Dutch
C) reverse
D) sealed-bid

Question 36

Sniping software observes auction progress until the last second or two of the auction clock.

Question 37

_____ are the prices that potential buyers in an auction are willing to pay for an item.

A) Bids
B) Proposals
C) Offers
D) Reserves

Question 38

The trend toward having readers help write their own news is called _____ journalism.

A) participatory
B) community
C) social
D) collaborative

Question 39

A(n) _____ is a gathering place for people and businesses that does not have a physical existence.

A) meetup
B) online community
C) lock-in
D) public space

Question 40

In industries where there is a high degree of competition among suppliers, reverse auctions can be an efficient way to conduct and manage the price bidding that would naturally occur in that market.

Question 41

The New York Stock Exchange conducts _____ auctions of stocks and bonds in which the auctioneer, called a specialist, manages the market for a particular stock or bond issue.

A) sealed-bid double
B) open-outcry double
C) descending-price
D) ascending-price

Question 42

Abstract communities based on the connections between opinions and contributions of community members are called _____ social media.

Question 43

_____ software is developed by a community of programmers who make the software available for download at no cost.

Question 44

The process of finding a lender who can provide funds for a business idea through social networking sites is referred to as _____.

Question 45

In a(n) _____ auction, buyers and sellers each submit combined price-quantity bids to an auctioneer.

A) reverse
B) Dutch
C) English
D) double

Question 46

Wary bidders in low-price auctions can check the_____ to protect themselves from being cheated.

A) seller's records
B) liquidation brokers
C) escrow services
D) sniping software

Question 47

An auction where visitors describe items or services they want to buy, and a group of participating merchants reply with offers to supply the item at a particular price is called a _____.

A) second-price sealed bid
B) seller-bid
C) first-price sealed-bid
D) reverse bid

Question 48

A(n) _____ is an independent party that holds a buyer's payment until the buyer receives the purchased item and is satisfied that the item is what the seller represented it to be.

A) snipe
B) liquidation broker
C) escrow service
D) auctioneer

Question 49

Modifying an Apple iPhone's operating system is called _____ the phone.

Question 50

_____ refers to the conversion of existing regular site visitors seeking free information or services into fee-paying subscribers or purchasers of services.

Question 51

Smaller businesses often sell their unusable and excess inventory to _____, which are firms that find buyers for these items.

A) inventory specialists
B) liquidation brokers
C) inventory removal services
D) secondary marketers

Question 52

Second-price sealed-bid auctions are commonly called _____ auctions.

A) open-outcry
B) Vickrey
C) double
D) Dutch

Question 53

Started at Duke University in 1979, _____ was a set of interconnected computers devoted to storing information on specific topics.

Question 54

The most common format used on eBay is a computerized version of the _____ auction.

A) Dutch
B) sealed-bid
C) English
D) double

Question 55

_____ allows Web pages formatted in HTML to be displayed on devices with small screens.

Question 56

_____ is the practice of lending very small amounts of money to people who are starting or operating small businesses, especially in developing countries.

Question 57

Existing auction sites, such as eBay, are inherently more valuable to customers than new auction sites.This basic economic fact is called a(n) _____.

A) deadlock effect
B) lock-in effect
C) smoke-and-mirrors effect
D) anti-pattern effect

Question 58

Traditionally, large companies distribute excess inventory through _____.

A) liquidation specialists
B) liquidation brokers
C) their own Web auction sites
D) third-party Web auction sites

Question 59

An early attempt to monetize social networking by charging visitors a fee for a specific service was the _____ site.

Question 60

Intra-community interaction among members of a virtual community is called _____.

Question 61

How does proxy bidding work on eBay?

Question 62

In an eBay auction, a(n) _____ automatically increases a bid to the next highest increment needed to exceed any bid, up to a bidder-specified maximum bid.

Question 63

Dutch auctions are also called _____ auctions.

Question 64

A(n) _____ auction is often better for the seller because the bidder with the highest private valuation will not let the bid drop much below that valuation for fear of losing the item to another bidder.

Question 65

A(n) _____ is the price at which an auction begins.

Question 66

On a ____________ site the seller posts an item with a tentative price and the site builds up the number of buyers sufficiently to encourage the seller to offer a quantity discount.

Question 67

Modifying an Android operating system is called _____ the phone.

Question 68

What is the difference between an English auction and a Dutch auction?

Question 69

If multiple items are being auctioned in a(n) _____ sealed-bid auction, successive lower (next highest) bidders are awarded the remaining items at the prices they bid.

Question 70

What is the main difference between eBay and a live English auction?

Question 71

Describe the operation of a typical auction.

Question 72

List the supply chain characteristics that support reverse auctions.

Question 73

All eBay auctions have a(n) _____, the amount by which one bid must exceed the previous bid.

Question 74

_____ are amounts that bidders are willing to pay for an item.

Question 75

In English auctions, bidders risk becoming caught up in the excitement of competitive bidding and then bidding more than their private valuations.This phenomenon is called the _____.

Question 76

Farmers' cooperatives in the Netherlands use the _____ auction to sell perishable goods such as produce and flowers.

Question 77

The act of placing a winning bid at the last second is called a(n) _____.

Question 78

_____ auctions, either sealed bid or open outcry, work well only for items of known quality, such as securities or graded agricultural products, that are regularly traded in large quantities.

Question 79

In a(n) _____ auction, multiple sellers submit price bids to an auctioneer who represents a single buyer.

Question 80

The site JustBeads.com is an example of a(n) _____ auction site that caters to buyers and sellers who are geographically dispersed but share highly focused interests.