All Free Economics MCQs with Answers

• A. micro marketing
• B. niche marketing
• C. mass marketing
• D. segment marketing

Explanation: Niche marketing targets a narrowly defined subsegment whose customers have distinctive needs and seek a particular combination of…

• A. horizontal conflicts
• B. vertical conflicts
• C. layer-based conflicts
• D. parallel conflicts

Explanation: Vertical conflict occurs between firms at different levels of the same distribution channel, such as a manufacturer and a retailer.

• A. Product idea
• B. Product image
• C. Product concept
• D. Product features

Explanation: A product concept is a detailed description of a proposed product in meaningful consumer terms, including its target user, purpose and…

• A. Concept development and testing
• B. Marketing strategy
• C. Business analysis
• D. Product development

Explanation: During product development, research and development converts the tested product concept into a physical product or prototype.

• A. market oriented
• B. a statement of religion
• C. motivating
• D. based on distinctive competencies

Explanation: A good mission statement is market-oriented, motivating and grounded in the organization’s distinctive competencies.

• A. Prospecting
• B. Preapproach
• C. Approach
• D. Handling objections

Explanation: The preapproach takes place after prospecting and before the sales call, allowing the salesperson to research the prospect and plan the…

• A. modified rebuy
• B. new task buying
• C. straight rebuy
• D. indirect rebuy

Explanation: A modified rebuy gives the buyer a chance to reconsider specifications, prices, or suppliers, so existing suppliers feel pressure from…

• A. Core Process products selling
• B. Design Products selling
• C. Reciprocal spelling
• D. Systems selling

Explanation: Systems selling combines several related products and services into one complete solution, such as designing, constructing, equipping, and…

• A. shopping goods store
• B. convenience store
• C. specialty store
• D. department store

Explanation: A specialty store concentrates on a narrow product line but offers many choices within that line, such as a shoe or jewelry store.

• A. custom products
• B. specialty products
• C. convenience products
• D. shopping products

Explanation: Specialty products have distinctive features or strong brand identification, and buyers are willing to make a special effort to obtain…

• A. Environmentalism
• B. Environmental sustainability
• C. Consumerism
• D. Consumer accountability

Explanation: Environmental sustainability means operating in ways that protect environmental resources while remaining economically profitable.

• A. quota
• B. barrier
• C. tariff
• D. embargo

Explanation: A quota is a quantitative limit on how much of a product may be imported.

• A. interstate commerce
• B. marketing ethics
• C. unfair and deceptive acts or practices
• D. competitive advertising of objective product benefits

Explanation: The Wheeler-Lea Act expanded the Federal Trade Commission's authority over unfair or deceptive acts and practices in advertising and…

• A. Crucial
• B. Core
• C. Primary
• D. Secondary

Explanation: Secondary beliefs and values are learned preferences that can change over time, such as views about fashion or lifestyle.

• A. Assumes title and ships coal, lumber or heavy equipment to a buyer
• B. Stocks the bread rack in a grocery store
• C. Maintains, owns and stocks a CD display in a grocery store
• D. Sells jewelry out of a catalog

Explanation: Drop shippers take title to goods but do not normally keep them in inventory; they arrange shipment directly to the buyer.

• A. Optional-product pricing
• B. Captive-product pricing
• C. Product line pricing
• D. By-product pricing

Explanation: Product line pricing sets different prices within a related product range by considering cost differences, customer-perceived value, and…

• A. Affordable method
• B. Percentage of Sales method
• C. Competitive parity method
• D. Objective and task method

Explanation: The percentage-of-sales method sets the promotional budget as a fixed share of current or expected sales, treating sales as the cause…

• A. barter
• B. buy-back
• C. counterpurchase
• D. like-value-exchange

Explanation: Buy-back is a countertrade arrangement in which the seller supplies plant or technology and receives payment in the products produced by…

• A. cause-related marketing
• B. idea marketing
• C. nonprofit marketing
• D. person marketing

Explanation: Person marketing uses promotional activity to create, maintain, or change public attitudes toward an individual, such as an athlete or…

• A. Geographic
• B. Demographic
• C. Psychographic
• D. Behavioral

Explanation: Demographic factors such as age, gender, income, education, and family size are widely used because they are relatively easy to measure…