Study Quiz 1

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Marketing is:
e) all of the answers listed
2. The presence of price and quality variance in markets means: c) A few suppliers’ productsand services are best buys. Most are not 3. Marketing is about:
b) Increasing customer satisfaction, which in turn increases profits 4. Product innovation and the diffusion of innovation create: d) All of the answers listed
5. Marketing is the business discipline responsible for:
c) Product innovation and the diffusionof innovation
6. The focus of companies needs to be on winning:
c) Both a and b
7. A responsibility of marketers is to sell new products and ideas to: d) All of the answers listed
8. Excellence in advertising and promotions is most needed: b) When your products anddistribution are strong
9. The United States market is no longer where the action is: c) Because it is growing muchslower than Asia
10. The future of the United States and Canada depends on their: c) Marketing skills

Study Quiz 1.2
1. The British Trading Empire replaced:
b) The Spanish Trading Empire
2. For how long has trading dominated raiding as a way of obtaining wealth and power? a) It isrelatively new
3. The first ecological disaster that destroyed an early trading empire occurred in: d) The MiddleEast
4. How many times has China closed down its trade with the world? c) Three times
5. Wealth is created by:
d) The dynamic combination of selling, buying and invention
6. Schumpeterian wealth is created by:
b) Invention
7. Adam Smith described a process where wealth is created by: a) Selling and buying
8. The biggest example of the humanizing, welfare creating and civilizing benefits of world tradein inventions is: d) Antibiotics
9. When a nation’s trading ability declines:
d) The whole culture loses its vitality and declines
10. The good created by global free trade vastly outweighs the bad it has created. b) This hasbeen established by thousands of years of advancing civilization and prosperity

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