CLEP EXAM - PRACTICE TESTS
Questions and Answers
1.Micro-macro dilemma
Answer what is good for some producers may not be good for society
as a whole (the society as a whole piece is key)
2.role of price in a market-directed economy
Answer to serve as a rough measure of the value of resources used to
produce goods and services
3.marketing
Answer attempts to affect the products and services you buy
4.marketing
Answer applies to nonprofit organizations
5.advertising and sales promotion
Answer marketing functions
6.marketing
Answer can affect prices you will pay for a product
7.marketing
1/
16
, Answer includes decisions about how to sell products
8.pure subsistence economy
Answer family units make all the products they consume; no marketing
takes place because marketing doesn't occur unless two or more
parties are willing to exchange something for something else
9.tariffs
Answer taxes on imported products; legal as long as all regulations are
followed
10.production
Answer involves actually making the product
11.examples of marketing functions
Answer predicting the types of cars different people will buy,
determining the features of the car, selling the car, and developing a
sales promotion campaign for the car
12.macro-marketing
Answer looks at the marketing function in relation to society as a
whole
13.micro-marketing
Answer looks at activities of individual organizations
2/
16
, 14.sales era
Answer emphasis on selling more parts and outselling the competition
15.production era
Answer focused on the production of products
16.marketing company era
Answer a time when companies embraced the marketing concept
17.simple trade era
Answer when middlemen were introduced in the early role of market-
ing involving simple distribution
18.marketing department era
Answer tied various marketing efforts together under one department
19.controllable variables a company applies to their marketing strategy
Answer prod- uct, price, place, and promotion
20.why is price a rough measure of the value of resources used to produce
goods and services?
Answer because prices in a market-directed economic system vary to
allocate resources and distribute income according to consumer
preferences
3/
16
Questions and Answers
1.Micro-macro dilemma
Answer what is good for some producers may not be good for society
as a whole (the society as a whole piece is key)
2.role of price in a market-directed economy
Answer to serve as a rough measure of the value of resources used to
produce goods and services
3.marketing
Answer attempts to affect the products and services you buy
4.marketing
Answer applies to nonprofit organizations
5.advertising and sales promotion
Answer marketing functions
6.marketing
Answer can affect prices you will pay for a product
7.marketing
1/
16
, Answer includes decisions about how to sell products
8.pure subsistence economy
Answer family units make all the products they consume; no marketing
takes place because marketing doesn't occur unless two or more
parties are willing to exchange something for something else
9.tariffs
Answer taxes on imported products; legal as long as all regulations are
followed
10.production
Answer involves actually making the product
11.examples of marketing functions
Answer predicting the types of cars different people will buy,
determining the features of the car, selling the car, and developing a
sales promotion campaign for the car
12.macro-marketing
Answer looks at the marketing function in relation to society as a
whole
13.micro-marketing
Answer looks at activities of individual organizations
2/
16
, 14.sales era
Answer emphasis on selling more parts and outselling the competition
15.production era
Answer focused on the production of products
16.marketing company era
Answer a time when companies embraced the marketing concept
17.simple trade era
Answer when middlemen were introduced in the early role of market-
ing involving simple distribution
18.marketing department era
Answer tied various marketing efforts together under one department
19.controllable variables a company applies to their marketing strategy
Answer prod- uct, price, place, and promotion
20.why is price a rough measure of the value of resources used to produce
goods and services?
Answer because prices in a market-directed economic system vary to
allocate resources and distribute income according to consumer
preferences
3/
16
