Electronic Commerce Ch 6 Quiz UPDATED
Exam Questions and CORRECT Answers
d. liquidation brokers - CORRECT ANSWER - Smaller businesses often sell their
unusable and excess inventory to ______, which are firms that find buyers for these items.
a. inventory removal services
b. secondary marketers
c. inventory specialists
d. liquidation brokers
a. mobile wallets - CORRECT ANSWER - Mobile phones that function as credit cards are
called _______.
a. mobile wallets
b. e-caches
c. universal cards
d. bitcoins
b. lock-in effect - CORRECT ANSWER - 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. anti-pattern effect
b. lock-in effect
c. smoke-and-mirrors effect
d. deadlock effect
c. open auction - CORRECT ANSWER - An English auction is sometimes called a(n)
_______ because the bids are publicly announced.
a. double auction
b. reverse auction
c. open auction
, d. sealed-bid auction
b. reverse bid - CORRECT ANSWER - 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. first-price sealed-bid
b. reverse bid
c. second-price sealed-bid
d. seller-bid
a. English - CORRECT ANSWER - The most common format used on eBay is
computerized version of the _______ auction.
a. English
b. sealed-bid
c. Dutch
d. double
b. seller's records - CORRECT ANSWER - Wary bidders in low-price auctions can check
the _______ to protect themselves from being cheated.
a. sniping software
b. seller's records
c. liquidation brokers
d. escrow services
d. Dutch - CORRECT ANSWER - 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. sealed-bid
b. English
c. reverse
d. Dutch
Exam Questions and CORRECT Answers
d. liquidation brokers - CORRECT ANSWER - Smaller businesses often sell their
unusable and excess inventory to ______, which are firms that find buyers for these items.
a. inventory removal services
b. secondary marketers
c. inventory specialists
d. liquidation brokers
a. mobile wallets - CORRECT ANSWER - Mobile phones that function as credit cards are
called _______.
a. mobile wallets
b. e-caches
c. universal cards
d. bitcoins
b. lock-in effect - CORRECT ANSWER - 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. anti-pattern effect
b. lock-in effect
c. smoke-and-mirrors effect
d. deadlock effect
c. open auction - CORRECT ANSWER - An English auction is sometimes called a(n)
_______ because the bids are publicly announced.
a. double auction
b. reverse auction
c. open auction
, d. sealed-bid auction
b. reverse bid - CORRECT ANSWER - 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. first-price sealed-bid
b. reverse bid
c. second-price sealed-bid
d. seller-bid
a. English - CORRECT ANSWER - The most common format used on eBay is
computerized version of the _______ auction.
a. English
b. sealed-bid
c. Dutch
d. double
b. seller's records - CORRECT ANSWER - Wary bidders in low-price auctions can check
the _______ to protect themselves from being cheated.
a. sniping software
b. seller's records
c. liquidation brokers
d. escrow services
d. Dutch - CORRECT ANSWER - 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. sealed-bid
b. English
c. reverse
d. Dutch
