CLEP Exam - practice tests fully solved graded A+ 2023

CLEP Exam - practice testsMicro-macro dilemma - correct answer what is good for some producers may not be good for society as a whole (the society as a whole piece is key) role of price in a market-directed economy - correct answer to serve as a rough measure of the value of resources used to produce goods and services marketing - correct answer attempts to affect the products and services you buy marketing - correct answer applies to nonprofit organizations advertising and sales promotion - correct answer marketing functions marketing - correct answer can affect prices you will pay for a product marketing - correct answer includes decisions about how to sell products pure subsistence economy - correct 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 tariffs - correct answer taxes on imported products; legal as long as all regulations are followed production - correct answer involves actually making the product examples of marketing functions - correct 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 macro-marketing - correct answer looks at the marketing function in relation to society as a whole micro-marketing - correct answer looks at activities of individual organizations sales era - correct answer emphasis on selling more parts and outselling the competition production era - correct answer focused on the production of products marketing company era - correct answer a time when companies embraced the marketing concept simple trade era - correct answer when middlemen were introduced in the early role of marketing involving simple distribution marketing department era - correct answer tied various marketing efforts together under one department controllable variables a company applies to their marketing strategy - correct answer product, price, place, and promotion why is price a rough measure of the value of resources used to produce goods and services? - correct answer because prices in a market-directed economic system vary to allocate resources and distribute income according to consumer preferences planned economy - correct answer the government makes all decisions about the production and distribution of products and services when is there a need for middlemen? - correct answer economies in which marketing occurs