Exxon Consulting,works as an Agent on Behalf of Business Consumers

question 46

Multiple Choice

Exxon Consulting,works as an agent on behalf of business consumers to collect information on various industrial products.When faced with buying decisions,businesses can approach Exxon to obtain detailed information on the various options available to them.The company earns revenue by selling such information to various customers.Marten Consulting can be called a(n) ________.

• A)intermediary
• B)market maker
• C)customer community
• D)third party arbitrator
• E)informant

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Definitions:

Tariff

A tax imposed on imported goods to either raise state revenue or protect domestic industries from foreign competition.

Quota

A government-imposed limit on the amount or value of goods that can be imported or exported during a specified time period, often used to protect domestic industries.

Factor Endowments

The quantity and quality of labor, land, and capital that a country possesses and can utilize for manufacturing.

Free Trade

A policy wherein a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports).