Paul Solomon Is the Owner of Solly's,an Upscale Restaurant in Tampa,Florida.Each

question 2

Multiple Choice

Paul Solomon is the owner of Solly's,an upscale restaurant in Tampa,Florida.Each year,Paul spends about $150,000 in advertising.As this year's ad budget decision must be made,Paul decides that he wants to know just how good his advertising dollars are working for him.He hires Getty Research Associates who recommend that he establish a baseline of awareness.Getty recommends a TOMA study which stands for Top-of-Mind-Awareness.TOMA studies consist of taking a probability sample of the population and asking respondents to name the first three "insert type of business here." Obviously,for Solly's,Getty would be asking respondents to name the top three restaurants in the area.The percentage of respondents that named Solly's would be a baseline measure of awareness,and future promotions could be evaluated in terms of whether or not they increased awareness.While Paul was intrigued with online surveys because they were fast and less expensive,Getty recommended a traditional telephone survey using the local Tampa directory.Getty also explained to Paul that "Plus One dialing" could be used to ensure that unlisted numbers were included.Though the directory was quite large and no electronic version was available,Getty felt they could efficiently draw the sample using a:

• A)simple random sample.
• B)judgment sample.
• C)stratified sample.
• D)cluster,area sample.
• E)systematic sample.

Understand the role of endowments and budget constraints in consumer choices.

Analyze the concept of inferior goods and its implications on demand and labor supply.

Understand how changes in wages and nonlabor income affect labor supply when leisure is considered a normal good.

Comprehend the utility maximization principle and its application to consumption and labor choices.

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Definitions:

Shear Zones

Regions of intense deformation in the crust where rocks have been subjected to shear stress, leading to displacement and alteration.

Igneous Intrusions

Igneous intrusions are formations created when molten rock from the Earth's interior cools and solidifies beneath the surface, disrupting the preexisting strata.

Foliation

The repetitive layering in metamorphic rocks caused by the reorientation of minerals under directed pressure.

Deposits

Sediments, minerals, or organic matter that have accumulated through geological processes in a particular location.