Which of the Following Is True

question 104

Multiple Choice

Which of the following is true?
i.Compared to a no-trade situation, exports make consumers better off.
ii.Tariffs make consumers worse off.
iii.Trade is restricted because protection brings small losses to a large number of people and large gains to a small number of people.

• A) Only i
• B) Only ii
• C) Only iii
• D) i and iii
• E) ii and iii

Distinguish between consumer needs, wants, and demands in the context of marketing.

Identify strategies for effective marketing communication and promotion.

Understand the concept of target markets and how organizations direct their marketing program towards specific groups.

Identify the four components of the marketing mix (product, price, promotion, and place) and their role in solving marketing problems.

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Definitions:

Indirect Materials

Materials used in the production process that cannot be directly traced to the finished product in a cost-effective manner.

Decision-Making

The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.

Planning

The process of setting goals, developing strategies, and outlining tasks and schedules to accomplish the goals.

Directing

The process in management that involves guiding, leading, and overseeing the performance of employees to achieve organizational goals.