#1
In terms of economic impact, what does ROI stand for?
Return on Investment
ExplanationReturn on investment analysis.
#2
Which of the following is a potential positive economic impact of marketing?
Growth in local businesses
ExplanationStimulating local business growth.
#3
In economic terms, what does GDP stand for?
Gross Domestic Product
ExplanationAggregate economic output measurement.
#4
What is the law of demand in economics?
As the price of a good decreases, the quantity demanded increases
ExplanationInverse relationship between price and demand.
#5
Which of the following best defines the economic impact in marketing?
The effect of marketing activities on a company's profitability
ExplanationImpact of marketing on profitability.
#6
What is the 'multiplier effect' in the context of economic impact?
The tendency for an economic shock to amplify its effects through the economy
ExplanationAmplification of economic shocks.
#7
What is the primary goal of economic impact analysis in marketing?
To measure the financial consequences of marketing activities
ExplanationMeasuring financial outcomes of marketing.
#8
What does SWOT analysis stand for in the context of economic impact?
Strengths, Weaknesses, Opportunities, Threats
ExplanationAssessing strengths, weaknesses, opportunities, threats.
#9
Which of the following factors is NOT typically considered in economic impact analysis?
Competitors' pricing strategies
ExplanationExclusion of competitors' pricing strategies.
#10
Which of the following is NOT a component of economic impact analysis in marketing?
Government regulations
ExplanationGovernment regulations are excluded.
#11
Which economic theory suggests that consumers will buy more of a product when its price is lower and less when its price is higher?
Price elasticity of demand
ExplanationPrice's impact on consumer demand.
#12
Which economic concept describes the maximum amount of a product that buyers are willing and able to purchase at a given price?
Demand curve
ExplanationGraphical representation of buyer purchase willingness.
#13
What role does consumer surplus play in economic impact analysis?
It measures the difference between what consumers are willing to pay and what they actually pay
ExplanationQuantifying consumer willingness to pay versus actual payment.
#14
What is the law of diminishing returns?
As input increases, output eventually increases at a diminishing rate
ExplanationOutput growth slows with increased input.