Firms use two marketing tools to differentiate their products. What are these two tools?
A) market research and demand estimation B) brand management and advertising
C) lobbying and word of mouth D) consumer surveys and market experiments
B
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Roger lives in Iceland and purchases a snowmobile manufactured in the United States. This purchase is
A. both a U.S. and Icelandic export. B. both a U.S. and Icelandic import. C. a U.S. import and an Icelandic export. D. a U.S. export and an Icelandic import.
Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks, and compact cars. What fundamental economic question are they addressing by making this range of products?
A) Who to produce automobiles for? B) How to produce goods that consumers want? C) What to produce? D) Why produce a variety of automobiles?