Multiple choice

1. One way for a country to obtain an absolute advantage in marketing a product outside its borders is to . 

A. revalue the currency. 

B. produce the good at the lowest cost. 

C. adopt many trade restrictions. 

D. enter into an orderly marketing agreement. 

2. In which stage of the product life cycle are profits at their highest? 

A. Maturity stage 

B. Decline stage 

C. Introductory stage 

D. Growth stage 

3. Joe is developing the marketing mix for his company's new line of power tools. A brand name, price, and distribution system have been decided. Now Joe is concentrating his efforts on developing the best advertising plan for the product line. The advertising plan is part of Joe's ________ strategy. 

A. pricing 

B. production 

C. product End of exam

D. promotional 

4. The Fair Labor Standards Act 

A. established the federal minimum wage. 

B. legalized collective bargaining. 

C. outlawed secondary boycotts. 

D. outlawed union shops.