1) This is a need a) car b) boat c) water d) jewellery 2) This is not a want a) food b) books c) computer d) TV 3) This is not a factor of production a) accounts b) land c) labour d) enterprise 4) This is opportunity cost a) The cost of greed b) The cost of sacrificing the next best alternative c) Economy of scale 5) This is the economic problem a) Resources = needs+wants b) Resources greater than needs and wants c) Resources less than needs and wants 6) Primary research is also called a) Desk top research b) Field research 7) This is not a form of primary research a) Observation b) Questionnaires c) Interviews d) Trade magazines 8) This is a form of secondary research a) The census b) Consumer panel 9) Marekt Research is not used to answer these questions a) Would you be willing to buy b) What price are you willing to pay c) How old are you? 10) Quantitative information is expressed in terms of numbers a) True b) False 11) Qualitative research is a) opinion b) numerical data

Market research and needs and wants quiz

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