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2. Why is it not always desirable to be the ‘first mover’ in a new industry?

a. Because by being a first mover, the entrepreneurial team not only lacks experience but is also unable to learn from existing examples in the given industry

b. Because being a first mover implies that no other entrepreneur has managed to enter before, which may signal the unattractiveness of that particular business

c. Because if you enter as a first mover in a new industry you have no reliable information to estimate potential demand, trends, or future behavior of the industry

d. All of the above are correct

3. What are the main requirements that most venture capitalists look for when evaluating a new venture opportunity? Choose the single most important:

a.The size of the market and its growth potential

b. The composition of the founding team (e.g. sales-oriented plus technical-oriented founders) and the industrial sector

c. The competitive edge of the opportunity and the capabilities of the founding team

d. The “size” of the problem and the fit of the solution provided by the entrepreneurs

4. Business cycles are:

a. Seasonal changes in output

b. Quarterly profit and loss fluctuations around a company’s fiscal-year average

c. Long run trends upward or downward in employment

d. Medium-term fluctuations of aggregate output around its long term trend

e. Gyrations of share prices on the stock market

5. Over the course of the business cycle:

a.The public sector is the most procyclical sector of the economy

b. Manufacturing tends to be countercyclical

c. The service sector displays greater volatility than manufacturing

d. Construction is the most volatile sector of the economy

e. The amplitude of fluctuations in the public sector exceeds that of GDP as a whole

6. Which of the following variables typically moves in the opposite direction from national income?

8. What defines Dissonance-reducing Buying Behavior?

a. Has high involvement with significant levels of differences between brands

b. Has low involvement with significant levels of differences between brands

c. Has high involvement with very few differences between brands.

d. Has very low levels of involvement and very few differences between brands

9. Which are included in the economic model of a buyer’s behavior?

a. Price effect

b. Substitution effect

c. Income effect

d. All of the above

10. Which defines exploratory research?

a. Gather preliminary information that will help define the problem; shed light on the real nature of the problem

b. Decribe the marketing problems at hand, situations and the market (e.g., attitudes of consumers)

c. Test hypothesis about cause-effect relationship