Question 1

The New York Stock Exchange conducts _____ auctions of stocks and bonds in which the auctioneer, called a specialist, manages the market for a particular stock or bond issue.
A) sealed-bid double
B) open-outcry double
C) descending-price
D) ascending-price

Accepted Answer

The answer of The New York Stock Exchange conducts _____...

Question 2

Abstract communities based on the connections between opinions and contributions of community members are called _____ social media.

Accepted Answer

The answer of Abstract communities based on the connections between...

Question 3

_____ software is developed by a community of programmers who make the software available for download at no cost.

Accepted Answer

The answer of _____ software is developed by a community...

Question 4

The process of finding a lender who can provide funds for a business idea through social networking sites is referred to as _____.

Accepted Answer

The answer of The process of finding a lender who...

Question 5

In a(n) _____ auction, buyers and sellers each submit combined price-quantity bids to an auctioneer.
A) reverse
B) Dutch
C) English
D) double

Accepted Answer

In a double auction, both buyers and sellers submit bids and offers, including quantities and prices, to the auctioneer, who then matches these bids and offers based on their compatibility, facilitating transactions between multiple buyers and sellers simultaneously.

Question 6

Wary bidders in low-price auctions can check the_____ to protect themselves from being cheated.
A) seller's records
B) liquidation brokers
C) escrow services
D) sniping software

Accepted Answer

Checking the seller's records can provide bidders with information about the seller's history and reputation, helping them assess the risk of being cheated.

Question 7

An auction where visitors describe items or services they want to buy, and a group of participating merchants reply with offers to supply the item at a particular price is called a _____.
A) second-price sealed bid
B) seller-bid
C) first-price sealed-bid
D) reverse bid

Accepted Answer

The given scenario describes a reverse auction where buyers describe their requirements, and sellers bid to fulfill the demand by offering competitive prices. Hence option D, "reverse bid," is the correct answer. Option A, "second-price sealed bid," and option C, "first-price sealed-bid," refer to sealed auctions where buyers submit confidential bids, and the highest bidder wins. Option B, "seller-bid," is not a valid auction type as sellers generally do not bid on their products/services.

Question 8

A(n) _____ is an independent party that holds a buyer's payment until the buyer receives the purchased item and is satisfied that the item is what the seller represented it to be.
A) snipe
B) liquidation broker
C) escrow service
D) auctioneer

Accepted Answer

An escrow service is an independent party that holds a buyer's payment until the buyer receives the purchased item and is satisfied that the item is what the seller represented it to be. This helps to ensure a secure and fair transaction for both parties. Snipe refers to bidding on an auction item at the last second, liquidation broker is a type of intermediary that helps companies sell off excess inventory or assets, and auctioneer is someone who conducts an auction.

Question 9

Modifying an Apple iPhone's operating system is called _____ the phone.

Accepted Answer

The answer of Modifying an Apple iPhone's operating system is...

Question 10

_____ refers to the conversion of existing regular site visitors seeking free information or services into fee-paying subscribers or purchasers of services.

Accepted Answer

The answer of _____ refers to the conversion of existing...

Question 11

Smaller businesses often sell their unusable and excess inventory to _____, which are firms that find buyers for these items.
A) inventory specialists
B) liquidation brokers
C) inventory removal services
D) secondary marketers

Accepted Answer

Liquidation brokers specialize in finding buyers for excess or unusable inventory from smaller businesses. They help businesses recover some of their invested capital while finding buyers for discounted items.

Question 12

Second-price sealed-bid auctions are commonly called _____ auctions.
A) open-outcry
B) Vickrey
C) double
D) Dutch

Accepted Answer

Second-price sealed-bid auctions, where the highest bidder wins but pays the second-highest bid price, are commonly known as Vickrey auctions after their inventor, Nobel laureate William Vickrey.

Question 13

Started at Duke University in 1979, _____ was a set of interconnected computers devoted to storing information on specific topics.

Accepted Answer

The answer of Started at Duke University in 1979, _____...

Question 14

The most common format used on eBay is a computerized version of the _____ auction.
A) Dutch
B) sealed-bid
C) English
D) double

Accepted Answer

The most common format used on eBay is the computerized version of the English auction, where bidders can see the current highest bid and choose to outbid it if they wish. The Dutch auction involves multiple identical items being auctioned off simultaneously, while the sealed-bid and double auctions are less commonly used on eBay.

Question 15

_____ allows Web pages formatted in HTML to be displayed on devices with small screens.

Accepted Answer

The answer of _____ allows Web pages formatted in HTML...

Question 16

_____ is the practice of lending very small amounts of money to people who are starting or operating small businesses, especially in developing countries.

Accepted Answer

The answer of _____ is the practice of lending very...

Question 17

Existing auction sites, such as eBay, are inherently more valuable to customers than new auction sites.This basic economic fact is called a(n) _____.
A) deadlock effect
B) lock-in effect
C) smoke-and-mirrors effect
D) anti-pattern effect

Accepted Answer

The lock-in effect refers to the economic principle that customers are more likely to continue using an existing product or service rather than switch to a new one, due to factors such as familiarity, trust, and network effects. This means that established auction sites like eBay are inherently more valuable to customers because they have a large user base, established reputation, and existing buying/selling processes that users are familiar with. This makes it difficult for new auction sites to attract users and compete with established players.

Question 18

Traditionally, large companies distribute excess inventory through _____.
A) liquidation specialists
B) liquidation brokers
C) their own Web auction sites
D) third-party Web auction sites

Accepted Answer

The answer of Traditionally, large companies distribute excess inventory through...

Question 19

An early attempt to monetize social networking by charging visitors a fee for a specific service was the _____ site.

Accepted Answer

The answer of An early attempt to monetize social networking...

Question 20

Intra-community interaction among members of a virtual community is called _____.

Accepted Answer

The answer of Intra-community interaction among members of a virtual...

Quiz 6: Social Networking, Mobile Commerce, and Online Auctions

The New York Stock Exchange conducts _____ auctions of stocks and bonds in which the auctioneer, called a specialist, manages the market for a particular stock or bond issue.

Abstract communities based on the connections between opinions and contributions of community members are called _____ social media.

_____ software is developed by a community of programmers who make the software available for download at no cost.

The process of finding a lender who can provide funds for a business idea through social networking sites is referred to as _____.

In a(n) _____ auction, buyers and sellers each submit combined price-quantity bids to an auctioneer.

Wary bidders in low-price auctions can check the_____ to protect themselves from being cheated.

An auction where visitors describe items or services they want to buy, and a group of participating merchants reply with offers to supply the item at a particular price is called a _____.

A(n) _____ is an independent party that holds a buyer's payment until the buyer receives the purchased item and is satisfied that the item is what the seller represented it to be.

Modifying an Apple iPhone's operating system is called _____ the phone.

_____ refers to the conversion of existing regular site visitors seeking free information or services into fee-paying subscribers or purchasers of services.

Smaller businesses often sell their unusable and excess inventory to _____, which are firms that find buyers for these items.

Second-price sealed-bid auctions are commonly called _____ auctions.

Started at Duke University in 1979, _____ was a set of interconnected computers devoted to storing information on specific topics.

The most common format used on eBay is a computerized version of the _____ auction.

_____ allows Web pages formatted in HTML to be displayed on devices with small screens.

_____ is the practice of lending very small amounts of money to people who are starting or operating small businesses, especially in developing countries.

Existing auction sites, such as eBay, are inherently more valuable to customers than new auction sites.This basic economic fact is called a(n) _____.

Traditionally, large companies distribute excess inventory through _____.

An early attempt to monetize social networking by charging visitors a fee for a specific service was the _____ site.

Intra-community interaction among members of a virtual community is called _____.