Consumer Economic Decisions - Final Assessment

Front

Which of the following is a good for which demand will not change in relation to the price of the group?
Options: Necessities, Normal goods, Inferior goods, Elastic goods

Back

Necessities

Front

Which of the following is a personal factor which influences consumer behavior and refers to the quantifiable statistics detailing an individual’s age, gender, ethnicity and income? Personality, Lifestyle, Values, Demographic

Back

Demographic

Front

A person’s need for respect belongs to which of the following levels of Maslow’s hierarchy? Safety, Love, Esteem, Self-actualization

Back

Esteem

Front

Which type of perception occurs when consumers actively choose messages which they want to see?

Back

Selective exposure

Front

Which of the following is NOT true of economics?
- Studies the production of goods and services
- Studies methods of advertising and marketing
- Studies how a consumer can use their resources to meet their wants and needs
- Studies the distribution of goods and services

Back

Studies methods of advertising and marketing

Front

Which of the following is NOT a factor which changes demand?
Change of the size of the market
Change in consumer income
Change in consumer preferences

Back

Change in efficiency of producing a good

Front

Which of the following describes the cost incurred when you make a choice of one good or service over another? Inelasticity, Opportunity cost, Elasticity, Invisible hand

Back

Opportunity cost

Front

A person’s need for self-fulfillment belongs to which of the following levels of Maslow’s hierarchy? Safety, Love, Esteem, Self-actualization

Back

Self-actualization

Front

Which of the following is NOT a law which aims to protect consumers? Consumer Product Safety Act, Fair Packaging & Labeling Act, Earned Income Tax Credit (ETIC), Child Protection & Toy Safety Act

Back

Earned Income Tax Credit (ETIC)

Front

Laws do NOT impact providers in the following ways? Supply, Future production, Obligations, Complaint processes

Back

Supply