Econ Final Review

Select the BEST answer. Someone sent you an email explaining that some of their files have been corrupted and they need to verify the information on your checking account. When you click on the link in the email it goes to a website that has the same logo and slogan from your bank and it is asking for personal information like your name, social security number, account number, address, etc. but it is a deceptive website. This is an example of

• Crimeware

• Firewall

• Cookies

• Spoofing/Phishing

Select the BEST answer. Jamie went to the local electronics store to purchase a small refrigerator for his workshop. He found a refrigerator that suited his needs for $500. The sales person kept pressuring Jamie to buy a more expensive refrigerator than he had intended to purchase. This is an example of

• Trading Up

• Loss Leader

• Bait & Switch

• Pyramid Scheme

The neighborhood electronics store advertised a sale on a DVD recorder/player for $25, knowing that they had no such item in stock. When consumers came in, they told them they had sold out, but they had a newer model on sale for only $75 and pointed out all of the “extra” features this model had. This is an example of

• Trading Up

• Loss Leader

• Bait & Switch

• Pyramid Scheme

John contacts Sally and tells her he has this great business venture in which she can pay a small fee to join to get the rights to set others up in the same business. However, they are not selling any product or service. This is an example of

• Trading Up

• Loss Leader

• Bait & Switch

• Pyramid Scheme

The local grocery store is running a great special on canned vegetables, purchase four 15 oz. cans of brand XYZ vegetables for only $1.00 with a $50 purchase and a limit of 32 cans per customer. The store owner knows that he will lose money on this one product, but he will make money once the customer comes into the store. This is an example of

• Trading Up

• Loss Leader

• Bait & Switch

• Pyramid Scheme

Supply and demand in the economic market will determine the prices of products and the wages workers earn. When supply is less than demand

• Prices and wages tend to increase

• Prices and wages tend to decrease

• Prices tend to increase and wages tend to decrease

• Prices tend to decrease and wages tend to increase

A nonprofit organization which is sponsored by local businesses to help resolve disputes between consumers and businesses.

• Federal Trade Commission (FTC)

• Consumer Product Safety Commission

• Environmental Protection Agency (EPA)

• Consumer Financial Protection Bureau (CFPB)

• Better Business Bureau (BBB)

Helps consumer finance markets work by making rules more effective by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. Mark only one oval.

• Federal Trade Commission (FTC)

• Consumer Product Safety Commission

• Environmental Protection Agency (EPA)

• Consumer Financial Protection Bureau (CFPB)

• Better Business Bureau (BBB)

Protects consumers from dangerous products. First federal agency with the power over all consumer products. Mark only one oval.

• Federal Trade Commission (FTC)

• Consumer Product Safety Commission

• Environmental Protection Agency (EPA)

• Consumer Financial Protection Bureau (CFPB)

• Better Business Bureau (BBB)

Jane is going to do her monthly grocery shopping at the local grocery store. She tries to do the majority of her shopping around her payday to supply her family with the food for their meals for basic survival. She is fulfilling her family’s Mark only one oval.

• Values

• Wants

• Needs

• Goals