Deck 1: Consumers in a Changing World

Question 1

All of the following are parts of the business cycle EXCEPT

A)recession.
B)inflation.
C)expansion.
D)recovery.

Answer 1

B

Question 2

Approximately 50% of all U.S. families are considered ʺtraditional householdsʺ by the U.S. Census Bureau.

Answer 2

False

Question 3

Intangible actions like work done to satisfy or provide for others are called

A)goods.
B)services.
C)consumption costs.
D)fees.

Answer 3

B

Question 4

In what type of economy are exchanges controlled by marketplace forces of supply and demand, rather than outside forces such as government control?

A)consumer economy.
B)controlled economy.
C)market economy.
D)command economy.

Question 5

A tangible object, something you can see and feel, like soap is considered a

A)good.
B)consumption cost.
C)fee.
D)service.

Question 6

The study of or science of production, distribution, and consumption is known as

A)demographics.
B)consumerism.
C)consumer economics.
D)economics.

Question 7

An economic system in which nearly all capital is collectively owned is called

A)Capitalism.
B)Communism.
C)Shared economy.
D)Socialism.

Question 8

Alan Greenspan came up with the ʺinvisible handʺ theory.

Question 9

Information search is a good idea, but can be costly.

Question 10

Who is the founder of modern economics?

A)Adam Smith
B)Ralph Nader
C)Erin Brockovich
D)Alan Greenspan

Question 11

The study of human populations including characteristics such as size, growth, density, distribution, movement, and other vital statistics is called

A)consumer economics.
B)geography.
C)demography.
D)social economics.

Question 12

The belief that goods give meaning to individuals and their roles in society is called

A)consumerism.
B)consumption.
C)consumers.
D)consumer economics.

Question 13

Consumer mediated environments (CME)refers to

A)a communistic society.
B)buying and selling over the internet.
C)the consumer as being king.
D)a capitalistic society.

Question 14

The term caveat emptor translates to

A)ʺthe market is strong.ʺ
B)ʺthe consumer is king.ʺ
C)ʺmay the buyer beware.ʺ
D)ʺdemand drives the market.ʺ

Question 15

Consumption guarantees happiness.

Question 16

According to the textbook, it is estimated that what percentage of purchased products is never used?

A)12%
B)30%
C)1%
D)60%

Question 17

Demographics refer to the data used to describe populations or subgroups.)

Question 18

Non-traditional households include all of the following EXCEPT

A)single-parent families.
B)childless married couples.
C)a husband, wife, and child under the age 18.
D)adult live-ins.

Question 19

Monopoly means

A)the consumer is king.
B)let the buyer beware.
C)there are many sellers.
D)there is a single seller.

Question 20

Consumption only takes place in a store between a buyer and a seller.

Question 21

Unlimited wants combined with limited supplies create , a condition in which there is an insufficient amount or supply.

Question 22

The law of demand states that as the price of a good or service rises, the quantity demanded rises.

Question 23

What are the two parts to e-commerce? Briefly describe each.

Question 24

Explain Maslowʹs hierarchy of needs.

Question 25

Individuals or groups such as families who obtain, use, maintain, and dispose of products and services, to increase life satisfaction and fulfill needs are known as
.

Question 26

The law of supply states that as the supply of a good or service goes up, the price comes down.

Question 27

Things wished for or desired are called .

Question 28

A market economy is also referred to as capitalism.

Question 29

Things that are deemed necessary are called .

Question 30

Consumer sovereignty means consumers, rather than producers, decide which goods will survive.

Question 31

When supply and demand is equal, the is reached.

Question 32

The people born between 1977 and 1994 are known as the baby boomlets or echo -boomer generation.

Question 33

In a command economy, most decisions about what, how and for whom to produce are made by those who control the government.

Question 34

Define opportunity cost and give an example.

Question 35

Inflation is a steady decrease in price.

Question 36

Scarcity is the same as poverty.

Question 37

What are the five parts to the consumption process?

Question 38

What is consumer economics?

Question 39

A(n)is anything a consumer acquires or perceives to need.

Question 40

Generation X is made of those people born between 1965 and 1976.