Economics Unit 2 Quiz 1

Which of the following is the best definition of utility?

• factors that motivate or influence human behavior

• the money a person earns, whether as a gift, a salary, or earnings from an investment

• a tool which allows a person to control how much money is coming in and how much is going out in order to meet their financial goals

• the amount of personal satisfaction consumers get from the goods and services they purchase

Which term means buying goods according to what one want or needs?

• Fixed Expenses

• Discretionary Spending

• Flexible Expenses

• Budget

Which type of influence on the consumer is being expressed when they purchase a turkey for Thanksgiving?

• Cultural

• Peer Pressure

• Trend

• Environmental

Which of the following is not a benefit of a budget?

•  know how much money you are making plan for future expenses

• know how much money you are spending

• plan for future savings

• Increases income

What is the term for factors that motivate or influence human behavior?

• opportunity costs

• assets

• income

• incentives

How does most media earn their revenue?

• subscription payments

• advertising

• one-time purchases of physical media

• royalties from other media

Which of the following are example(s) of long-term planning?

• Paying rent

• Tuition for college or university

• Buying a Home

• Car payments