What is an essential step in making informed consumer decisions?

c) Conducting research and comparing options

b) Making purchases based on emotions

d) Buying the most expensive products

Informed and responsible consumer decision-making contributes to:

b) A more sustainable and ethical marketplace

When competing priorities arise, it may be necessary to:

c) Pursue all priorities simultaneously

As life circumstances change, it is essential to:

c) Regularly reassess and adjust priorities

a) Maintain the same priorities

d) Focus solely on long-term objectives

Celebrating progress and accomplishments along the way helps to:

b) Reinforce the value of efforts

c) Foster a sense of fulfillment

Setting priorities and achieving goals is a skill that can be:

b) Cultivated and refined over time

Which of the following is an example of identity theft?

a) Using someone's personal information to open a credit card account without their permission.

b) Accidentally using the wrong credit card to make a purchase.

c) Forgetting to pay a bill on time and incurring a late fee.

d) Lending your credit card to a family member to make a purchase.

How do pyramid schemes differ from legitimate multi-level marketing (MLM) businesses?

c) Pyramid schemes prioritize recruitment over product sales, while MLMs focus on selling products to consumers.

a) Pyramid schemes focus on selling products, while MLMs prioritize recruitment.

b) Pyramid schemes and MLMs are the same thing.

d) Pyramid schemes are legal, while MLMs are illegal.

Which of the following is a good practice to protect oneself from deception and fraud?

c) Regularly monitor financial accounts and credit reports.

a) Always believe advertisements that promise quick and easy results.

b) Share personal information with anyone who asks for it.

d) Invest in opportunities that guarantee high returns with no risk.

What should you do if an opportunity seems too good to be true?

c) Research the opportunity thoroughly and be cautious before making a decision.

a) Invest in it immediately before the opportunity disappears.

b) Share it with friends and family so they can benefit too.

d) Keep the opportunity a secret so that others don't take advantage of it before you do.

What is the purpose of online profiling?

a) To create detailed profiles of users' interests and behaviors for targeted advertising

b) To protect users' personal information from hackers

c) To help users remember their login information

d) To make websites load faster

What are persistent cookies?

b) Cookies that remain on your device for a set period or until manually removed

a) Cookies that are deleted when you close your browser

c) Cookies that encrypt your internet connection

d) Cookies that are only used for online shopping

What should you do if you suspect you are a victim of identity theft?

b) Report any discrepancies to the relevant authorities and credit bureaus

a) Ignore it and hope the problem goes away

c) Share your experience on social media to warn others

d) Change your social security number

What is two-factor authentication?

a) A process that requires two forms of identification to access an account

b) A method used by hackers to steal personal information

c) A type of cookie used to track online activities

d) A tool that generates complex passwords

What is one way to reduce the amount of personal data collected by websites?

a) Regularly clearing your browser cookies and history

b) Sharing more personal information on social media

c) Using the same password for all your online accounts

d) Clicking on pop-up advertisements

How does consumer spending affect the economy?

c) It directly influences production levels and employment

a) It has no impact on economic growth

b) It reduces the demand for goods and services

d) It only affects the profits of large corporations

Which of the following best describes the difference between goods and services?

b) Goods are tangible, while services are intangible

a) Goods are intangible, while services are tangible

c) Goods and services are both tangible

d) Goods and services are both intangible

What motivates businesses to continuously improve their offerings, pricing strategies, and customer service?

b) Competition among sellers in the marketplace

c) Seasonal changes in consumer preferences

d) Fluctuations in currency exchange rates

What has led to an increased demand for organic, natural, and plant-based food products?

a) The rise of health-conscious consumers

b) Government subsidies for organic farming

c) Advancements in food preservation technologies

d) Increased disposable income among consumers

What is essential for businesses, policymakers, and society to understand and leverage?

c) The power of consumers in shaping the economic landscape

a) The power of advertising in manipulating consumer behavior

b) The role of government in controlling consumer choices

d) The importance of maximizing short-term profits over long-term sustainability

What is the primary focus of the lecture on balancing life goals?

c) Balancing life goals in a fast-paced world

a) The importance of career advancement

b) Strategies for increasing income

d) The benefits of telecommuting

What are flex time and telecommuting examples of?

a) Career advancement strategies

b) Standard of living indicators

Define "standard of living"?

d) The level of material comforts and overall quality of life

a) The amount of money one earns

b) The level of education one achieves

c) The size of one's social network

What is suggested about the pursuit of a high income?

b) It should not overshadow other important life goals

a) It should be the primary focus of one's career

c) It is the key to happiness and fulfillment

d) It is more important than personal relationships

Which of the following is presented as an effective approach to balancing life goals?

c) Regularly assessing and prioritizing one's values and aspirations

a) Focusing solely on career advancement

b) Prioritizing financial goals above all else

d) Avoiding all forms of stress and challenge

Which of the following is NOT mentioned as a method for identifying your aptitudes?

d) Analyzing your academic grades

b) Seeking feedback from others

What is a career plan?

b) A roadmap outlining steps to achieve career goals

a) A list of job openings in your field

c) A resume detailing your work history

d) A budget for your future income

What is suggested about the process of career planning?

b) It should be completed before starting college

d) It should be outsourced to professionals

What is the relationship between aptitudes and career success?

c) Understanding aptitudes helps identify areas where you're likely to excel

a) Aptitudes are irrelevant to career success

b) Aptitudes are the only factor in career success

d) Aptitudes can't be developed or improved

What is the main difference between internships and apprenticeships?

b) Apprenticeships combine on-the-job training with classroom instruction

a) Internships are always paid, while apprenticeships are unpaid

c) Internships are only available in business fields

d) Apprenticeships are shorter in duration than internships

What is distance education also known as?

c) Online learning or e-learning

What is accreditation in the context of education?

c) Official recognition of meeting established quality standards

d) A distance learning platform

Why is attending an accredited institution or program important?

b) It provides access to federal financial aid

a) It guarantees a high-paying job after graduation

c) It allows students to skip certain required courses

d) It automatically grants students scholarships

When exploring educational opportunities, what should students consider?

c) Multiple factors including personal goals, learning styles, and career aspirations

b) Only the reputation of the institution

d) Only the location of the institution

How should students view investing in education?

b) As a long-term investment in oneself and one's future

c) As unnecessary in today's job market

d) As less important than work experience

What is the primary purpose of a resume?

b) To showcase skills, experience, and qualifications

c) To explain why you left your previous job

d) To list your personal hobbies and interests

How should work experience be listed on a resume?

b) In reverse chronological order

c) Alphabetically by company name

d) In order of importance to the job

MIDTERM REVIEW - ECONOMICS

Authored by Ryan Bates

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a consumer in an economic context?

a) An individual who sells goods and services

b) An individual who purchases goods and services for personal use or consumption

c) A business that provides goods and services to other businesses

d) A government entity that regulates economic activity

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is identity theft?

a) When someone steals your wallet or purse

b) When someone uses your personal information without permission to commit fraud

c) When you forget your login credentials for an online account

d) When you share too much information on social media

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a bait and switch scheme, what happens when a customer visits a store to purchase an advertised item?

a) The item is available at the advertised price, and the customer can purchase it without issue.

b) The customer is offered a better product at a lower price than the advertised item.

c) The advertised item is unavailable or has hidden costs, and the salesperson pressures the customer to buy a more expensive alternative.

d) The customer is given the advertised item for free as a promotional offer.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the guiding principles that influence our choices and actions called?

a) Goals

b) Values

c) Priorities

d) Standards

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term refers to the limited nature of resources?

a) Abundance

b) Scarcity

c) Opportunity cost

d) Bartering

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Effective time management helps individuals overcome which of the following?

a) Scarcity

b) Opportunity cost

c) Procrastination

d) Conspicuous consumption

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main benefit of resisting impulse purchases?

a) Keeping up with the latest trends

b) Making more rational choices

c) Impressing others with material possessions

d) Increasing social status

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MIDTERM REVIEW - ECONOMICS

What is a consumer in an economic context?

What is identity theft?

In a bait and switch scheme, what happens when a customer visits a store to purchase an advertised item?

What are the guiding principles that influence our choices and actions called?

What term refers to the limited nature of resources?

Effective time management helps individuals overcome which of the following?

What is the main benefit of resisting impulse purchases?

What is an essential step in making informed consumer decisions?

Informed and responsible consumer decision-making contributes to:

Which of the following is an example of a need?

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