Consumer Economic Decisions - Final Assessment

Which of the following is a good for which demand will not change in relation to the price of the group?

• Necessities

• Normal goods

• Inferior goods

• Elastic goods

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

A person’s need for respect belongs to which of the following levels of Maslow’s hierarchy?

• Safety

• Love

• Esteem

• Self-actualization

Which of the following types of perception occurs when consumers actively choose messages which they want to see?

• Selective exposure

• Selective attention

• Selective comprehension

• Selective motivation

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

Which of the following is NOT a factor which changes demand?

• Change in efficiency of producing a good

• Change of the size of the market

• Change in consumer income

• Change in consumer preferences

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

A person’s need for self-fulfillment belongs to which of the following levels of Maslow’s hierarchy?

• Safety

• Love

• Esteem

• Self-actualization

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

Laws do NOT impact providers in the following ways?

• Supply

• Future production

• Obligations

• Complaint processes