WorksheetsConsumer Economic Decisions - Final Assessment
Total questions: 10
Worksheet time: 5mins
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
