Quiz 1: Consumers in a Changing World

All of the following are parts of the business cycle EXCEPT

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

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

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

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

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

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

Alan Greenspan came up with the ʺinvisible handʺ theory.

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

Who is the founder of modern economics?

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

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

Consumer mediated environments (CME)refers to

The term caveat emptor translates to

Consumption guarantees happiness.

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

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

Non-traditional households include all of the following EXCEPT

Monopoly means

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