Quiz 1: Consumers in a Changing World

Unlimited wants combined with limited supplies create_____________ , a condition in which there is an insufficient amount or supply.

(Essay)

Question 21

The law of demand states that as the price of a good or service rises, the quantity demanded rises.

(True False)

Question 22

What are the two parts to e-commerce? Briefly describe each.

(Essay)

Question 23

Correct Answer:

E-merchandise is selling good and servic...

Explain Maslowʹs hierarchy of needs.

(Essay)

Question 24

Correct Answer:

According to Abraham Maslow, humans have...

Individuals or groups such as families who obtain, use, maintain, and dispose of products and services, to increase life satisfaction and fulfill needs are known as_____________.

(Essay)

Question 25

The law of supply states that as the supply of a good or service goes up, the price comes down.

(True False)

Question 26

Things wished for or desired are called _____________.

(Essay)

Question 27

A market economy is also referred to as capitalism.

(True False)

Question 28

Things that are deemed necessary are called _____________.

(Essay)

Question 29

Consumer sovereignty means consumers, rather than producers, decide which goods will survive.

(True False)

Question 30

When supply and demand is equal, the_____________ is reached.

(Essay)

Question 31

The people born between 1977 and 1994 are known as the baby boomlets or echo -boomer generation.

(True False)

Question 32

In a command economy, most decisions about what, how and for whom to produce are made by those who control the government.

(True False)

Question 33

Define opportunity cost and give an example.

(Essay)

Question 34

Correct Answer:

Opportunity cost occurs when one alterna...

Inflation is a steady decrease in price.

(True False)

Question 35

Scarcity is the same as poverty.

(True False)

Question 36

What are the five parts to the consumption process?

(Essay)

Question 37

Correct Answer:

The five parts of the consumpt...

What is consumer economics?

(Essay)

Question 38

Correct Answer:

Consumer economics is the stud...

A(n)_____________is anything a consumer acquires or perceives to need.

(Essay)

Question 39

Generation X is made of those people born between 1965 and 1976.

(True False)

Question 40

Quiz 1: Consumers in a Changing World

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