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Economics Unit 2
Test Description: Consumerism!
Instructions: Answer all questions to get your test result.
1) any person or group that buys or uses goods and services to satisfy personal needs and wants
A
laborer
B
individual
C
consumer
2) income remaining for a person to spend or save after all taxes have been paid
A
disposable income
B
gross wage
C
discretionary income
D
living expenses
3) money income a person has left to spend on extras
A
living expenses
B
gross income
C
disposable income
D
discretionary income
4) advertising that attempts to persuade consumers that a product is different from and superior to any other
A
bait and switch
B
informative advertising
C
competitive advertising
D
humor
5) Making consumers laugh and create an emotional connection with the product.
A
bait and switch
B
Humor
C
informative
D
competitive
6) advertising that benefits consumers by giving information about a product
A
humor
B
competitive
C
informative
D
bait and switch
7) ad that attracts consumers with a low-priced product, then tries to sell them a higher-priced product (limited stock)
A
informative
B
humor
C
bait and switch
D
competitive
8) getting information on the types and prices of products available from different stores and companies
A
comparison shopping
B
generic brand
C
competitive shopping
D
brand name
9) movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers
A
materialism
B
consumerism
C
liberalism
D
mercantilism
10) Which of the following is NOT one of Kennedy's consumer rights?
A
the right to buy
B
the right to be informed
C
the right to choose
D
the right to safety
11) the amount of a good or service that consumers are able and willing to buy at various possible prices during a specified time period (how much consumers want to buy)
A
shortage
B
surplus
C
demand
D
supply
12) the amount of a good or service that producers are able and willing to sell at various prices during a specified time period (the amount of product available)
A
demand
B
supply
C
shortage
D
surplus
13) situation in which the quantity demanded is greater than the quantity supplied at the current price
A
demand
B
supply
C
shortage
D
surplus
14) situation in which the quantity supplied is greater than the quantity demanded at the current price
A
surplus
B
shortage
C
demand
D
supply
*select an answer for all questions
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