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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
individual
B
laborer
C
consumer
2) income remaining for a person to spend or save after all taxes have been paid
A
gross wage
B
discretionary income
C
living expenses
D
disposable income
3) money income a person has left to spend on extras
A
discretionary income
B
disposable income
C
living expenses
D
gross income
4) advertising that attempts to persuade consumers that a product is different from and superior to any other
A
bait and switch
B
humor
C
competitive advertising
D
informative advertising
5) Making consumers laugh and create an emotional connection with the product.
A
Humor
B
bait and switch
C
informative
D
competitive
6) advertising that benefits consumers by giving information about a product
A
bait and switch
B
humor
C
competitive
D
informative
7) ad that attracts consumers with a low-priced product, then tries to sell them a higher-priced product (limited stock)
A
informative
B
competitive
C
bait and switch
D
humor
8) getting information on the types and prices of products available from different stores and companies
A
competitive shopping
B
generic brand
C
brand name
D
comparison shopping
9) movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers
A
liberalism
B
materialism
C
mercantilism
D
consumerism
10) Which of the following is NOT one of Kennedy's consumer rights?
A
the right to be informed
B
the right to safety
C
the right to choose
D
the right to buy
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
surplus
B
supply
C
demand
D
shortage
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
supply
B
demand
C
surplus
D
shortage
13) situation in which the quantity demanded is greater than the quantity supplied at the current price
A
shortage
B
surplus
C
demand
D
supply
14) situation in which the quantity supplied is greater than the quantity demanded at the current price
A
shortage
B
surplus
C
demand
D
supply
*select an answer for all questions
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