Economics: Today and Tomorrow © 2012

Chapter 3: Your Role as a Consumer

Your Role as a Consumer

1
All the steps in consumer decision-making involve ______.
A)disposable income
B)discretionary income
C)luxury items
D)opportunity cost
2
The value of the next best alternative choice that a person did not make is defined as _____.
A)disposable income
B)discretionary income
C)rational choice
D)opportunity cost
3
Money or income a person has left to spend on extras after necessities have been bought is known as ___.
A)discretionary income
B)rational choice
C)opportunity cost
D)consumer
4
The opportunity cost of comparison shopping is defined as the _____.
A)time you could have spent doing something else
B)price you pay for the item you choose
C)money advertisers spend to attract your attention to their products
D)money you save by making a rational choice
5
When comparison shopping, you should continue to gather information _____.
A)until you know all there is to know about the product
B)as long as the value you receive from the purchase is greater than the value of time and effort spent
C)until you find the best product at the best price
D)as long as the amount of gas you use is less than the amount you pay for the purchase
6
A word, picture, or logo on a product that helps consumers distinguish it from similar products is called _____.
A)bait and switch
B)comparison shopping
C)warranty
D)brand name
7
A general name for a product rather than the specific name given by the manufacturer is called _____.
A)comparison shopping
B)warranty
C)brand name
D)generic brand
8
Pointing out that a cashier failed to charge you for an item is an example of _____.
A)consumer rights
B)consumer protection
C)right to redress
D)ethical behavior
9
Which of the following is described as the movement to educate buyers about purchases and to demand safer products from manufacturers?
A)Consumerism
B)Ethical behavior
C)Better Business Bureau
D)Food and Drug Administration
10
Which of the following is defined as acting in accordance with convictions about right and wrong?
A)Consumerism
B)Ethical behavior
C)Better Business Bureau
D)Food and Drug Administration
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