Economics: Today and Tomorrow © 2012

Chapter 5: Buying the Necessities

Buying the Necessitites

1
The advantage of shopping in a convenience store is _____.
A)paying lower prices
B)having a larger selection
C)saving time
D)buying large quantities
2
Which of the following is defined as discounts offered by manufacturers on a certain brand, size, or quantity of goods?
A)Private-labeled products
B)Unit pricing
C)Cents-off coupons
D)Club warehouse store
3
Which of the following is defined as a store that is open 16 to 24 hours a day, carrying a limited selection of items?
A)Club warehouse store
B)Convenience store
C)Private-labeled products
D)Unit pricing
4
Stores that sell used clothing at lower prices than new clothing are known as _____.
A)wholesale stores
B)consignment stores
C)retail stores
D)service flows
5
What is your opportunity cost of comparison shopping for clothes?
A)the money you spend on the clothing
B)the discount clothing that you purchased
C)what you would have done with the time instead of shopping around
D)the missed seasonal sales
6
Which of the following is NOT included in closing costs when you purchase a home?
A)title search fees
B)mortgage interest
C)fee for credit report
D)loan application fees
7
Which of the following is an agreement describing the terms under which property is rented?
A)Closing costs
B)Points
C)Lease
D)Security deposit
8
Which of the following choices is described as the market value of a property minus the mortgage payments still owed?
A)Equity
B)Closing costs
C)Points
D)Lease
9
A way of guarding against the cost of major automobile repairs is by purchasing _____.
A)liability insurance
B)an extended warranty
C)a used car
D)a small car
10
Which of the following choices is a type of insurance that pays for bodily injury and property damage?
A)Registration fee
B)Liability insurance
C)Excise
D)Depreciation
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