FREE AND STUDY GAMES ABOUT ECON CHAPTER 6 EXAM

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FREE AND STUDY GAMES ABOUT ECON CHAPTER 6 EXAM

QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -18 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: Which of the following isn't a need: Food, Housing, Eating out, or Utilities?

Answer:

Eating out.

Question 2: Branding

Answer:

The promotion of a product or service by identifying it with distinct characteristics (usually associated with public perception, quality or effectiveness).

Question 3: Opportunity Cost

Answer:

Refers to the financial opportunity that is given up because you choose to do something else with your money.

Question 4: Summarize the factors that influence consumer decisions

Answer:

Marketing, peer influence, brand recognition, opportunity cost, and advice from others.

Question 5: What effect does inflation have on purchasing power?

Answer:

It means that your dollars buy less than they did in the past.

Question 6: Caveat Emptor

Answer:

Latin term for "buyer beware".Question 7: True or False: As a consumer, you should consider inflation in your investments and retirement planning

Answer:

True.

Question 8: Brand Recognition

Answer:

Refers to the public's ability to recall and recognize a brand by its logo, jingles, packaging, etc..Question 9: Which of the following is not a common marketing strategy: Providing financial options, Making the customer do product research, Personal selling, or Repitition?

Answer:

Making the customer do product research.Question 10: True/False: If you don't have cash on hand, financing a significant purchase is a good option

Answer:

False.

Question 11: Explain why financing a purchase is a bad idea.

Answer:

It puts you at financial risk.

Question 12: Marketing

Answer:

The process of communicating the value of a product or service to customers.

Question 13: Financing

Answer:

To buy an item with credit; Paying over time.Question 14: What are the five steps you should take before making a significant purchase?

Answer:

Wait overnight, consider buying motives, make sure you understand what you are buying, consider opportunity cost, and seek wise counsel.

Question 15: Buyer's Remorse

Answer:

Feeling regret or concern after making a large purchase.Question 16: Explain why you should always consider the opportunity cost when making a significant purchase.

Answer:

It gives you power over purchase and because money spent in one place can not be spent in another place.Question 17: The purpose of advertising is to: Inform the consumer, Tease the consumer, Persuade the consumer, or All of the above?

Answer:

All of the above.

Question 18: Significant Purchase

Answer:

An amount of money you spend, usually $300, that causes some pain to part with.