Consumer Education

  1. A heavy concentration of a few businesses helps make prices more competitive.
  2. Consumerism is known as the efforts of individuals/groups trying to put the needs of the consumer in an equal or superior position to the needs of the producer.
  3. The peak of consumer movements occurred during the Reagan administration.
  4. The consumer movement is not a social movement but an economic movement.
  5. Ever since the publication of Unsafe at Any Speed, Ralph Nader has retreated from being a consumer advocate.
  6. Net National Product (NNP) is the total value of goods and services produced by an economy in a given year.
  7. National Income is the Gross National Product (GNP) minus depreciation.
  8. In the traditional economic model, the consumer is the ruler.
  9. Various studies ahve indicated that consumers have the necessary information and interest to determine quality.
  10. An oligopoly occurs when just a few sellers control the majority of the supply or service produced.
  11. Disposable income can be define as which of the following?
    The gross personal income of an individual or family.
  12. An economic system in which a few large sellers control the majority of the market is called which of the following?
  13. Which of the following means the needs of consumers are the most important function of an economy?
    Consumer sovereignty
  14. Which president of the U.S> is responsible for the development of small claims courts?
    Richard Nixon
  15. Which consumer right is being violated when the consumer perspective is not adequately represented in the formulation of government policies?
    The right to be heard.
  16. Which of the following is an example of collective consumption?
    Public expenditures for education, highways, and police
  17. According to the text, wants are derivative means what?
    The purchase of a product makes it necessary to buy another product inorder to enjoy the first.
  18. The Office of Consumer Affairs was closed during which presidency?
  19. Which consumer organization was established during the second era of consumer movements?
    Consumer's Research
  20. Oligopoly
    A situation in which few sellers control the majority of the supply of a product or service.
  21. Which of the following means to pay outside companies to provide services normally performed within the company?
  22. The consumer is ruler is a definition for
    Consumer Sovereignty
  23. Who is the father of our economic system
    Adam Smith
  24. Funds required to fulfill public needs such as education, highways, and police are referred to as
    collective consumption
  25. Which president initiated the most recent era of consumerism?
  26. Who was not an administrator in the Carter administration?
  27. The Truth-in-Lending Act requires what?
    Creditors to disclose to the consumer in writing certain cost information, such as the percentage rate (APR), before consumers enter into credit transactions.
  28. What are the dual roles of consumers int he economy?
    To earn and spend
  29. The desire of consumers for goods and services is finite.
  30. When there is limited supply but unlimited wants, we have the problme of scarcity?
  31. Objective motives are dependent on internal body conditions.
  32. Culture is the learned patterns of behavior and symbolism that pass from one generation to the next in a society.
  33. Maslow did work on personal satisfaction.
  34. The tendency to purchase combinations of things, such as matching clothes and accessories, is known as harmonious consumption.
  35. The pattern of consumer wants changes over a lifetime.
  36. Reference groups is the group to which an individual belongs.
  37. The influence of the group in which a person is born can be examined only from the group's taboos.
  38. High order needs can be obtained only after lower order needs are met.
  39. Elasticity of demand is a decrease in demand for a product or service in proportion to the reduction in its price, which leads to a rise in total sales revenue.
  40. Which of the following refers to the volume of goods and service that one's income will buy.
    Real income
  41. Tariffs and quotas on imported goods do which of the following?
    Are unfair to highly concentrated U.S. industries.
  42. To economists, the best definition of demand is that it is?
    A desire in addition to the ability to pay
  43. The urge to satisfy a need is called what?
  44. Money income can be said to be the amount of __________?
    Pay one receives
  45. Which of the following is an example of social influence on consumers' wants?
    I buy Reeboks because everybody in school wears them
  46. Which of the following refers to limiting the quantity of a product that may be imported?
  47. A persons's _________ is the major source of a person's values, normas, and perspectives.
    reference group
Card Set
Consumer Education
Ch. 1-3