Consumer Education

A heavy concentration of a few businesses helps make prices more competitive.
True False

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.
True False

The peak of consumer movements occurred during the Reagan administration.
True False

The consumer movement is not a social movement but an economic movement.
True False

Ever since the publication of Unsafe at Any Speed, Ralph Nader has retreated from being a consumer advocate.
True False

Net National Product (NNP) is the total value of goods and services produced by an economy in a given year.
True False

National Income is the Gross National Product (GNP) minus depreciation.
True False

In the traditional economic model, the consumer is the ruler.
True False

Various studies ahve indicated that consumers have the necessary information and interest to determine quality.
True False

An oligopoly occurs when just a few sellers control the majority of the supply or service produced.
True False

Disposable income can be define as which of the following?

An economic system in which a few large sellers control the majority of the market is called which of the following?

Which of the following means the needs of consumers are the most important function of an economy?

Which president of the U.S> is responsible for the development of small claims courts?

Which consumer right is being violated when the consumer perspective is not adequately represented in the formulation of government policies?

Which of the following is an example of collective consumption?

According to the text, wants are derivative means what?

The Office of Consumer Affairs was closed during which presidency?

Which consumer organization was established during the second era of consumer movements?

Oligopoly

Which of the following means to pay outside companies to provide services normally performed within the company?

The consumer is ruler is a definition for

Who is the father of our economic system

Funds required to fulfill public needs such as education, highways, and police are referred to as

Which president initiated the most recent era of consumerism?

Who was not an administrator in the Carter administration?

The Truth-in-Lending Act requires what?

What are the dual roles of consumers int he economy?

The desire of consumers for goods and services is finite.
True False

When there is limited supply but unlimited wants, we have the problme of scarcity?
True False

Objective motives are dependent on internal body conditions.
True False

Culture is the learned patterns of behavior and symbolism that pass from one generation to the next in a society.
True False

Maslow did work on personal satisfaction.
True False

The tendency to purchase combinations of things, such as matching clothes and accessories, is known as harmonious consumption.
True False

The pattern of consumer wants changes over a lifetime.
True False

Reference groups is the group to which an individual belongs.
True False

The influence of the group in which a person is born can be examined only from the group's taboos.
True False

High order needs can be obtained only after lower order needs are met.
True False

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.
True False

Which of the following refers to the volume of goods and service that one's income will buy.

Tariffs and quotas on imported goods do which of the following?

To economists, the best definition of demand is that it is?

The urge to satisfy a need is called what?

Money income can be said to be the amount of __________?

Which of the following is an example of social influence on consumers' wants?

Which of the following refers to limiting the quantity of a product that may be imported?

A persons's _________ is the major source of a person's values, normas, and perspectives.