Review of Chapter 3, Principles of Purchasing, and Consumerism
Quiz by Jimmy Edwards
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14 questions
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- Q1The price per product's unit of MeasurementBait and SwitchUnit PricingCaveat Emptor120s
- Q2Latin Phrase meaning "Let the buyer beware"Bait-and-SwitchUnit PricingCaveat Emptor120s
- Q3This President urged Congress to guarantee four fundamental consumer rightsBill ClintonBarack ObamaJohn F KennedyRonald Reagan120s
- Q4Two corrective actions the Federal Trade Commission may take to correct deceptive practicesCounteradvertising & RedressCease and Desist Order & CounteradvertisingBait and Switch & Cease and Desist OrderBait and Switch & Counteradvertising120s
- Q5This principle states that people tend to receive less and less additional satisfaction from a good or service as they obtain more and more of it over timePrinciple of Diminishing SupplyPrinciple of Diminishing Marginal UtilityPrinciple of Diminishing DemandPrinciple of Diminishing Prices120s
- Q6This economist identified the Principle of Diminishing Marginal UtilityAlfred MarshallWilliam Stanley JevonsLudwig von MisesKarl Menger120s
- Q7Which of the following is NOT a function of pricesRedistribute IncomeIncrease Marginal UtilityProvide IncentivesTransmit Information120s
- Q8This refers to the willingness of a consumer to purchase a product, along with the actual purchasing of itValueDemandMarginal UtilitySupply120s
- Q9What does a rightward shift represent in a demand curve?Increased demandDecreased supplyIncreased supplyDecreased demand120s
- Q10What does a leftward shift represent in a demand curve?Decreased supplyDecreased demandIncreased supplyIncreased demand120s
- Q11These goods experience an increase in demand due to increases in consumer's incomesSubstitute goodsInferior goodsNormal goodsComplementary goods120s
- Q12These goods experience a decline in sales as consumers' incomes increaseComplementary goodsNormal goodsSubstitute goodsInferior goods120s
- Q13These goods may be used in place of othersNormal goodsInferior goodsComplementary goodsSubstitute goods120s
- Q14These goods are usually purchased or used togetherComplementary goodsNormal goodsInferior goodsSubstitute goods120s