Question

1.

All of the following were administrators in the Carter administration except:

	A.	Pertschuk
	B.	Kahn
	C.	Nader
	D.	Peterson
	E.	Foreman

2.

Most consumers assume that a high price guarantees good quality and that a low price is eveidence of inferiority.

True

False

3.

Which of the following is the most important institution for educating children to become economic adults in the first six years?

	A.	Society
	B.	Church
	C.	Parents
	D.	School
	E.	Neighborhood

4.

Store managers endeavor to convert shoppers to customers.

True

False

5.

Today, most goods in the United States are produced ________________________.

	A.	in anticipation of demand.
	B.	as a result of under supply.
	C.	to encourage competition.
	D.	on orders from the consumer.
	E.	as a result of oversupply.

6.

Which of the following refers to an insufficient rise in demand for a product or service in relation to a reduction in its price, so that a price reduction results in a decline in total sales revenues?

	A.	Demand schedule
	B.	Elasticity of demand
	C.	Real increase in demand
	D.	Utilitarian demand
	E.	Inelasticity of demand

7.

Typical middle-class Americans today are self-directed, which means that they are not influenced by people with whom they live in close association.

True

False

8.

The level to which consumers aspire is called a __________________________.

	A.	measure
	B.	pattern
	C.	consumption
	D.	standard
	E.	value

9.

Upton Sinclair was generally known as the father of consumerism.

True

False

10.

Sales tax is an example of which type of tax?

	A.	Progressive tax
	B.	Regressive tax
	C.	Aggressive tax
	D.	Priority tax
	E.	Proportional tax

11.

A problem of production in anticipation of demand is producing things that consumers do not want or need and this leads to:

	A.	Less goods available
	B.	Quotas
	C.	Waste
	D.	Higher prices
	E.	Outsourcing

12.

Traditional economic analysis begins with the fact that ______________________.

	A.	human wants are unlimited.
	B.	buyers have a less desirable position than the suppliers.
	C.	suppliers and buyers have equal powers.
	D.	suppliers have a less desirable position than the buyers.
	E.	human desires are learned behaviors.

13.

Parents are just one influence on children's values.

True

False

Answer 1

Ans 2)

It is generally true because higher prices of good always factor in goodwill component into the prices that means if history of brand is trustworthy and satisfactory then producer charges higher price therefore consumer assumes high price means good quality

True

Ans3)

First 6 years of childhood the most important institution is Parents

Ans 4)

True.. Increasing footfalls should be converted into sales it is the major agenda of store manafer

Ans 6)

It is due to inelasticity of demand hence the price reduction wont help to increase in revenue as it did in elasticity of demand

Hence option E is correct

Ans 8)

Standard is the answer

Option D is correct

Ans 9)

OPtion A is correct

Ans 12)

option E is correct ( Rational Behavior)

Ans 13)

True