APEX Econ 7.4: The Responsible Consumer
Unlock all answers in this set
Unlock answersquestion
Which of these is a procedure that quantifies the personal value of a purchase?
answer
The purchase price is calculated as a certain number of working hours.
question
Which of these is one way to quantify the personal value of a good or service?
answer
By finding the monetary value of something the person would willingly trade in exchange for the good or service
question
Which of these methods successfully quantifies the value of a computer to a particular person?
answer
By determining the number of hours the person is willing to work to earn the purchase price of the computer
question
Why should consumers look for products that have a warranty?
answer
It protects them in case the product is defective
question
What is the benefit of purchasing a product with a warranty?
answer
You'll get a repair or replacement if the product is damaged or defective
question
A warranty protects consumers against what?
answer
Defective or damaged products
question
Match each retail term with the correct definition. A. Brand name B. Warranty C. Restocking fee D. Commission
answer
D. Pay earned by salespeople for making sales A. Particular company associated with a product C. Money charged for a returned item B. A guarantee of return or service
question
Match each retail term with the correct definition. A. Store credit B. Brand name C. Warranty D. Commission
answer
A. Money that can be used to make purchases only at a particular store B. Particular company associated with a product D. Pay earned by salespeople for making sales C. A guarantee of return or service
question
Match each retail term with the correct definition. A. Warranty B. Commission C. Store credit D. Generic brand
answer
D. A non-brand-name product equivalent to a brand name C. Money that can be used to make purchases only at a particular store B. Pay earned by salespeople for making sales A. A guarantee of return or service
question
Which of the following are not concerns that socially responsible consumers have?
answer
Production costs
question
Which of these is not a primary concern of socially responsible consumers?
answer
Price
question
Socially responsible consumers prefer to buy from companies that use what?
answer
Renewable resources
question
Which of these is a renewable resource?
answer
Trees
question
Which of these is a nonrenewable resource?
answer
Coal
question
Which of these production practices promotes sustainable development?
answer
The use of renewable resources
question
Which of these is a way that individuals can be socially responsible?
answer
By using less energy
question
Which of these is a way that businesses can be socially responsible?
answer
By minimizing pollution from production
question
How can the government promote socially responsible production?
answer
By passing environmental-protection regulations
question
How can the Better Business Bureau help consumers resolve their complaints?
answer
By providing mediation services
question
Which of these actions can the Consumer Product Safety Commission take to help protect consumers?
answer
Recall an unsafe product
question
How can the news media help protect consumers?
answer
By investigating and exposing bad products and business practices
question
Small-claims court is a place for which of the following?
answer
People to resolve financial differences
question
What is one benefit of going to small-claims court to fight against wrongdoing by a business?
answer
You don't need to pay a lawyer to handle your case
question
Consumers can go to small-claims court when what happens?
answer
Other ways of resolving their complaint fail
question
What is the main reason why a boycott might not be successful?
answer
Many consumers won't stay away from a company that offers the lowest prices
question
How has the Internet helped boycotters?
answer
It enables boycotters to organize and publicize their activities more easily
question
What is one sacrifice that boycotters often have to make?
answer
They pay higher prices
question
Consumers can use lobbying to accomplish what?
answer
To get the government to pass new laws
question
Which of these would consumers use lobbying to accomplish?
answer
The passage of new laws punishing offensive behaviors by companies
question
Why can consumers have influence over politicians?
answer
Politicians rely on the votes of consumers to keep them in office
