APEX Econ 7.4: The Responsible Consumer

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question
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.
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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
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Which of these methods successfully quantifies the value of a computer to a particular person?
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By determining the number of hours the person is willing to work to earn the purchase price of the computer
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Why should consumers look for products that have a warranty?
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It protects them in case the product is defective
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What is the benefit of purchasing a product with a warranty?
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You'll get a repair or replacement if the product is damaged or defective
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A warranty protects consumers against what?
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Defective or damaged products
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Match each retail term with the correct definition. A. Brand name B. Warranty C. Restocking fee D. Commission
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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
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Match each retail term with the correct definition. A. Store credit B. Brand name C. Warranty D. Commission
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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
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Match each retail term with the correct definition. A. Warranty B. Commission C. Store credit D. Generic brand
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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
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Which of the following are not concerns that socially responsible consumers have?
answer
Production costs
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Which of these is not a primary concern of socially responsible consumers?
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Price
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Socially responsible consumers prefer to buy from companies that use what?
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Renewable resources
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Which of these is a renewable resource?
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Trees
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Which of these is a nonrenewable resource?
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Coal
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Which of these production practices promotes sustainable development?
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The use of renewable resources
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Which of these is a way that individuals can be socially responsible?
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By using less energy
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Which of these is a way that businesses can be socially responsible?
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By minimizing pollution from production
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How can the government promote socially responsible production?
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By passing environmental-protection regulations
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How can the Better Business Bureau help consumers resolve their complaints?
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By providing mediation services
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Which of these actions can the Consumer Product Safety Commission take to help protect consumers?
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Recall an unsafe product
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How can the news media help protect consumers?
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By investigating and exposing bad products and business practices
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Small-claims court is a place for which of the following?
answer
People to resolve financial differences
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What is one benefit of going to small-claims court to fight against wrongdoing by a business?
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You don't need to pay a lawyer to handle your case
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Consumers can go to small-claims court when what happens?
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Other ways of resolving their complaint fail
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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
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How has the Internet helped boycotters?
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It enables boycotters to organize and publicize their activities more easily
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What is one sacrifice that boycotters often have to make?
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They pay higher prices
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Consumers can use lobbying to accomplish what?
answer
To get the government to pass new laws
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Which of these would consumers use lobbying to accomplish?
answer
The passage of new laws punishing offensive behaviors by companies
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Why can consumers have influence over politicians?
answer
Politicians rely on the votes of consumers to keep them in office
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