Test Answers on consumers

Chapter 14: Consumer Decision Process And Problem Recognition

question Consumer Decision answer an image of an individual carefully evaluating the attributes of a set of products, brands or services and rationally selecting the one that solves a clearly recognized need for the least cost. question Brand Loyal Purchases answer fairly high product involvement low purchase involvement. (Nominal Decision Making) question Repeat Purchases answer […]

Read more
Chapter 2: The consumer Research Process

question Secondary Information answer Information already collected for some other purpose other than the present research. Saves time and money; provides a sounder starting point and sometimes even answers the full question. However, it could also be categorized differently than what they might have picked. A) Internal secondary data B) External secondary data question Primary […]

Read more
consumer final 16

question Innovations are a. created only out of a sense of public service. b. critical to sales and future growth. c. only important for services. d. only important for products. e. important primarily when the economy is expanding. answer b. critical to sales and future growth. question Something that is perceived as new by consumers […]

Read more
6.01 Understand sales and consumer law

question Auction answer Buyer bids on item question Barter answer exchange of goods. question Bulk Transfer answer All or a major part of a business is sold. question Cash and Carry Sales answer Pay cash and take immediate delivery question COD Sales answer Collect on delivery question Delivery answer Buyer possesses or has control of […]

Read more
Chapter 15: Consumerism and Complementary and Alternative Medicine

question Western medicine / conventional medicine answer Based on belief that disease is caused by identifiable physical factors Rather than mental or spiritual imbalances (identifies internal and external causes such as pathogens, genetic factors, and unhealthy lifestyles) question Complementary medicine answer Practices used together with conventional modalities question Alternative medicine answer Practices used instead of […]

Read more
Consumer Sovereignty

question consumer sovereignty answer In order to succeed, businesses must produce goods and services that consumers are willing and able to buy question dollar votes answer Businesses know what consumers want because they buy want they want

Read more
Consumer Econ

question You can drive to campus or take a bus. Driving costs you $1/mile in gas and maintenance. If you live 2 miles from campus, and are a rational decision maker, what is your reservation price for a bus ticket? answer $2 question Most economists are against rent control because it answer discourages the building […]

Read more
2.02 Consumers and Producers

question In the game of economics, which player has the role of providing goods and services? answer producers question Which best describes how consumers let producers know what they want to buy and how much they’re willing to pay? answer The purchases consumers make indicate their desires to producers. question In the game of economics, […]

Read more
Consumer Learning and Memory

Learning Process by which changes occur in the content or organization of a persons long-term memory Learning Qualifications – Not Directly Observable – Govern the sources of behavioral changes – Effects of learning are relatively long-term. – Covert activities (such as shopping) and cognitive processes (such as problem solving and information process) Range of learning […]

Read more
APEX Econ 7.4: The Responsible Consumer

Which of these is a procedure that quantifies the personal value of a purchase? The purchase price is calculated as a certain number of working hours. Which of these is one way to quantify the personal value of a good or service? By finding the monetary value of something the person would willingly trade in […]

Read more
CONSUMERS, PRODUCERS, AND THE EFFICIENCY OF MARKETS

question WELFARE ECONOMICS answer the study of how the allocation of resources affects economic well-being, The study of how the allocation of resources affects economic well-being question WILLINGNESS TO PAY answer the maximum amount that a buyer will pay for a good, The maximum amount that a buyer will pay for a good question CONSUMER […]

Read more

Get instant access to
all materials

Become a Member