Chp 3 Economics

A company that engages in false advertising can be instigated by the

Federal Trade Commission

Which of the following conclusions can you draw from the chart?

Canadians spend the most on personal income taxes

Regulates the labelling of drugs products

FDA

A company that engages in false advertising may investigated by the

Federal trade commission

A promise to repair or replace a faulty product within certain time is

a warranty

This advertisement is intended to appeal to consumers sense of

adventure

Which of the following expenses would be included in the highest consumer-spending category?

apartment rent

deceptive adverting practice that attracts consumers

bait and switch

word,picture, or logo on a product that helps consumer distinguish it from similar products

brand name

getting information about the product

comparison shopping

Advertising that tries to convince customers that one product is better than another is an example of

competitive

advertising that attempts to persuade consumers that a product is different from and superior to any other

competitive advertising

person or group that buys or uses goods and services

consumer

movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers

consumerism

Bait and Switch is an example of

deceptive advertising

The money people lave left over after they have paid their taxes is called

disposable income

What aspect of this product does the advertisement emphasize most?

ease of use

acting in accordance with convictions about right and wrong

ethical behavior

General name for a product rather than a specific brand name given by the manufacturer

generic brand

Generic products are those that

have no brand name at all

Every purchase decision involves the use of two scarce resources

income and time

advertising that gives information about the product

informative advertising

All of the following are consumer rights except the

right to receive a warranty

Which of the following is NOT a consumer right?

the right to repair

Some consumers prefer generic products over brand-name products because

they are less expensive

Every purchase decision involves the use of two scarce resources___ and ___.

time and money

A written statement that a manufacturer or seller with repair or replace a defective item is known as a

warranty

promise made by manufacturer

warranty