consumer economics

Which of the following terms is used to describe the fluctuation in demand of a certain product in relation to pricing?

. Elasticity

Which of the following is NOT a way one can participate in the consumer economic system?

. Not paying taxes

A good for which demand will not change in relation to price is known as which of the following?

A necessity

Which of the following is an accurate description of take-home pay?

After-tax income available for living expenses

Which of the following is one of the four economic stages of families?

Aging

The Federal Trade Commission Act considers which of the following an unfair and deceptive practice?

Bait and switch

When you go to the movies you have $5.00 to spend on snacks. You want candy and popcorn, but each costs $5.00. You decide to buy popcorn. What is the opportunity cost of the popcorn?

Candy

Which of the following is NOT a financial obligation or opportunity of launching families? Selected:

Child care

The law of supply is "as the price of any good falls, the quantity demanded will increase."

FALSE

Travel and recreational opportunities is a financial opportunity for the launching economic stage of families

False

The economy of the United States depends on which of the following?

Individual participation

Which economic stage of families is characterized by parents refocusing on their relationship, the height of careers and earnings, and the possibility of becoming grandparents?

Mid-years

Which of the following is an example of a new banking technology?

Mobile banking applications

How does immigration impact the economy?

More people means more money put into the economy, causing the system to stretch to accommodate everyone

If there is a change in the number of producers in the market, which of the following will also change?

Supply

Demand can change due to a change in the number of people in a market, change in taste or preferences, expectations of the future, change in income, or change in the price of a substitute or complementary product.

TRUE

Take-home pay minus total living expenses equals money available for savings and investment.

TRUE

The Consumer Product Safety Commission is empowered to conduct research on safety and collect data regarding injuries

TRUE

Which of the following is NOT considered a living expense when determining expenses?

Taxes

The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 is responsible for which of the following?

Temporary Assistance for Needy Families (TANF) program

Which of the following is an entity which provides services for the consumer and is NOT part of the national government?

The Better Business Bureau

Which of the following provides a basis for the regulation of the testing, manufacture, distribution and sale of food, drugs, cosmetics and medicinal products in the U.S.?

The Federal Food, Drug, and Cosmetic Act

Which of the following is an economic issue which seems to have a direct impact on crime?

Unemployment

Which of the following defines opportunity cost?

What you are giving up or sacrificing by turning down one opportunity in order to take advantage of another opportunity

Discrepancies in your checkbook occur in which of the following situations?

When your bank statement differs from your check register