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Leigh and Rob prepared a household budget in an attempt to manage their money better.They prepared the following list: Monthly income (after taxes) = $4,500;Monthly expenses (necessities) ,which include rent,$550;auto loan,$250;student loan,$200;savings,$500;food,$200 = $1,700;Amount left over = $2,800 (income less necessary expenses) .The remaining $2,800 is their


A) gross income.
B) personal income.
C) disposable income.
D) discretionary income.
E) profit.

F) A) and B)
G) All of the above

Correct Answer

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The set of environmental forces that consists of the demographic characteristics of the population and its culture is referred to as


A) social forces.
B) economic forces.
C) consumer forces.
D) cultural forces.
E) market forces.

F) A) and B)
G) A) and E)

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A sudden drop in the average consumer income would be an example of which environmental force?


A) economic
B) competitive
C) technological
D) social
E) regulatory

F) B) and D)
G) B) and E)

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Oral-B toothbrushes now connect to your smartphone to provide real-time feedback on your brushing.This is an example of how ________ forces help improve or replace existing products and companies.


A) ecological
B) regulatory
C) legal
D) competitive
E) technological

F) B) and C)
G) C) and D)

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Which of the following statements regarding the Geek Squad is most accurate?


A) Men who need help from the Geek squad do not want women "Geeks" to help them because it makes them feel inferior.
B) The Geek Squad has exclusive rights to the home-help segment thanks to their relationship with Best Buy.
C) The Geek Squad can only assist customers who purchase Dell Computers.
D) The need for the Geek Squad was the result of many environmental factors,not simply a need for technological knowledge.
E) Although the Geek Squad brought more customers into Best Buy,the rate of product returns has only dropped a negligible amount.

F) A) and B)
G) C) and D)

Correct Answer

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Disposable income refers to


A) the money that remains before paying for taxes and necessities.
B) the money deducted from a person's paycheck to pay for federal,state,and local taxes.
C) the total amount of money made by a single individual during his or her lifetime.
D) the money a consumer has left after paying taxes to use for necessities such as food,shelter,clothing,and transportation.
E) the money that is spent for necessities or charitable causes that is exempt from taxation.

F) A) and B)
G) B) and E)

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Small businesses employ about ________ of all private-sector employees.


A) one-quarter
B) one-third
C) one-half
D) three-quarters
E) ninety percent

F) B) and C)
G) All of the above

Correct Answer

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Recent data on consumer expenditures indicate that the savings rate of U.S.consumers has


A) declined to 13 percent.
B) remained flat at 0.5 percent.
C) fluctuated minimally around 2 percent.
D) risen to 5.5 percent.
E) exploded to nearly 10 percent.

F) B) and D)
G) A) and B)

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During the holiday shopping season,many online retailers offer buyers price reductions,two-for-one deals,or free delivery.This is because these retailers operate in a(n) ________ environment.


A) pure competition
B) oligopoly
C) monopolistic competition
D) monopoly
E) marginal competition

F) B) and D)
G) B) and E)

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The Madrid Protocol is


A) a method of registering a trademark with language adaptations for different countries.
B) the criteria for collectively seeking a trademark for an entire industry in Spain.
C) a form of national branding,e.g. ,"Chilean Sea Bass."
D) a treaty that facilitates the protection of U.S.trademark rights throughout the world.
E) an agreement to stop piracy of noncopyrighted products abroad.

F) A) and B)
G) D) and E)

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This year the Shafer family has dined at nice restaurants almost four times a week.Between raises received by Mr.and Mrs.Shafer,their family income rose 11 percent,while the cost of living rose by 4 percent and property taxes went up 5 percent in their community.As a result,the family eats outside the home more often now,compared to dining out only a few times a month a few years ago.This reflects


A) an increase in the number of fine restaurants during times of economic upswing.
B) a reaction to an increase in discretionary income.
C) a significant drop in disposable income since there was a negative gain in income.
D) a rise in deflation.
E) a shift from investing to spending

F) A) and E)
G) C) and D)

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The purpose of the Robinson-Patman Act is to


A) outlaw price discrimination for purchasers of the same product.
B) establish regulated monopolies for utilities.
C) protect inventors from having their intellectual property stolen.
D) repeal the Sherman Antitrust Act.
E) provide incentives for interstate commerce.

F) B) and C)
G) C) and E)

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The Lanham Act cannot protect the rights to a trademark if


A) the company is accused of violating the Sherman Antitrust Act.
B) the product patent is less than 17 years old.
C) the word,name,or symbol has become generic.
D) the statute of limitations has run out.
E) the government refuses to enforce violations.

F) B) and E)
G) A) and B)

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Value consciousness is defined as


A) special deals to customers who shop for bargains online.
B) the concern for obtaining the best quality,features,and performance of a product or service for a given price that drives consumption behavior.
C) a change in consumption orientation to strongly prefer inexpensive products.
D) strict budgeting of discretionary purchases.
E) money management for long-term stability.

F) B) and D)
G) A) and E)

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Approximately one in ________ U.S.residents is African American,Native American or Alaska Native,Asian American,or Native Hawaiian or Pacific Islander.


A) ten
B) seven
C) five
D) three
E) two

F) A) and B)
G) C) and D)

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The population explosion has occurred


A) primarily in the developing countries of Asia and Africa.
B) fairly evenly throughout the world.
C) primarily in the United States due to high birthrates and immigration.
D) primarily in the countries of the European Union due to high birthrates and immigration.
E) primarily in developed countries due to better economic,infrastructure,and health care conditions.

F) B) and D)
G) D) and E)

Correct Answer

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Marketspace refers to


A) the two-way buyer-seller electronic communication in a computer-mediated environment in which the buyer controls the kind and amount of information received from the seller.
B) websites that allow people to congregate online and exchange views on topics of common interest.
C) Internet search engines used for the purpose of data mining.
D) an information- and communication-based electronic exchange environment occupied by sophisticated computer and telecommunication technologies and digital offerings.
E) the blending of different communication and delivery channels that are mutually reinforcing in attracting,retaining,and building relationships with consumers who shop and buy in traditional intermediaries and online.

F) C) and D)
G) A) and D)

Correct Answer

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During a recessionary period,which of the following economic behaviors would be expected?


A) Consumer spending would increase.
B) The use of credit would decline.
C) Taxes would increase nationally.
D) Property values would jump dramatically.
E) Consumers would use the majority of their discretionary income on entertainment.

F) B) and D)
G) A) and D)

Correct Answer

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The grassroots movement started in the 1960s to increase the influence,power,and rights of consumers in dealing with institutions is referred to as


A) Naderism.
B) consumerism.
C) green marketing.
D) anti-corporate activism.
E) libertarianism.

F) All of the above
G) A) and B)

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Buying a book at www.amazon.com to give as a birthday present is an example of a(n) ________ transaction.


A) i-market
B) intranet
C) electronic commerce
D) extranet
E) marketplace

F) A) and E)
G) None of the above

Correct Answer

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