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

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