Chapter 12 Income, Social Class, and Family Structure
1) Victor wanted to be able to show Marilyn's parents that he had some money, too, so he wore
his best Italian suit and his TAG Heuer watch. They were Victor's way of advertising his
achievements. Products used in this way are called:
A) status utilities.
B) fraudulent symbols.
C) social class indicators.
D) status symbols.
ANSWER: D
Type: MC Page Ref: 366
Skill: Application
Objective: L12-01 Income patterns influence how we spend our money.
2) Products that are bought and displayed as markers of social class are called:
A) status symbols.
B) wealth markers.
C) possessions.
D) social symbols.
ANSWER: A
Type: MC Page Ref: 366
Skill: Concept
Objective: L12-01 Income patterns influence how we spend our money.
3) Canada is the only G7 nation to have fully recovered in terms of employment and GDP. This
has been attributed to:
A) more women entering the work force.
B) growth of computer-related industries.
C) a sound financial system.
D) a growing working immigrant class.
ANSWER: C
1
,Type: MC Page Ref: 367
Skill: Concept
Objective: L12-01 Income patterns influence how we spend our money.
4) Nearly half the world's population survives on what amount per day?
A) less than $2
B) less than $6
C) less than 20 cents
D) $20
ANSWER: B
Type: MC Page Ref: 367
Skill: Concept
Objective: L12-01 Income patterns influence how we spend our money.
2
,5) Which statement reflects the average Canadian's standard of living?
A) It is relatively high by international standards but declining.
B) It is relatively low by international standards and continues to decline.
C) It is moderate by international standards and stable.
D) It is relatively high by international standards and continues to improve.
ANSWER: D
Type: MC Page Ref: 366
Skill: Concept
Objective: L12-01 Income patterns influence how we spend our money.
6) Consumer demand for goods and services depends on:
A) target marketing and PR.
B) economics and finance.
C) ability and willingness to buy.
D) the money to buy the product or service.
ANSWER: C
Type: MC Page Ref: 367
Skill: Concept
Objective: L12-01 Income patterns influence how we spend our money.
7) In 2016, the proportion of Canadian adults aged 25 through 64 who had a college diploma or a
university degree was:
A) 35%.
B) 44%.
C) 54%.
D) 65%.
ANSWER: C
Type: MC Page Ref: 367
Skill: Concept
Objective: L12-01 Income patterns influence how we spend our money.
8) The money available to a household over and above that required for a comfortable standard
3
, of living is termed:
A) diversion income.
B) discretionary income.
C) consumer income.
D) disposable income.
ANSWER: B
Type: MC Page Ref: 367
Skill: Concept
Objective: L12-01 Income patterns influence how we spend our money.
4
1) Victor wanted to be able to show Marilyn's parents that he had some money, too, so he wore
his best Italian suit and his TAG Heuer watch. They were Victor's way of advertising his
achievements. Products used in this way are called:
A) status utilities.
B) fraudulent symbols.
C) social class indicators.
D) status symbols.
ANSWER: D
Type: MC Page Ref: 366
Skill: Application
Objective: L12-01 Income patterns influence how we spend our money.
2) Products that are bought and displayed as markers of social class are called:
A) status symbols.
B) wealth markers.
C) possessions.
D) social symbols.
ANSWER: A
Type: MC Page Ref: 366
Skill: Concept
Objective: L12-01 Income patterns influence how we spend our money.
3) Canada is the only G7 nation to have fully recovered in terms of employment and GDP. This
has been attributed to:
A) more women entering the work force.
B) growth of computer-related industries.
C) a sound financial system.
D) a growing working immigrant class.
ANSWER: C
1
,Type: MC Page Ref: 367
Skill: Concept
Objective: L12-01 Income patterns influence how we spend our money.
4) Nearly half the world's population survives on what amount per day?
A) less than $2
B) less than $6
C) less than 20 cents
D) $20
ANSWER: B
Type: MC Page Ref: 367
Skill: Concept
Objective: L12-01 Income patterns influence how we spend our money.
2
,5) Which statement reflects the average Canadian's standard of living?
A) It is relatively high by international standards but declining.
B) It is relatively low by international standards and continues to decline.
C) It is moderate by international standards and stable.
D) It is relatively high by international standards and continues to improve.
ANSWER: D
Type: MC Page Ref: 366
Skill: Concept
Objective: L12-01 Income patterns influence how we spend our money.
6) Consumer demand for goods and services depends on:
A) target marketing and PR.
B) economics and finance.
C) ability and willingness to buy.
D) the money to buy the product or service.
ANSWER: C
Type: MC Page Ref: 367
Skill: Concept
Objective: L12-01 Income patterns influence how we spend our money.
7) In 2016, the proportion of Canadian adults aged 25 through 64 who had a college diploma or a
university degree was:
A) 35%.
B) 44%.
C) 54%.
D) 65%.
ANSWER: C
Type: MC Page Ref: 367
Skill: Concept
Objective: L12-01 Income patterns influence how we spend our money.
8) The money available to a household over and above that required for a comfortable standard
3
, of living is termed:
A) diversion income.
B) discretionary income.
C) consumer income.
D) disposable income.
ANSWER: B
Type: MC Page Ref: 367
Skill: Concept
Objective: L12-01 Income patterns influence how we spend our money.
4
