FCHE 3100 (FCHE3100) FINAL EXAM QUESTIONS AND
CORRECT ANSWERS!!
Consumerism does not have many definitions. It either refers to the positive struggles of
the consumer movement or to runaway materialism. - ANSWER False
Resources are inputs necessary to produce goods and services and are divided in three
categories: human, natural, and capital. - ANSWER True
Many think that consumption brings happiness while others believe that consumption
does not necessarily bring desired outcomes, but it could also cause distress. -
ANSWER True
Research shows that consumers that regularly use the internet to make purchases often
perceive fewer risks in online shopping than consumers that use the internet less
frequently or those that only shop in stores. - ANSWER True
As the pool of available workers increases (unemployment rate goes up) then the wages
offered generally decrease. - ANSWER True
Adam Smith was a proponent of the invisible hand, and he emphasized the need for
government competition in the marketplace. - ANSWER False
President Franklin D. Roosevelt, a republican became president in 1933 and worked on
expanding the powers of the federal government on the side of public interest in
conflicts with big business and big labor and was the first to require nutrition labels for
food products. - ANSWER False
There is a museum with collections of faux exercise devices, cosmetics, biological
agents, foods, and medical devices that were later regulated and had to be seized by
the FDA. - ANSWER True
, The Consumer Bill of Rights includes the right to safety, the right to be informed, and the
right to be reimbursed for any harm. - ANSWER False
Despite robust demand for affordable starter homes and rentals, factors such as
stringent land-use regulations, high construction costs, and a shortage of skilled labor
have made it difficult, if not impossible, to profitably produce middle-market housing in
the United States. - ANSWER True
An example of diminishing marginal utility is the fact that the satisfaction received from
the consumption of a second burger is less than the satisfaction received from the
consumption of the first burger. - ANSWER True
In our country, the idea of a melting pot was prevalent in the twentieth century. How has
this idea evolved in the twenty-first century? - ANSWER It embraces a more holistic
frame of mind, encompassing radically and ethnically diverse groups, both native and
foreign born.
Risk is the quantifiable likelihood of loss or less-than-expected returns. All of the
following are examples or risk except for: - ANSWER antitrust risk
What was a practice employed by most leading department stores and other store
chains in order to remain competitive in the marketplace towards the end of the
twentieth century? - ANSWER They offered both physical locations (bricks) as well as
online store options (clicks)
Which of the following are advances in the consumer movement that took place during
the 1960s? - ANSWER The Child Protection and Toy Safety Act required warning labels
for age-appropriate toys.
Did the three-day cooling off period solve the consumer problem it intended to solve? -
ANSWER Though it helps and is a step in the right direction, it did not completely solve
the problem because there is no universal three-day cooling-off period
CORRECT ANSWERS!!
Consumerism does not have many definitions. It either refers to the positive struggles of
the consumer movement or to runaway materialism. - ANSWER False
Resources are inputs necessary to produce goods and services and are divided in three
categories: human, natural, and capital. - ANSWER True
Many think that consumption brings happiness while others believe that consumption
does not necessarily bring desired outcomes, but it could also cause distress. -
ANSWER True
Research shows that consumers that regularly use the internet to make purchases often
perceive fewer risks in online shopping than consumers that use the internet less
frequently or those that only shop in stores. - ANSWER True
As the pool of available workers increases (unemployment rate goes up) then the wages
offered generally decrease. - ANSWER True
Adam Smith was a proponent of the invisible hand, and he emphasized the need for
government competition in the marketplace. - ANSWER False
President Franklin D. Roosevelt, a republican became president in 1933 and worked on
expanding the powers of the federal government on the side of public interest in
conflicts with big business and big labor and was the first to require nutrition labels for
food products. - ANSWER False
There is a museum with collections of faux exercise devices, cosmetics, biological
agents, foods, and medical devices that were later regulated and had to be seized by
the FDA. - ANSWER True
, The Consumer Bill of Rights includes the right to safety, the right to be informed, and the
right to be reimbursed for any harm. - ANSWER False
Despite robust demand for affordable starter homes and rentals, factors such as
stringent land-use regulations, high construction costs, and a shortage of skilled labor
have made it difficult, if not impossible, to profitably produce middle-market housing in
the United States. - ANSWER True
An example of diminishing marginal utility is the fact that the satisfaction received from
the consumption of a second burger is less than the satisfaction received from the
consumption of the first burger. - ANSWER True
In our country, the idea of a melting pot was prevalent in the twentieth century. How has
this idea evolved in the twenty-first century? - ANSWER It embraces a more holistic
frame of mind, encompassing radically and ethnically diverse groups, both native and
foreign born.
Risk is the quantifiable likelihood of loss or less-than-expected returns. All of the
following are examples or risk except for: - ANSWER antitrust risk
What was a practice employed by most leading department stores and other store
chains in order to remain competitive in the marketplace towards the end of the
twentieth century? - ANSWER They offered both physical locations (bricks) as well as
online store options (clicks)
Which of the following are advances in the consumer movement that took place during
the 1960s? - ANSWER The Child Protection and Toy Safety Act required warning labels
for age-appropriate toys.
Did the three-day cooling off period solve the consumer problem it intended to solve? -
ANSWER Though it helps and is a step in the right direction, it did not completely solve
the problem because there is no universal three-day cooling-off period
