When you buy something, you do so because of the satisfaction you expect to receive from having and using that good. Another term that can be used for satisfaction is
A) need.
B) purchasing power.
C) utility.
D) price elasticity.
Answer: C
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People who give erroneous explanations of how they themselves perform a particular task, such as tying their shoelaces or setting prices,
A) cannot be performing the task successfully. B) may nonetheless perform the task successfully. C) must be lying. D) would necessarily perform the task more successfully if they understood it correctly.
Organic food might be good for your health but in light of the 2008 downturn in the economy and falling incomes, consumers are buying less organic and more non-organic food. Based on these events, what is TRUE?
A) Organic food is a normal good and non-organic food is an inferior good. B) Organic food is an inferior good and non-organic food is a normal good. C) Organic food is a normal good and non-organic food is a normal good. D) Organic food is an inferior good and non-organic food is an inferior good.