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Exam 8: Consumer Purchasing Strategies and Legal Protection

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Question 31

Multiple Choice

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Private label products are those that:

A) are sold as government surplus.
B) require nutritional labeling information.
C) provide freshness information on the package.
D) are distributed by all national chain stores.
E) are sold by one chain of stores.

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

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Question 32

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Which one of the following is the best example of a personal opportunity cost associated with a consumer purchase?

A) enjoyment derived from owning an item
B) discount received for paying cash
C) money spent by stores on advertising
D) time spent comparing prices
E) efforts by the government to prevent consumer fraud

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

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Question 33

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Which of the following would be an advantage of leasing a vehicle?

Which organization specializes in the testing of products for electrical and fire safety?

Recently,Jim Dahl was on a bus tour in a mountainous area.The bus broke down forcing the group to stay overnight.Group members had to pay for their own hotel bills.Jim believes that the hotel cost for the group should be paid by the tour company.Which legal action would be most appropriate?

A class action suit allows many people with the same complaint to take action as a group.

Tiffany Parrish has purchased a new car.Since then she has had to make six trips to the dealer in four weeks to fix several major problems without much luck.She knows that she is entitled to a refund.What type of law gives her the right to ask for a refund?

Gina Raffetto's car broke down on the way to work and her mechanic has told her that the car cannot be fixed.Gina drives 30 miles one way to work each day.There is no reliable bus or train transportation that goes anywhere near her work.Gina decides she needs a car for reliable transportation to work.What step in the purchasing process is Gina carrying out?

Describe four common consumer myths and explain the dangers of such erroneous beliefs.Why do you think they continue to be believed by many consumers? Offer suggestions for ways to increase consumer awareness of such myths.

The price that is paid for a vehicle in a lease is called the:

Damian Walker just purchased a new vehicle.He is reading his owner's manual to know when he needs to take it in for its regular servicing at the dealer.He wants to make sure this car lasts a while.What step in the purchasing process is Damian carrying out?

____________ is considered a variable operating expense of an automobile.

Which of the following information is required on food labels?

An online buying club requires an annual fee of $60 in order to qualify for a 15 percent discount on purchases.What amount would a person have to buy in order to save enough to cover the cost of the membership?

The process of resolving consumer complaints with the use of a third party whose recommendations are non-binding is called:

Brad Hayden has a piece of paper that guarantees the conditions,under which he can return,replace,or repair an item that he has purchased.What is it he most likely has?

The most reliable source of product information is likely to come from:

What type of warranty indicates that the seller has the right to sell a product?

Hector Ramirez has decided he needs a new car so that he has reliable transportation to work.He is getting recommendations from his friends as to what might be a good car to purchase.He is also looking at the Consumer Reports magazine to determine what they recommend as a safe,low maintenance car and he has searched some web sites on the internet as well.What step in the purchasing process is Hector carrying out?

Sloane owes $2,600 on her car loan.According to Edmonds Used Car Prices,her car is valued at $1,950.The term used to refer to this situation is: