Daily Activities and Purchases Quiz

Test your knowledge on common daily activities and purchases, including terms from behavioral economics. 12 questions to challenge you!

Practice Learn Test

What is the most common daily activity for staying healthy?

Eating junk food

Exercising

Watching TV all day

Sleeping excessively

Which of the following is typically considered a daily purchase?

Buying a house

Buying groceries

Buying a car

Buying a yacht

Which of the following is NOT typically considered a daily activity?

Cooking meals

Brushing teeth

Visiting the dentist

Attending a birthday party

What is the term for a purchase made with the intention of improving one's skills or knowledge?

Routine purchase

Educational purchase

Impulse purchase

Luxury purchase

What is the term for a daily routine performed without conscious thought?

Habit

Ritual

Custom

Tradition

Which of the following is an example of an impulse purchase?

Buying groceries

Purchasing a new phone after careful research

Paying monthly bills

Buying candy while waiting in line at the store

Which of the following is an example of a fixed expense?

Dining out

Grocery shopping

Rent or mortgage

Entertainment

What is the term for the psychological discomfort felt when faced with two or more conflicting desires or goals?

Cognitive dissonance

Confirmation bias

Availability heuristic

Sunk cost fallacy

What is the term for the study of how individuals allocate resources to satisfy their wants and needs?

Microeconomics

Macroeconomics

Econometrics

Behavioral economics

#10

What is the term for a market situation where there is only one buyer or seller?

Monopoly

Oligopoly

Monopsony

Perfect competition

#11

What is the term for a situation in which a product or service becomes more desirable when its availability is limited?

Elasticity

Scarcity

Utility

Surplus

#12

What is the term for the percentage change in the quantity demanded of a good in response to a percentage change in its price?