#1
What is the most common daily activity for staying healthy?
Exercising
ExplanationRegular physical activity.
#2
Which of the following is typically considered a daily purchase?
Buying groceries
ExplanationRoutine purchase of food and household items.
#3
Which of the following is NOT typically considered a daily activity?
Attending a birthday party
ExplanationAn occasional social event, not part of a daily routine.
#4
What is the term for a purchase made with the intention of improving one's skills or knowledge?
Educational purchase
ExplanationAcquisition of goods or services for the purpose of learning or self-improvement.
#5
What is the term for a daily routine performed without conscious thought?
Habit
ExplanationAutomated behavior formed through repetition.
#6
Which of the following is an example of an impulse purchase?
Buying candy while waiting in line at the store
ExplanationUnplanned buying spurred by immediate desire or situational influence.
#7
Which of the following is an example of a fixed expense?
Rent or mortgage
ExplanationRegular payment with a stable amount, usually recurring monthly.
#8
What is the term for the psychological discomfort felt when faced with two or more conflicting desires or goals?
Cognitive dissonance
ExplanationInternal tension resulting from contradictory beliefs or actions.
#9
What is the term for the study of how individuals allocate resources to satisfy their wants and needs?
Microeconomics
ExplanationAnalysis of decision-making at the individual or household level within an economic framework.
#10
What is the term for a market situation where there is only one buyer or seller?
Monopsony
ExplanationMarket structure with a single buyer and multiple sellers.
#11
What is the term for a situation in which a product or service becomes more desirable when its availability is limited?
Scarcity
ExplanationIncreased attractiveness due to limited availability.
#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?
Elasticity
ExplanationMeasure of responsiveness of demand to price changes.