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Daily Activities and Purchases Quiz

#1

What is the most common daily activity for staying healthy?

Exercising
Explanation

Regular physical activity.

#2

Which of the following is typically considered a daily purchase?

Buying groceries
Explanation

Routine purchase of food and household items.

#3

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

Attending a birthday party
Explanation

An 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
Explanation

Acquisition 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
Explanation

Automated 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
Explanation

Unplanned buying spurred by immediate desire or situational influence.

#7

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

Rent or mortgage
Explanation

Regular 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
Explanation

Internal 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
Explanation

Analysis 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
Explanation

Market 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
Explanation

Increased 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
Explanation

Measure of responsiveness of demand to price changes.

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