#1
Which of the following is a characteristic of the expansion phase of the economic cycle?
High unemployment rates
Rising consumer confidence
Decreasing GDP
Low inflation rates
#2
During a recession, consumers are more likely to:
Increase spending
Decrease saving
Defer major purchases
Take on more debt
#3
Which of the following is NOT a factor that can influence consumer behavior?
Cultural background
Political climate
Personal values
Economic status
#4
In the context of consumer behavior, what does the term 'perception' refer to?
The physical act of buying a product
The process of making decisions based on available information
How individuals interpret and make sense of their environment
The evaluation of a product's features and benefits
#5
What is the term used to describe the tendency of consumers to purchase more of a good when its price falls?
Income effect
Substitution effect
Price elasticity
Law of demand
#6
Which factor does NOT typically influence a consumer's decision-making process?
Social influences
Political affiliations
Personal preferences
Cultural background
#7
What is the main function of the Federal Reserve during economic downturns?
Encourage borrowing and spending
Raise interest rates
Decrease the money supply
Stabilize the economy
#8
Which economic theory suggests that consumers will increase spending as their income rises?
Keynesian economics
Monetarism
Supply-side economics
Trickle-down economics
#9
Which theory of consumer behavior suggests that individuals seek to maximize their utility or satisfaction?
Behavioral economics
Rational choice theory
Social learning theory
Maslow's hierarchy of needs
#10
What is the primary focus of psychographic segmentation in marketing?
Demographic characteristics
Geographical location
Personality, values, and lifestyle
Purchasing behavior
#11
What is the term for the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors?
Market positioning
Market segmentation
Market targeting
Market penetration
#12
Which type of buying decision involves extensive research and evaluation of alternatives?
Routine response behavior
Limited decision making
Extensive decision making
Impulsive buying behavior
#13
What is a characteristic of the peak phase of the business cycle?
High inflation
Decreasing consumer spending
Rising unemployment
Maximum GDP growth
#14
Which type of consumer buying behavior involves low involvement and few differences between brands?
Complex buying behavior
Variety-seeking behavior
Habitual buying behavior
Dissonance-reducing buying behavior
#15
What is the term for the process of evaluating products and services based on their perceived benefits versus their costs?
Consumer evaluation
Consumer comparison
Consumer decision-making
Consumer value analysis
#16
Which type of buying decision involves little thought or consideration and is often made out of habit?
Complex buying behavior
Dissonance-reducing buying behavior
Variety-seeking behavior
Habitual buying behavior
#17
Which type of buying decision involves significant differences between brands and a high level of involvement from the consumer?
Variety-seeking behavior
Habitual buying behavior
Complex buying behavior
Dissonance-reducing buying behavior