Factors Influencing Individual Consumer Choice (HSC SSCE Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does utility refer to in consumer choice?
What does utility refer to in consumer choice?
Satisfaction from consuming goods/services
Which two key factors constrain consumer choice?
Which two key factors constrain consumer choice?
Market prices and income level
By how much does a 10% increase in housing wealth raise consumption in the long term?
By how much does a 10% increase in housing wealth raise consumption in the long term?
1.5%
Which type of good shows low price sensitivity?
Which type of good shows low price sensitivity?
Necessities like basic food
Which pair are substitute goods?
Which pair are substitute goods?
Butter and margarine
What happens when the price of one substitute increases?
What happens when the price of one substitute increases?
Demand for the other substitute increases
Which pair are complement goods?
Which pair are complement goods?
Cars and petrol
What occurs when the price of one complement falls?
What occurs when the price of one complement falls?
Demand for both goods increases
Which factor causes consumer tastes to change over time?
Which factor causes consumer tastes to change over time?
Experimentation and learning
How does advertising affect price sensitivity?
How does advertising affect price sensitivity?
Reduces it by building brand loyalty