What is the purpose of a package?

Used to protect and present an object

What makes a product iconic?

It is widely recognized and well-established

What is popular and what a large group of people are using

You will feel left out without it

Buy this product and have fun in your life

Celebrity endorsement

Product being displayed with a celebrity

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Economics 2

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Test your knowledge on fundamental concepts in economics

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Questions 20

Answers

1
What is the purpose of a container?
Used to protect and present an object
To keep things from spilling
To hold an object
To sell an object
2
What do primary-colors symbolize on packaging?
For adults
Recycling
High-class
For children
3
Labeling that provides customers with product information that is quick and easy to understand
Back Packaging
E-commerice
Front Packaging
Brand Clarity
4
Products created and marketed by retailers to compete with national brands
National Brand
Store Brand
Consumer
Impulse Buy
5
What is the purpose of a package?
Used to protect and present an object
To hold an object
To sell an object
To keep things from spilling
6
True or false: Supply always equals demand.
True
False
7
Labeling that provides customers with detailed lists and facts about the product.
Brand Clarity
Back Packaging
E-commerice
Front Packaging
8
What makes a product iconic?
Its vibrant colors
It has no competition
It is growing
It is widely recognized and well-established
9
Bandwagon
Product being displayed with a celebrity
What is popular and what a large group of people are using
Buy this product and have fun in your life
You will feel left out without it
10
Who dictates prices for the farmers?
The government
The grocery stores
Corporations
The consumers
11
Snob Appeal
You will feel left out without it
Buy this product and have fun in your life
Product being displayed with a celebrity
What is popular and what a large group of people are using
12
Happy Times
Product being displayed with a celebrity
You will feel left out without it
Buy this product and have fun in your life
What is popular and what a large group of people are using
13
An individual who purchases goods or services for personal use
Impulse Buy
National Brand
Store Brand
Consumer
14
Average people who endorse products on social media
Emotional Appeal
Bandwagon
Influencer
Celebrity Endorsement
15
What are UPFs?
Ultraviolet Protection Factor
Under Processed Foods
Ultra Processed Foods
Uniquely Powerful Frogs
16
What does GDP stand for?
Government Debt Proportion
Gross Domestic Product
General Development Plan
Global Debt Policy
17
Celebrity endorsement
What is popular and what a large group of people are using
You will feel left out without it
Buy this product and have fun in your life
Product being displayed with a celebrity
18
Products marketed under a specific name by a manufacturer with widespread distribution:
National Brand
Store Brand
Consumer
Impulse Buy
19
Refers to unplanned purchases made spontaneously by consumers:
National Brand
Consumer
Impulse Buy
Store Brand
20
Which factor affects demand the most?
Market competition
Government regulations
Consumer income
Production costs

Economics 2 Flashcards | StudBud