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Consumer Rights and Responsibilities, Agencies, Economic Systems, Business Cycle Flashcards | StudBud
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Consumer Rights and Responsibilities, Agencies, Economic Systems, Business Cycle
Consumer Rights and Responsibilities, Agencies, Economic Systems, Business Cycle
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StudBud Administration
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Personal Finance
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Answers
1
Which part of the business cycle is characterized by falling GDP and rising unemployment?
peak
recovery
depression
recession
2
Who is responsible for repairs when a driver drive around warnings and ends up in the water?
Driver
No one
Village, County or State responsible for road
3
survival, adequate food, clothing, health care and education is an example of
right to safety
right to basic needs
right to a healthy environment
right to be heard
4
What is your first step when you don't receive something you ordered online?
go to the police
contact your bank
report it to the BBB
contact the website you purchased it
5
A consumer does not follow safety procedures. Is this a:
consumer neglect
consumer right
consumer awareness
consumer responsibility
6
Which of the following countries operates closest to the command economy?
North Korea
Spain
Japan
Italy
7
How do you identify a pyramid scheme?
there is money to be made
no product is sold
a service is provided
there are unlimited investors
8
Who protects us against poor quality meat and poultry?
EPA
FTC
FDA
USDA
9
You read and follow the instructions. Your product is still defective. Who is responsible?
no one
vendor (retail store)
manufacturer
consumer
10
Who regulates profanity on radio show?
FCC
FTC
USDA
CPSC
11
Consumers should take advantage of product variety is an example of
responsibility to choose
responsibility to consume sustainably
responsibility to choose ethical businesses
responsibility to use product safely
12
Which agency protects us from false and deceptive advertising?
CPSC
FTC
EPA
USDAd
13
Reading the signs and heeding the warnings is an example of _____.
consumer awareness
consumer neglect
consumer repsonsiblity
consumer right
14
Businesses must provide accurate information is an example of
right to be heard
right to be informed
right to choose
right for basic needs
15
What business cycle part is characterized by optimism/low unemployment/rising interest rates?
peak
trough
recovery
recession
16
What should consumers do when they hear about a recall on a product that they have bought?
contact the manufacturer
wait to hear from the manufacturer
follow the instructions on the recall notice
stop using the product
17
Which consumer agency protects toy safety issues?
FTC
USDA
CPSC
FCC
18
If transportation costs increase, what will happen to grocery store prices?
remain the same
some foods increase, some decrease
decrease
increase
19
If a local production plant closes down, what does that do to production and unemployment?
unemployment rises, production rises
unemployment decreases and production rises
unemployment decreases and production decreasses
unemployment rises, production decreases
20
The United States has a _________________ economy?
traditional
mixed
command
market
21
When would the CPSC recall a product?
when the first death occurs
on the 100th complaint
when they receive the first complaint
when they have investigated the complaints
