Reference Groups to Which One Would Like to Belong Are

question 15

Multiple Choice

Reference groups to which one would like to belong are called __________groups.

• A) integrated
• B) associative
• C) aspirational
• D) acquisitive

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Definitions:

Consumer's Income

The sum of money a consumer can spend on products and services.

Budget Line

A visual depiction of every potential combination of two products that can be bought within a specific budget at fixed prices.

After-Tax Income

The amount of net income remaining after all taxes (federal, state, local) have been deducted from the gross income.

Consumption

The act of using goods and services to satisfy needs and wants.