Consumerism Is a Widely Accepted Social Movement

question 44

Multiple Choice

Consumerism is a widely accepted social movement. Which of the following can be considered a consumer's right?

• A) Attaining any desired product at its lowest price
• B) Availing extended warranties on purchased products
• C) Expressing legitimate complaints easily
• D) Returning a product with a full refund

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Definitions:

Deflationary Gap

A situation in which the total spending in an economy is lower than the necessary amount to achieve full employment or potential output.

GDP

Gross Domestic Product, the total value of all goods and services produced within a country over a specified period.

MPC

The marginal propensity to consume, which measures the portion of additional income that an individual spends on consumption instead of saving.

Multiplier

In macroeconomics, a factor that quantifies the effect of an initial change in the economy (such as investment or spending) on the total level of economic activity.