On the First Day of School, Jackie Notices Many of Her

question 57

Multiple Choice

On the first day of school, Jackie notices many of her classmates are wearing Converse sneakers. Ever the fashionista, this will likely affect:

• A) Jackie's income, as she will now buy Converse sneakers and will have less to spend on other goods.
• B) Jackie's preferences for Converse sneakers, since she feels as though she needs them now.
• C) Jackie's expectations of future prices, since the price of Converse sneakers will likely increase due to their popularity.
• D) the prices of related goods, since other sneakers will be less popular and thus their prices will decrease.

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Definitions:

Need-Based

A criteria or qualification that is determined by the applicant's financial need or income level, often used for financial aid or grants.

Mortality Rate

A measure of the number of deaths in a particular population, scaled to the size of that population, per unit of time.

Social Security Retirement Benefit

A government payment program that provides financial assistance to people who are retired from work.

Monthly Benefit

A regular payment received each month, such as from a pension or Social Security, designed to cover living expenses.