According to John Kenneth Galbraith, the Theory of Consumer Demand

question 15

Multiple Choice

According to John Kenneth Galbraith, the theory of consumer demand is based on the following broad assumption(s) :
I. Socialism will work in all societies because consumers are willing to share their wealth.
II. The urgency of wants does not diminish as more of them are satisfied.
III. Wants originate in the personality of the consumer.

• A)I only
• B)I and II
• C)III only
• D)II and III

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Definitions:

Bandwagon Fallacy

A logical fallacy that argues something must be true or good because many people believe it or do it.

Argumentum Ad Baculum

A fallacy that uses the threat of force or intimidation to persuade others to accept a conclusion.

False Analogy

A logical fallacy where two unlike things are compared in an argument, leading to a misleading or flawed conclusion.

Bandwagon Fallacy

The error of assuming something is true or right simply because many people believe it to be so.