In the Hierarchy of Effects Model, Preference for a Particular

question 145

Multiple Choice

In the hierarchy of effects model, preference for a particular product only occurs after each of the following occurs except:

• A)awareness.
• B)liking.
• C)knowledge.
• D)conviction.

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Definitions:

Exchange Rate

The value of one country's currency in relation to another country's currency.

Say's Law

Say's Law, often summarized as "supply creates its own demand," is an economic theory that suggests that production is the source of demand.

Equation of Exchange

An economic formula that represents the relationship between the money supply, its velocity, the price level, and the volume of transactions in the economy.

Keynesian Theory

An economic theory which asserts that government intervention through fiscal policy can influence macroeconomic productivity levels.