The Study of Online Shoppers Quoted in the Textbook Reported

question 19

Multiple Choice

The study of online shoppers quoted in the textbook reported that with regard to income:

• A) Most online shoppers were low income consumers looking to save money.
• B) Earned their income mainly from investments and so have the time to shop on the Internet.
• C) The highest percentage of shoppers earn between $50,000 and $99,999.
• D) The majority are wealthy with annual incomes in excess of $250,000.
• E) The majority have incomes of less than $35,000.

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Definitions:

Market Economy

An economic system in which supply and demand drive the production and distribution of goods and services, with minimal government intervention.

Specialization

Focus on a narrow area of expertise or production to increase efficiency and output.

Technological Advance

(1) An improvement in the quality of existing products, the invention of entirely new products, or the creation of new or better ways of producing or distributing products. (2) Any improvement in the methods by which resources are combined such that the same quantity of inputs can be made to yield a combination of outputs that is preferred to any combination of outputs that was previously possible.