Asking a Group of Households to Record Their Consumption of Certain

question 42

Multiple Choice

Asking a group of households to record their consumption of certain products over a two-year period is an example of:

• A)model building
• B)database marketing
• C)data conversion
• D)diary panel data

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Definitions:

Demand for Cigarettes

refers to the total quantity of cigarettes that consumers are willing and able to purchase at a given price level over a specific period of time.

Elastic

A characteristic of a good or service that indicates a high sensitivity of quantity demanded or supplied to changes in its price.

Normal Goods

Goods for which demand increases as the income of the consumer increases and falls when the income of the consumer decreases, all else being equal.

Incomes

Funds earned, frequently in a regular pattern, whether from occupational activities or investments.