Which of the Following Statements About Economic Needs Is True

question 85

Multiple Choice

Which of the following statements about economic needs is true?

• A) Economic needs are unimportant to most consumers.
• B) Economic needs are rarely considered during times of economic recession.
• C) Economic needs refer to the buyer's need to behave in an economically rational manner and buy the lowest priced item available.
• D) Economic needs refer to the buyer's need to purchase the most satisfying product for the money.
• E) A product priced higher than the competition's is doomed to failure because it satisfies no economic need.

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Definitions:

Society's Shortcomings

Flaws or failures within a society that hinder the well-being, justice, or progress of its members.

Natural Law

A belief system that claims specific rights or values are intrinsic to human nature and universally recognizable through the use of human intellect.

Relative Ethics

The belief that moral standards are influenced by and can only be understood in relation to the specific social, cultural, or individual context.

Legislation

Laws that have been enacted by a governing body or the process of making or enacting laws.