Which of the Following Statements About Economic Needs Is True

question 90

Multiple Choice

Which of the following statements about economic needs is true?

• A) Economic needs refer to the buyer's need to purchase the most satisfying product for the money.
• 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 are unimportant to most consumers.
• E) A product priced higher than the competition's is doomed to failure because it satisfies no economic need.

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Definitions:

Collective Bargaining

The process of negotiating terms of employment between an employer and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights.

Specific Grounds

Particular reasons or bases for actions, decisions, or legal claims, often detailed in legal contexts or policies.

National Unions

Organizations that represent the collective interests of workers in negotiations with employers over wages, benefits, and working conditions.

AFL-CIO

The American Federation of Labor and Congress of Industrial Organizations, a national trade union center representing millions of workers in the United States.