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:

Interest Rates

The percentage charged on a loan or paid on savings over a certain period of time, serving as a fundamental component of the financial and banking sectors.

Humanitarian Efforts

Activities and operations aimed at alleviating suffering and saving lives in crisis situations, often performed by organizations and volunteers.

Somali Warlord

A military commander exercising civil power by force in a limited area within Somalia, typically characterized by their autonomy and control over armed followers.

Foreign Policy

A government's strategy in dealing with other nations, encompassing diplomacy, military, and trade decisions.