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12 Questions

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Economic Consumption and Income

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Questions and Answers

What is the primary factor that determines an individual's consumption pattern?

Consumer confidence

Price level of goods and services

Level of income (correct)

Interest rates

What happens to consumption when prices of goods and services rise?

Consumers reduce their consumption (correct)

Consumers increase their spending

Consumers seek cheaper alternatives

Consumers remain unaffected

What is the effect of higher interest rates on loans and mortgages on consumption?

It increases consumer confidence

It discourages borrowing for consumption purposes (correct)

It stimulates borrowing and spending

It has no effect on consumption

What is the relationship between income and consumption?

not always linear Signup and view all the answers

What is the effect of lower prices on goods and services on consumption?

It stimulates consumption Signup and view all the answers

What is the impact of consumer confidence on consumption?

It increases consumption Signup and view all the answers

What is a key consequence of economic uncertainty on consumption patterns?

Decreased consumption due to caution Signup and view all the answers

How do demographics influence consumption patterns?

Through factors such as age, household size, and family structure Signup and view all the answers

What role do individual preferences and cultural norms play in shaping consumption patterns?

A significant role Signup and view all the answers

How can government policies affect consumption?

Directly or indirectly through taxation, subsidies, and regulations Signup and view all the answers

What impact can advances in technology have on consumption patterns?

On consumer preferences, production, and distribution Signup and view all the answers

What is a consequence of increasing awareness of environmental issues and social responsibility?

Increased preference for environmentally friendly products and ethical consumerism Signup and view all the answers