Podcast
Questions and Answers
According to the text, what is the definition of a necessity?
According to the text, what is the definition of a necessity?
- Something that is optional
- Something that is indispensable (correct)
- Something that is expensive
- Something that is luxurious
Which of the following is an example of a necessity according to the text?
Which of the following is an example of a necessity according to the text?
- A $400 pair of Italian leather boots
- A cellphone plan
- A gourmet meal at a four-star restaurant
- Food to live (correct)
Why is the line between luxuries and necessities not clear-cut?
Why is the line between luxuries and necessities not clear-cut?
- Because economists, pollsters, and business owners have different opinions
- Because the guidelines for necessities are not identical
- Because society's perception of necessities can change over time
- All of the above (correct)
What is the author's suggestion for categorizing purchases?
What is the author's suggestion for categorizing purchases?
According to the Gallup Basic Access Index, what percentage of Americans said yes to all 13 items in the list of basic necessities in 2012?
According to the Gallup Basic Access Index, what percentage of Americans said yes to all 13 items in the list of basic necessities in 2012?
According to the Warren-Tyagi Formula, what are the three categories into which all spending is divided?
According to the Warren-Tyagi Formula, what are the three categories into which all spending is divided?
According to the Pew Survey, which age group described a cellphone as a necessity the most in 2009?
According to the Pew Survey, which age group described a cellphone as a necessity the most in 2009?
According to the text, why did many percentages go down between 2006 and 2009 in the Pew Survey?
According to the text, why did many percentages go down between 2006 and 2009 in the Pew Survey?
Which one of the following is NOT considered a necessity according to the text?
Which one of the following is NOT considered a necessity according to the text?
According to the text, what is the primary function of sleep?
According to the text, what is the primary function of sleep?
Which one of the following is NOT considered a need according to Abraham Maslow's hierarchy of needs?
Which one of the following is NOT considered a need according to Abraham Maslow's hierarchy of needs?
What is the main difference between needs and wants according to the text?
What is the main difference between needs and wants according to the text?
Which of the following is considered a basic need for maintaining optimal living conditions?
Which of the following is considered a basic need for maintaining optimal living conditions?
Which of the following is a key component of our emotional and mental well-being?
Which of the following is a key component of our emotional and mental well-being?
Which of the following is considered a need in order to participate in society in the digital age?
Which of the following is considered a need in order to participate in society in the digital age?
Which of the following is a key component of staying healthy and preventing health issues?
Which of the following is a key component of staying healthy and preventing health issues?
According to the text, what is the income elasticity of demand?
According to the text, what is the income elasticity of demand?
What is a Veblen good?
What is a Veblen good?
Why do people buy luxury brands according to the text?
Why do people buy luxury brands according to the text?
What is the difference between luxury goods and necessities according to the text?
What is the difference between luxury goods and necessities according to the text?
According to Maslow's hierarchy of needs, which of the following is considered a growth need?
According to Maslow's hierarchy of needs, which of the following is considered a growth need?
Which of the following is an example of a luxury desire?
Which of the following is an example of a luxury desire?
According to the text, what is the key controversy of Maslow's hierarchy of needs?
According to the text, what is the key controversy of Maslow's hierarchy of needs?
According to the text, what is the difference between needs and wants?
According to the text, what is the difference between needs and wants?
Which of the following is the best way to differentiate between needs and wants?
Which of the following is the best way to differentiate between needs and wants?
Which of the following is an example of a need?
Which of the following is an example of a need?
Which of the following is an example of a want?
Which of the following is an example of a want?
What is the main purpose of differentiating between needs and wants?
What is the main purpose of differentiating between needs and wants?
Which of the following is true about needs?
Which of the following is true about needs?
Which of the following is true about wants?
Which of the following is true about wants?
