Advertising intended to induce a consumer to discover a previously unknown taste or preference is
A) persuasive advertising.
B) informational advertising.
C) direct advertising.
D) mass marketing advertising.
A
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You hire some of your friends to help you move to a new house. You pay them a total of $200 and buy them dinner at Pizza Hut. Which of the following is true?
A) Hiring your friends is an illegal activity and should not be counted in GDP. B) Neither the $200 nor the dinner should be counted in GDP because both are household production. C) The dinner at Pizza Hut should be counted as part of GDP, but not the $200. D) The $200 should be counted as part of GDP but not the dinner at Pizza Hut. E) If your friends do not report the $200 on their tax forms, it becomes part of the underground economy.
A person has a comparative advantage in an activity whenever she
A) has an absolute advantage in the activity. B) can perform the activity at a lower opportunity cost than another person can. C) can do the activity in less time than anyone else. D) can do everything better than anyone else.
What best describes the impact of a price ceiling in a competitive market?
a. This benefits all consumers because they are able to obtain the good for a lower price. b. The quantity supplied will be in excess of the quantity demanded. c. It will likely lead to consumers waiting in line for longer periods of time to buy the good. d. It will benefit both consumers and producers of the good.
According to the definitions of private and public saving, if Y, C, and G remained the same, an increase in taxes would
a. raise both private and public saving. b. raise private saving and lower public saving. c. lower private saving and raise public saving. d. lower private and public saving.