1. Referring to consumer purchases, an example of a personal opportunity cost is

Question

1. Referring to consumer purchases, an example of a personal opportunity cost is       buying on credit.
      selecting a commonly known brand.
      the influence of advertising on consumers.
      time used to compare prices.
      government regulation of deceptive business-government activities in an effort to prevent consumer fraud.

Question 2. Prices at _____ are usually lower than at other retailers.       cooperatives
      warehouse stores
      factory outlets
      catalog showrooms
      hypermarkets

Question 3. The _____ has the purpose of testing products for electrical and fire safety.       Consumers Union
      Underwriters Laboratories
      Consumer Product Safety Commission
      Better Business Bureau
      Federal Trade Commission

Question 4. Information on _____ is provided through open dating.       nutrition
      pricing
      freshness
      common product use
      government inspection

Question 5. Service contracts may not always be the best solution for consumers because of       poor service from repair companies.
      limited coverage of repairs.
      weak government regulation of service contract companies.
      high costs and a low chance of need.
      the fact that few places are available for repairs.

Question 6. When a conflict needs to be resolved, two parties may have the difference settled by a third party whose decision is legally binding. This is called       a legal aid society.
      mediation.
      arbitration.
      a consumer action panel.
      cooperative action.

Question 7. The difference between mediation and arbitration is that the latter       involves government officials.
      is legally binding.
      is only available in certain states.
      allows compromise through negotiation.
      requires the use of a lawyer.

Question 8. In order to receive the best warranty if you desire some assurance of quality when buying a used car, you should purchase the vehicle from a(n)
      new car dealer.
      private party.
      used car dealer.
      fleet sales company.
      auction company.

Question 9. When a used car has an implied warranty, this means that
      major repairs are the responsibility of the seller.
      government agencies will repair safety defects.
      the vehicle must be in operating condition.
      hidden defects will be repaired at no cost to the buyer.
      a vehicle must operate properly for at least 1 year.

Question 10. When reviewing the Edmund's Guide, you will find information pertaining to       safety problems of existing vehicles.
      price data.
      sales of stolen vehicles.
      cars available for sale from government agencies.
      car repairs.

Question 11. Renting has a common opportunity cost of
      interest lost on the down payment.
      interest lost on the security deposit.
      property taxes.
      maintenance costs.
      interest lost on closing costs.

Question 12. A home that is prefabricated consists of
      nonprofit ownership.
      housing partially assembled in factories.
      rental units available to government employees.
      ownership available to low-income individuals.
      government leasing of living units.

Question 13. An individual could afford to spend more on a home if the following occurs.
      High monthly living expenses
      Increased interest rates
      Decreased down payment
      Many other financial obligations
      Increased family income

Question 14. Property restrictions can also be referred to as       cooperative agreements.
      zoning laws.
      common areas.
      title insurance provisions.
      refinancing clauses.

Question 15. When a mortgage company charges prepaid interest, this refers to       escrow.
      a title fee.
      an origination fee.
      points.
      a deed.

Question 16. An example of a conventional mortgage would be       an FHA mortgage.
      a buy-down.
      a home equity loan.
      a shared appreciation mortgage.
      a fixed-rate mortgage.

Question 17. When one observes negative amortization, this means that there       is a lower amount owed on the mortgage.
      is a lower down payment.
      is a lower escrow account.
      are lower interest rates.
      is a higher amount owed on the mortgage.

Question 18. An example of a closing cost is
      an origination fee.
      title insurance.
      earnest money.
      a mortgage application fee.
      a down payment.

Question 19. You should still contact and use a(n) _____ if you sell your home without the use of a real estate agent.
      broker
      insurance agent
      rental agent
      contractor
      lawyer

Question 20. A number of families find the following type of home ownership most popular.       A condominium
      A single family dwelling
      A cooperative
      A prefabricated home
      A duplex
1. Referring to consumer purchases, an example of a personal opportunity cost is       buying on credit.
      selecting a commonly known brand.
      the influence of advertising on consumers.
      time used to compare prices.
      government regulation of deceptive business-government activities in an effort to prevent consumer fraud.

Explanation / Answer

q1) time used to compare prices

q2) factory outlets

q3)Consumer Product Safety Commission

q4)freshness

q5) weak government regulation of service contract companies.

q6) arbitration

q7) is legally binding.

  

q8)used car dealer.

q9)hidden defects will be repaired at no cost to the buyer.

q10)price data

q11) interest lost on the security deposit.

q12) housing partially assembled in factories

q13)Increased family income (other could be increased interest rates)

q14) zoning laws.

q15)points.

q16)home equity loan

q17)is a higher amount owed on the mortgage.

q18) title insurance.

q19) lawyer

q20) A condominium

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