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Question
Education is one determining factor in who gets a bigger piece of the economic pie.Answer
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Sylvester is a financially poor college student. He tries to make every purchase decision a wise one because of his economic situation. Based on the types of risk mentioned in the text, Sylvester's primary risk when making decisions would appear to be a psychological risk.
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Traditionally, consumer researchers have approached the study of decision making from an information-processing perspective.
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The first step in the cognitive decision-making process is to conduct an information search.
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A small company, Craig Inventions, produced a pill that had the nutrient value of a healthy breakfast. The company put the product on the market as a substitute for breakfast for busy people. The product failed. Craig Inventions then marketed the pill as a diet product and it became very successful. What does the example best demonstrate?
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B) The company confused a subordinate level with a basic level of categorization, which led to the company's failure to identify the product's most important competitors.
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Casinos make their interiors very plush and expensive looking, knowing that gamblers who would be reluctant to make a $10 bet in average surroundings would gladly make $100 wagers in luxurious surroundings. Which of the following best explains the gamblers' behavior?
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Consumers can be thought of as ________ because they tend to make decisions in the simplest way possible.
A) high in need for cognition
B) superprocessors
C) utility maximizers
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What type of information search is a female customer engaged in when she scans the newspaper ads every day for new information on fashions, even though she isn't thinking of buying anything anytime soon?
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Under ________, utility is defined in terms of gains and losses.
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A consumer who uses a few simple decision rules to arrive at a purchase decision is using which of the following?
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A) Japan
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Values associated with a long-term orientation are respect for social obligations and the need to save face.
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A metaphysical myth fulfills the cultural function of explaining how the components of the universe relate to each other.
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A) cultural funnel
B) culture production system (CPS)
C) culture distribution system (CDS)
D) culture gatekeeping process (CGP)