Lesson 1.2.10
1.2.10 Alternative views of consumer behaviour Quiz: Pearson Edexcel Economics, Unit 1
20 questions
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Lesson 1.2.10, Alternative views of consumer behaviour: 20 multiple choice questions for the Pearson Edexcel Economics (9EC0), Unit 1: Theme 1: Introduction to markets and market failure, written with Revision Ninja.
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The 20 questions
-
Which irrational consumer behaviour involves buying items simply because others are buying them?
- Utility maximisation
- Social influence
- Habitual behaviour
- Computation weakness
-
What term describes consumers repeat-buying out of routine rather than calculating utility?
- Habitual behaviour
- Rational choice
- Computation weakness
- Social influence
-
What cause of irrational consumer behaviour is shown by difficulty calculating percentage discounts in shops?
- Herd behaviour
- Habitual behaviour
- Computation weakness
- Social influence
-
Choosing a pension because colleagues chose it best illustrates which irrational consumer behaviour?
- Weakness at computation
- Habitual behaviour
- Utility maximisation
- Social influence
-
Continually re-buying the same brand without considering cheaper alternatives best demonstrates which behaviour?
- Social influence
- Habitual behaviour
- Weakness at computation
- Profit maximisation
-
Traditional economic theory assumes that consumers always aim to maximise what?
- Cost
- Revenue
- Market share
- Utility
-
Government campaigns highlighting that 'most people recycle' rely on which behavioural factor?
- Computational weakness
- Rational choice
- Habitual behaviour
- Social influence
-
A consumer struggling to calculate compound interest rates on a loan demonstrates which limitation?
- Social influence
- Weakness at computation
- Habitual behaviour
- Rational utility
-
How does strong habitual behaviour typically affect a consumer's price elasticity of demand?
- Perfectly elastic demand
- Inelastic demand
- Unitary elastic demand
- Elastic demand
-
Customers remaining in an automatic opt-in pension scheme primarily demonstrates which factor?
- Social influence
- Price sensitivity
- Habitual behaviour
- Computational weakness
-
Choosing a worse financial deal due to complex interest calculation describes which concept?
- Weakness at computation
- Habitual behaviour
- Utility maximisation
- Social influence
-
Why might a tax on sugary drinks fail to significantly reduce consumption?
- Perfect information
- Rational choice
- Habitual behaviour
- Social mobility
-
Which of the following is an underlying assumption of traditional rational consumer theory?
- Computational weakness
- Habitual buying
- Utility maximisation
- Social influence
-
Visiting the same restaurant repeatedly despite better alternatives nearby is an example of what?
- Computation failure
- Social influence
- Rational calculation
- Habitual behaviour
-
Which term describes consumers acting against utility maximisation due to cognitive shortcuts?
- Consumer surplus
- Rational behaviour
- Market failure
- Irrational behaviour
-
Buying a specific brand of clothing purely because celebrities wear it reflects which factor?
- Rational choice
- Habitual behaviour
- Social influence
- Weakness at computation
-
Failing to calculate the total price including multi-buy discounts best illustrates which concept?
- Weakness at computation
- Utility maximisation
- Social influence
- Habitual behaviour
-
What main assumption of classical economic models do behavioural alternative views challenge?
- Market equilibrium
- Price elasticity
- Rational behaviour
- Diminishing returns
-
Buying the cheapest product without evaluating relative quality best illustrates which reason for irrational consumer behaviour?
- Computation weakness
- Social influence
- Habitual behaviour
- Altruistic motivation
-
How does habitual buying behaviour usually affect a product's price elasticity of demand?
- Increases price elasticity
- Reduces price elasticity
- Has no effect
- Creates perfect elasticity
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