Question 1

What role does opportunity of costs play in merchandiser's use of reference prices and discounts?

Accepted Answer

Opportunity cost plays a significant rol

Question 2

Which of the following appears to be a way to slow down the hedonic treadmill?

Accepted Answer

A)  working less hours 
B)  making more money 
C)  physical exercise 
D)  travel 
A)  working less hours 
B)  making more money 
C)  physical exercise 
D)  travel

Question 3

The statement "full prices dressed up in discount tags" refers to how merchandisers may skew consumers sense of ______.

Accepted Answer

A)  mental accounting 
B)  their money's fungibility 
C)  reference points 
D)  their own hedonic treadmill 
A)  mental accounting 
B)  their money's fungibility 
C)  reference points 
D)  their own hedonic treadmill

Question 4

Prior to deciding to start a family, Sarah and Drew open a new checking account, designated "baby money" to begin saving for anticipated childcare expenses. What does this exemplify?

Accepted Answer

A)  compulsive hoarding syndrome 
B)  mental accounting 
C)  mere ownership effect 
D)  endowments 
A)  compulsive hoarding syndrome 
B)  mental accounting 
C)  mere ownership effect 
D)  endowments

Question 5

In Sweden, it is assumed that people who die unexpectedly do want to be organ donors. This is an example of a ______.

Accepted Answer

A)  default decision 
B)  mere ownership effect 
C)  reference price 
D)  hedonic treadmill 
A)  default decision 
B)  mere ownership effect 
C)  reference price 
D)  hedonic treadmill

Question 6

Mental accounting systems rely on reference points.

Accepted Answer

A) True 
 B)False

Question 7

The mere ownership effect is also called the endowment effect.

Accepted Answer

A) True 
 B)False

Question 8

Price tags on clothing are an example of which of the following?

Accepted Answer

A)  default decisions 
B)  payment decoupling 
C)  endowment effect 
D)  reference points 
A)  default decisions 
B)  payment decoupling 
C)  endowment effect 
D)  reference points

Question 9

Discounts encourage accelerated consumption.

Accepted Answer

A) True 
 B)False

Question 10

Discounts are a way for merchandisers to ______.

Accepted Answer

A)  help consumers feel they've been "smart shoppers" 
B)  encourage use of new products 
C)  temporarily depress revenue in order to gain more customers 
D)  eliminate product habits 
A)  help consumers feel they've been "smart shoppers" 
B)  encourage use of new products 
C)  temporarily depress revenue in order to gain more customers 
D)  eliminate product habits

Question 11

Our reference points for happiness are______.

Accepted Answer

A)  fixed 
B)  unclear 
C)  subjective 
D)  flexible 
A)  fixed 
B)  unclear 
C)  subjective 
D)  flexible

Question 12

The fear of losing deactivates the ______region of the brain.

Accepted Answer

A)  pleasure-seeking 
B)  decision-making 
C)  anger-producing 
D)  sadness-inducing 
A)  pleasure-seeking 
B)  decision-making 
C)  anger-producing 
D)  sadness-inducing

Question 13

As part of a promotion, a restaurant offers a frequent diner card. The average cost of a meal at this restaurant is $10. After 4, full priced meals, a rewards member gets 1 "free" $5 appetizer. What does this exemplify?

Accepted Answer

A)  payment decoupling 
B)  compulsive hoarding syndrome 
C)  mere ownership effect 
D)  mental accounting 
A)  payment decoupling 
B)  compulsive hoarding syndrome 
C)  mere ownership effect 
D)  mental accounting

Question 14

Some cars automatically shut off once the car has experienced a forceful impact, such as a crash. This automatic shutoff is an example of which of the following?

Accepted Answer

A)  payment decoupling 
B)  default decision 
C)  mere ownership effect 
D)  hedonic treadmill 
A)  payment decoupling 
B)  default decision 
C)  mere ownership effect 
D)  hedonic treadmill

Question 15

Which of the following terms refers to the idea that some make decisions based on a "consume now, pay later" mentality?

Accepted Answer

A)  compulsion 
B)  mental accounting 
C)  mere ownership effect 
D)  payment decoupling 
A)  compulsion 
B)  mental accounting 
C)  mere ownership effect 
D)  payment decoupling

Question 16

One experiment found that which of the following overrode rats' desire to eat, drink, sleep, or engage in sexual activity?

Accepted Answer

A)  embarrassment 
B)  fear of failure 
C)  anger 
D)  anticipation of gains 
A)  embarrassment 
B)  fear of failure 
C)  anger 
D)  anticipation of gains

Question 17

Which of the following refers to a tendency to overbid an item in a socially competitive environment?

Accepted Answer

A)  neural circuitry of reward 
B)  auction fever 
C)  mere ownership effect 
D)  endowment effect 
A)  neural circuitry of reward 
B)  auction fever 
C)  mere ownership effect 
D)  endowment effect

Question 18

In general, people tend to ______ default decision points.

Accepted Answer

A)  go along with 
B)  avoid 
C)  ignore 
D)  detest 
A)  go along with 
B)  avoid 
C)  ignore 
D)  detest

Question 19

Describe an example of the hedonic treadmill that you have experienced or that you have seen depicted in popular media (television, movie, book). In your description, note why this would be considered an example of the hedonic treadmill.

Accepted Answer

One example of the hedonic treadmill tha

Question 20

Consider the concept of payment decoupling. Describe a real or fictional example payment decoupling. What affect did the payment decoupling have?

Accepted Answer

Payment decoupling is the separation of

Exam 21: Social Psychology and Personal Finance

What role does opportunity of costs play in merchandiser's use of reference prices and discounts?

Which of the following appears to be a way to slow down the hedonic treadmill?

The statement "full prices dressed up in discount tags" refers to how merchandisers may skew consumers sense of ______.

Prior to deciding to start a family, Sarah and Drew open a new checking account, designated "baby money" to begin saving for anticipated childcare expenses. What does this exemplify?

In Sweden, it is assumed that people who die unexpectedly do want to be organ donors. This is an example of a ______.

Mental accounting systems rely on reference points.

The mere ownership effect is also called the endowment effect.

Price tags on clothing are an example of which of the following?

Discounts encourage accelerated consumption.

Discounts are a way for merchandisers to ______.

Our reference points for happiness are______.

The fear of losing deactivates the ______region of the brain.

As part of a promotion, a restaurant offers a frequent diner card. The average cost of a meal at this restaurant is $10. After 4, full priced meals, a rewards member gets 1 "free" $5 appetizer. What does this exemplify?

Some cars automatically shut off once the car has experienced a forceful impact, such as a crash. This automatic shutoff is an example of which of the following?

Which of the following terms refers to the idea that some make decisions based on a "consume now, pay later" mentality?

One experiment found that which of the following overrode rats' desire to eat, drink, sleep, or engage in sexual activity?

Which of the following refers to a tendency to overbid an item in a socially competitive environment?

In general, people tend to ______ default decision points.

Describe an example of the hedonic treadmill that you have experienced or that you have seen depicted in popular media (television, movie, book). In your description, note why this would be considered an example of the hedonic treadmill.

Consider the concept of payment decoupling. Describe a real or fictional example payment decoupling. What affect did the payment decoupling have?

An Introduction to Social Psychology

Research Methods

The Social Self

Social Cognition

Person Perception

Attitudes and Persuasion

Social Influence: Conformity, Social Roles, and Obedience

Group Processes

Stereotyping, Prejudice, and Discrimination

Helping Prosocial Behavior

Aggression

Intimate Relationships

Social Psychology and a Sustainable Environment

Social Psychology of Law and the Courtroom

Social Psychology of Stress and Health

Social Psychology and Happiness: Positive

Social Psychology and Behavioral

Social Psychology and Relationship Violence

Social Psychology of Work: Industrialorganizational Psychology

Social Psychology of Volunteerism and Internships

Social Psychology and Forgiveness

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