Question 1

Of the countries listed below, which is thought to be a highly brand-conscious society?

Accepted Answer

A)  Canada 
B)  Japan 
C)  Brazil 
D)  Spain

Question 2

What are the two major components of social class? Explain and comment on each component (such as which is more important).

Accepted Answer

The answer of What are the two major components of...

Question 3

________ are consumers who refuse to sacrifice style, but they achieve it on a budget.

Accepted Answer

A)  Fashionistas 
B)  Frugalistas 
C)  Nouveau rich 
D)  Cosmopolitanism

Question 4

One percenters are an example of ________.

Accepted Answer

A)  pay-pay ratio 
B)  income inequality 
C)  saving rate 
D)  plutonomy

Question 5

A member of ________ has recently gained personal wealth and may experience status anxiety. Such individuals may try to display symbols of their success to make up for an internal lack of assurance about the "correct" way to behave.

Accepted Answer

A)  an old money family 
B)  the taste culture 
C)  the nouveau riche 
D)  the mass class

Question 6

W. Lloyd Warner is credited with creating the social class system still used in consumer behavior.

Accepted Answer

A) True 
 B)False

Question 7

The average American's standard of living continues to improve due to two key factors. What are these factors? Provide explanatory comments about each factor.

Accepted Answer

The answer of The average American's standard of living continues...

Question 8

Jason is a marketing researcher working for a client who believes that social class will be an important segmenting device. Jason decides to find social class categories by simply asking respondents to pick their own category. Which of the following best supports Jason's approach?

Accepted Answer

A)  Most Americans don't mind talking about social class but are usually inaccurate in determining their own categories. 
B)  American consumers generally have little difficulty accurately placing themselves in the lower-middle class or middle class. 
C)  American consumers are generally better able to identify their neighbors' social class than their own social class. 
D)  Most Americans will list the social class they wish to belong to rather than the one they actually occupy.

Question 9

It's cool to visit websites and blogs that celebrate frugality, such as Dollar Stretcher; stretcher.com, allthingsfrugal.com and Frugal Mom.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following phrases is the best illustration of homogamy?

Accepted Answer

A)  opposites attract 
B)  birds of a feather flock together 
C)  leave no stone unturned 
D)  to the victor go the spoils

Question 11

A tendency for people to marry in a social class similar to their own is called ________.

Accepted Answer

A)  homogamy 
B)  affluenza 
C)  social dating 
D)  social stratification

Question 12

Explain what Veblen meant by the term "invidious distinction."

Accepted Answer

The answer of Explain what Veblen meant by the term...

Exam 12: Income and Social Class