1
FINA 2330 Test 1 Review Questions with
Correct Answers | Updated (100% Correct
Answers)
Schor states that "many of us are continually comparing our own
lifestyle and possessions to a select group of people we respect and
want to be like." She calls this... Answer: Competitive Acquisition
According to Schor, a/an __________ __________, is a group with which
a person is more likely to compare themselves and their lifestyle.
Answer: Reference Group
Adam Smith was the author of which book? Answer: The Wealth of
Nations
The popular book, The Millionaire Next Door, details the extravagant
lives of the wealthiest people in various communities throughout
the United States. Answer: False
Schor says that daily exposure to an economically diverse set of
people is one reason why Americans began engaging in more
upward comparison. Answer: True
Schor observed that a large majority of Americans are conscious of
being motivated by social status and intentionally make purchases
that are knowingly meant to elevate that status. Answer: False
© 2025 All rights reserved
, 2
According to Schor, very few economists have found that consumer
satisfaction, and dissatisfaction, actually depend less on what a
person has in an absolute sense than on socially formed aspirations
and expections. Answer: False
__________ is what Schor calls the process of reducing work hours,
thereby earning and spending less, with the goal of leaving behind
the pressures for upscale consumption. Answer: Downshifting
According to Schor, the ______ were the so-called "decade of greed."
Answer: 1980s
According to Schor, the most obvious social trend of the 1970's that
was altering the nature of comparative consumption was: Answer:
an increase in married women entering the workforce.
According to Schor, Bourdieu argues that tastes and preferences
don't just evolve out of individual likes and dislikes but are instead
more likely to be socially produced by: Answer: inequalities in class.
Bourdieu defines habitus as: Answer: the mental schema that
individuals use to subjectively process the objective world around
them, a set of social conditionings and an open set of dispositions.
According to Schor, a study by Russell Belk in the 1980's found that
observers could predict reasonably well a person's family income
© 2025 All rights reserved
FINA 2330 Test 1 Review Questions with
Correct Answers | Updated (100% Correct
Answers)
Schor states that "many of us are continually comparing our own
lifestyle and possessions to a select group of people we respect and
want to be like." She calls this... Answer: Competitive Acquisition
According to Schor, a/an __________ __________, is a group with which
a person is more likely to compare themselves and their lifestyle.
Answer: Reference Group
Adam Smith was the author of which book? Answer: The Wealth of
Nations
The popular book, The Millionaire Next Door, details the extravagant
lives of the wealthiest people in various communities throughout
the United States. Answer: False
Schor says that daily exposure to an economically diverse set of
people is one reason why Americans began engaging in more
upward comparison. Answer: True
Schor observed that a large majority of Americans are conscious of
being motivated by social status and intentionally make purchases
that are knowingly meant to elevate that status. Answer: False
© 2025 All rights reserved
, 2
According to Schor, very few economists have found that consumer
satisfaction, and dissatisfaction, actually depend less on what a
person has in an absolute sense than on socially formed aspirations
and expections. Answer: False
__________ is what Schor calls the process of reducing work hours,
thereby earning and spending less, with the goal of leaving behind
the pressures for upscale consumption. Answer: Downshifting
According to Schor, the ______ were the so-called "decade of greed."
Answer: 1980s
According to Schor, the most obvious social trend of the 1970's that
was altering the nature of comparative consumption was: Answer:
an increase in married women entering the workforce.
According to Schor, Bourdieu argues that tastes and preferences
don't just evolve out of individual likes and dislikes but are instead
more likely to be socially produced by: Answer: inequalities in class.
Bourdieu defines habitus as: Answer: the mental schema that
individuals use to subjectively process the objective world around
them, a set of social conditionings and an open set of dispositions.
According to Schor, a study by Russell Belk in the 1980's found that
observers could predict reasonably well a person's family income
© 2025 All rights reserved
