FINA 2330 Test 1 Review Questions with Correct Answers Latest Update 2025/2026

FINA 2330 Test 1 Review Questions with Correct Answers Latest Update 2025/2026 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... - Answers Competitive Acquisition According to Schor, a/an __________ __________, is a group with which a person is more likely to compare themselves and their lifestyle. - Answers Reference Group Adam Smith was the author of which book? - Answers 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. - Answers False Schor says that daily exposure to an economically diverse set of people is one reason why Americans began engaging in more upward comparison. - Answers 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. - Answers False 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. - Answers 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. - Answers Downshifting According to Schor, the ______ were the so-called "decade of greed." - Answers 1980s According to Schor, the most obvious social trend of the 1970's that was altering the nature of comparative consumption was: - Answers 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: - Answers inequalities in class. Bourdieu defines habitus as: - Answers 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 and occupation by investigating the contents of his or her: - Answers purse of wallet. According to Schor, in modern society, not having money can result in a profound: - Answers social disability. Schor highlights that many Homeowner's Associations ban things like campers in the driveway, clothes lines (for hanging laundry outside to dry,) loud noise and rabbit hutches because: - Answers these things "reek of the lower classes." According to Schor's colleague Tracy Tefertiller, there was a high degree of consensus middle class teenage boys about which athletic shoes were in and out. - Answers True Schor states that Belk and his colleagues found that children in grade 5 or less (age 11 or so) are not persuaded by the images of symbolic consumption because the ability to discern certain symbols of social class does not begin to develop until middle school. - Answers False According to Schor, researchers have not definitively found that what you wear, drive and own affects how people treat you. - Answers False In contrast to what he originally assumed, Bourdieu found almost no regularities in French consumer patterns within specific economic classes. - Answers False Schor states that traditionally consumer desires have been prompted by exposure to a reference group. - Answers True Schor conducted a study of women's lipstick preferences. In her study she found that there was ______ variety in the price of lipstick. - Answers a wide In the lipstick study, Schor found that there was ______ variety in the quality of lipstick, when blind-tested. - Answers no Schor highlights a study by Gollwitzer and Wicklund that found that business majors with lower grades and poorer job prospects were _______________ to buy expensive briefcases, pens and wristwatches. - Answers more likely