1. Order the following needs as Maslow would from most to least important: Esteem, Safety, Love/Belonging,Self-actualization, Physiological.

2. As opposed to needs, Rokeach characterized what? What were the two types and what does each type do?

4. Consumer budgeting is the allocation of income to spending categories for a period of time. This can be arranged in what is called a what tree?

6. Which of the following are phenomena related to consumer decision making? a). loss aversion b) probability weighting c). excessive choice effect d). choice bracketing e). time-inconsistent preferences f) hypothetical biases g). all of the above.

7. No one has perfect information in real world markets. Why?

8. What characteristics should a grading standard have to be useful?

9. What are the grades for pork? a). prime b). acceptable c). choice d) utility e). number 2 yellow

10. Yield grades 1 through 5 indicates the yield of saleable product from a beef carcass. Which is the highest?

11. All grades of wheat are somewhat substitutable for one another. What does this make their prices do?

12. The thing which is priced by price indexes is called a market basket. What is it supposed to represent?

13. Another important concept in index calculation is the base period. What is it?

14. One primary purpose for calculating the CPI is to measure what?

15. One way to calculate a price index is to use base period quantities evaluated at each years' prices. This is a what index?

16. Suppose we know the CPI is 103.9 in 1984, 148.2 in 1994, 188.9 in 2004, and 236.9 in 2014. The price of pork per pound is $1.70 in 1984, $2.30 in 1994, $3.00 in 2004, and $3.80 in 2014. What are all four prices in real 1982-84 dollars to the nearest penny?