The 'bandwagon effect' in consumer behaviour refers to: MCQ with Answer and Explanation

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The 'bandwagon effect' in consumer behaviour refers to:

A. buying goods to be different

B. buying fewer goods when prices fall

C. buying only inferior goods

D. buying goods because others are buying them

Answer: Option D

Solution (By JKSSB Mock Tests)

The bandwagon effect occurs when consumers buy more of a good because others are buying it.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following factors does NOT affect the price elasticity of demand?

A. Time period allowed for adjustment

B. Cost of production of the commodity

C. Nature of the commodity (necessity or luxury)

D. Availability of close substitutes

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Correct Answer: Option B

Explanation:
The cost of production influences the supply side. Price elasticity of demand depends on substitutes, nature of the good, proportion of income spent, time and habits.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Global Gender Gap Report' is published by:

A. UNDP

B. World Bank

C. UN Women

D. World Economic Forum

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Correct Answer: Option D

Explanation:
The Global Gender Gap Report is published by the World Economic Forum.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Brexit' refers to the exit of which country from the European Union?

A. France

B. Germany

C. Italy

D. United Kingdom

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Correct Answer: Option D

Explanation:
Brexit refers to the United Kingdom's exit from the European Union.

This question belongs to: Economy GK Economy Set 1

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