BE Standard 2.00 Test

A business that buys goods or services and sells them to the ultimate consumer is a:

• A. manufacturer

• B. producer

• C. retailer

• D. wholesaler

The two main divisions of the trade industry are:

• A. producers and retailers

• B. wholesalers and retailers

• C. wholesalers and producers

• D. manufacturers and wholesalers

What do service businesses sell?

• A. retail goods and services

• C. intangible goods and services

Monte works for a grocery store that buys food from producers and then sells it to customers. The grocery store is an example of a:

• A. builder

• B. trade industry

• C. service business

• D. raw goods producer

Retailing occurs wherever goods are:

• A. researched and designed

• B. created or manufactured

• C. traded or exchanged for other goods

• D. sold to consumers or the ultimate customer

All businesses should be socially responsible to whom?

• A. Endorsers

• B. producers

• C. providers

• D. users

Economic resources that help people be more productive are:

• A. human resources

• B. natural resources

• C. capital goods resources

• D. nonrenewable resources

A form of demand for products in which changes in price correspond to changes in demand is:

• A. consumer

• B. elastic

• C. equilibrium

• D. inelastic

Gasoline prices increased 30 cents per gallon. Raylee continued to purchase gasoline because her demand and need to commute to work had not changed. This is an example of what type of demand?

• A. complementary

• B. discretionary

• C. elastic

• D. inelastic

Deciding to stay home and study, instead of going to a basketball game, is an example of a/an:

• A. trade-off

• B. capital good

• C. economic want

• D. economic service