Get the Goods on Goods and Services LAP Quiz

1. Cash register tapes and shipping forms used by a business would be classified as industrial

• 1. supplies.

• 1. equipment.

• 1. parts.

• 1. materials.

1. A car manufacturer receives a shipment of bolts that are going to be used in the production of automobiles. What type of industrial product would the bolts be?

• 1. Materials

• 1. Supplies

• 1. Parts

• 1. Equipment

1. Susan is willing to pay a high price for the brand of china that she wants for her home. This china would be classified as a(n) __________ product.

• 1. shopping

• 1. specialty

• 1. industrial

• 1. convenience

1. Bread for a family would best be classified as a(n) __________ product.

• 1. installation

• 1. specialty

• 1. convenience

• 1. shopping

1. What determines whether an economic product is an industrial product or a consumer product?

• 1. The origin of the product

• 1. Who produces the product

• 1. The price of the product

• 1. Who buys and uses the product

1. Each day, a restaurant sends its used linens to a laundry service to be cleaned and pressed. In economic terms, the laundry service would be classified as a(n) __________ service.

• 1. consumer

• 1. industrial

• 1. ultimate

• 1. tangible

1. Producers respond to consumers’ positive economic “votes” by

• 1. increasing production.

• 1. decreasing production.

• 1. producing more industrial goods.

• 1. classifying their goods and services.

1. Which of the following is a characteristic of economic services:

• 1. Freely available to everyone

• 1. Nontransferable

• 1. Tangible

• 1. Useful

1. An economic good or service that is scarce is one that is

• 1. in limited supply.

• 1. not made in America.

• 1. readily available.

• 1. not test-marketed.

1. Which of the following is an example of an economic want:

• 1. Understanding

• 1. Conversation

• 1. Clothing

• 1. Fresh air