Get the Goods on Goods and Services Test

1. A characteristic of human wants is that they are

• 1. unlimited.

• 1. limited.

• 1. consistent.

• 1. unchanging.

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

• 1. Fresh air

• 1. Clothing

• 1. Understanding

• 1. Conversation

1. An example of a noneconomic want would be the desire for

• 1. concert tickets.

• 1. a college education.

• 1. a friend.

• 1. police protection.

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

• 1. readily available.

• 1. not test-marketed.

• 1. not made in America.

• 1. in limited supply.

1. If a good or service is scarce, consumers will usually be

• 1. able to get as much of it as they want.

• 1. unwilling to buy it.

• 1. uninterested in owning it.

• 1. willing to pay money to get it.

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

• 1. Nontransferable

• 1. Freely available to everyone

• 1. Useful

• 1. Tangible

1. Economic “votes” are cast by consumers each time they

• 1. visit a business.

• 1. make a purchase.

• 1. respond to a survey.

• 1. participate in market research.

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

• 1. decreasing production.

• 1. increasing production.

• 1. producing more industrial goods.

• 1. classifying their goods and services.

1. A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.

• 1. consumer

• 1. capital

• 1. ultimate

• 1. industrial

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. tangible

• 1. ultimate

• 1. consumer

• 1. industrial