Economic Resources Quiz

Economic Resources Quiz

12th Grade

29 Qs

quiz-placeholder

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Economic Resources Quiz

Economic Resources Quiz

Assessment

Quiz

Business

12th Grade

Practice Problem

Medium

Created by

Robert Smith

Used 17+ times

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29 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The economic resource where people work to produce goods or services are:

capital goods.

human resources.

natural resources.

noneconomic goods.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers, producers, and owners of resources use money to create a flow of resources, goods, and services through which economic activity?

consumption

distribution

exchange

marketing

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Retailing occurs wherever goods are:

researched and designed.

created or manufactured.

traded or exchanged for other goods.

sold to consumers or the ultimate customer.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the prices of iPhones increase, the quantity of iPhones offered for sale will increase. This is an example of the law of:

equilibrium

production

shortage

supply

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

ABC Corporation bought a new conveyor belt. What type of good is the conveyor belt?

capital good

natural good

public good

consumer good

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Elastic demand is more likely when the good is:

a luxury

imported

lower price

inexpensive

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is an example of a noneconomic want?

a haircut

sport ticket

a concert ticket

rain for the crops

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