Economic Resources Quiz

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

• capital goods.

• human resources.

• natural resources.

• noneconomic goods.

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

Retailing occurs wherever goods are:

• researched and designed.

• created or manufactured.

• traded or exchanged for other goods.

• sold to consumers or the ultimate customer.

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

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

• capital good

• natural good

• public good

• consumer good

Elastic demand is more likely when the good is:

• a luxury

• imported

• lower price

• inexpensive

Which is an example of a noneconomic want?

• a haircut

• sport ticket

• a concert ticket

• rain for the crops

Prices are used in our economy to:

• offer excessive demand.

• cause no change demand.

• encourage excessive supply of products.

• determine what goods are to be produced and in what quantities.

New Gear studied trends in the marketplace to price their jerseys. There was an abundance of jerseys remaining after meeting the demand creating which market condition?

• equilibrium

• rationing

• shortage

• surplus

If a student purchases a laptop to use for homework assignments, then the computer is considered what type of good?

• capital

• consumer

• industrial

• ultimate