
Economic Resources Quiz
Authored by Robert Smith
Business
12th Grade
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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