Goods and Services

Goods and Services

12th Grade

18 Qs

quiz-placeholder

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Goods and Services

Goods and Services

Assessment

Quiz

12th Grade

Medium

Created by

Rc R

Used 163+ times

FREE Resource

18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A good that lasts three years or more when used on a regular basis is called a
Capital Good
Consumable Good
Nondurable Good
Durable Good

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a nondurable good?

John Deere Tractor

Automobile

Blow dryer

toilet paper

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following could be considered both a durable good and consumer good?

Automobile

toilet paper

dental floss

a loaf of bread

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The apparent contradiction between the high value of a nonessential item and the low value of an essential item was referred to in the book, Wealth of Nations by Adams Smith in 1776, as what?
The Contradiction of Value
The Invisible Hand of Markets
Paradox of value
Something of value

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The capacity to be useful and provide satisfaction is called what?
Usefulness
Pleasure
Utility
Scarcity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A consumer would be best defined as...

A person who purchases goods and services for personal use

A business that consumes other businesses

A business or person who creates a product to sell

A person who purchases goods in order to resell them.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A __________ is work people do for consumers.

Service

Goods

Durable goods

Consumers

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