Business EC-010

A characteristic of human wants is that they are

• consistent.

• limited.

• unchanging.

• unlimited.

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

• Fresh air

• Understanding

• Conversation

• Clothing

An example of a noneconomic want would be the desire for

• police protection

• a friend.

• a college education.

• concert tickets.

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

• in limited supply.

• not made in America.

• not test-marketed.

• readily available.

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

• unwilling to buy it.

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

• uninterested in owning it.

• willing to pay money to get it.

Which of the following is a characteristic of economic services:

• Non-transferable

• Useful

• Freely available to everyone

• Tangible

“Economic votes” are cast by consumers each time they

• respond to a survey.

• make a purchase.

• participate in market research.

• visit a business.

Producers respond to consumers’ positive economic votes by

• decreasing production.

• classifying their goods and services.

• producing more industrial goods.

• increasing production.

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

• consumer

• capital

• industrial

• ultimate

Each day, a restaurant sends its used linens to a laundry to be cleaned and pressed. In economic terms, the laundry service would be classified as a(n) __________ service.

• consumer

• industrial

• ultimate

• tangible