Econ 2.1 Goods and Services

A characteristic of human wants is that they are

• limited

• unchanging

• unlimited

• consistent

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

• clothing

• fresh air

• understanding

• conversation

An example of a noneconomic want would be the desire for

• police protection

• a college education

• a friend

• concert tickets

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

• in limited supply

• not made in America

• readily available

• not test-marketed

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

• uninterested in owning it.

• able to get as much of it as they want

• unwilling to buy it.

• willing to pay money to get it.

Which of the following is a characteristic of economic services:

• useful

• tangible

• nontransferable

• freely available to everyone

Economic “votes” are cast by consumers each time they

• make a purchase

• visit a business

• respond to a survey

• participate in market research

Producers respond to consumers’ positive economic “votes” by

• decreasing production.

• increasing production.

• producing more industrial goods.

• classifying their goods and services.

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

• capital

• consumer

• ultimate

• industrial

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

• consumer

• ultimate

• tangible

• industrial