2.02 - Business Essentials Review

A characteristic of human wants is that they are

• limited

• unlimited

• unchanging

• consistent

Which of the following is an example of an economic want

• clothing

• understanding

• fresh air

• conversations

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

• readily available

• not made in America

• no test-marketed

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

• uninterested in owning it

• unwilling to buy it

• able to get as much of it as they want

• willing to pay money to get it

Which of the following is a characteristic of economic services:

• useful

• nontransferable

• tangible

• freely available to everyon

Economic "votes" are cast by consumers each time they

• make a purchase

• respond to a survey

• visit a business

• participate in market research

Producers respond to consumers' positive economic "votes" by

• producing more industrial goods

• decreasing production

• increasing production

• 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

• ultimate

• consumer

• 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

• tangible

• ultimate

• industrial