Economics Quiz

Defintion of durable goods

• last longer than 3 years

• machine/tool

• does not last longer than 3 years

• risk taker, one who calls the shots

Answer explanation

items with the expected lifetime GREATER THAN THREE YEARS is a durable good

• - prefix of durable is "dur"- "hard;strong; lasting

natural resource

• economics

• enterpenurship

• land

• labor

Answer explanation

"gift from nature"

What is this model called?

• Economic growth

• production of products curve

• Photosynthesis

• circular flow of economic activity

Answer explanation

demonstrates how money moves from producers to households and back again in an endless loop

Which one of these is a factor for production

• specialization

• labor

• errand running

• money management

Answer explanation

the people who are making it happen; putting the physical work in

what is an example of a nondurable good?

• disposable diapers

• refrigerator

• paper

• bicycle

defintion of capital goods

• machine/tool

• none of these

• risk taker; calls all the shots

• specific task set for each individual

In a socialist economy, how much does the government own?

• None of the above; socialist economy  is not an economic system

• None of it; all for the people

• All of it of the factors of production

• Some/most, but not all the factors of production

People’s skills, abilities, health, knowledge, and motivation

• Market Structure

• Human Capital

• Division of Labor

• Production Process Curve

Is a way of organizing work so that each worker or work group completes a separate part of

the overall task. The best example of efficiency in a business.

• Divisions of Labor

• Post Production Curve

• Friedrich Hayek

• Human Demand

role of consumer as ruler of the market in determining the type of goods and services produced

• Capitalism

• Land

• Consumer Sovereignty

• Free Economy