Standard 2 Indicator 2.01 LAP 902

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

• Conversation

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.

• not 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 everyone

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

• decreasing production.

• producing more industrial goods.

• 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