Economics Quiz Lessons 3 and 4

What type of resource occurs commonly in and on the earth and is used to produce goods and services?

• Human capital

• Capital resources

• Natural resources

• Intermediate goods

What type of resource includes people who do mental and/or physical work to produce goods and services?

• Human capital

• Capital resources

• Natural resources

• Intermediate goods

What type of resource includes goods that are made by people and used to produce other goods and services?

• Human capital

• Capital resources

• Natural resources

• Intermediate goods

What are intermediate goods?

• People who do mental and/or physical work to produce goods and services.

• Occur naturally in and on the earth and are used to produce goods and services.

• Are goods made by people to provide a service to others.

• Are made by people and used to produce other goods and services.

What is the cost of production?

• The amount producers pay for a good or service.

• The amount consumers pay for a good or service.

• The amount producers pay for the productive resources and intermediate goods used to produce a product.

• The amount consumers pay for the productive resources and intermediate goods used to produce a product.

Profit is the amount of revenue that is left after a business pays its cost of production.

• True

• False

What is revenue?

• Money received from producing a product.

• Money received from selling a product.

• Money spent producing a product.

• Money spent buying resources.

Jamal knits hats to sell at a local craft fair. The cost to produce one hat is $3.00. If Jamal sells his hats for $8.00 each, how much profit will Jamal make per hat sold?

• $3.00

• $5.00

• $8.00

• $11.00

When the price of a basketball is $35.00, the quantity supplied of basketballs is:

• 500

• 460

A determinant of supply is something that might cause producers to supply more or less of a good or service no matter what the ___________is.

• Size

• Price

• Quality

• Quantity