Goods and Services Quiz

What is the relationship between supply and demand?

• Unrelated

• Inversely related

• Directly related

• Depends on the market

What are the different types of goods? (a) Consumer goods (b) Producer goods (c) Both (a) and (b) (d) None of the above

• b

• a

• c

• d

Which of the following is an example of a consumer good? (a) Machinery (b) Food items (c) Raw materials (d) All of the above

• Raw materials

• Food items

• Machinery

• All of the above

What is the economic impact of goods and services on a country's economy?

• It has no impact on the economy

• It only benefits the wealthy individuals

• It contributes to the overall economic growth and development of the country.

• It leads to economic recession

What is global trade of goods and services? (a) Import and export of goods and services between countries (b) Local trade within a country (c) Barter system (d) None of the above

• b

• c

• a

• d

What factors influence the demand for goods and services?

• Political stability

• Weather conditions

• Distance from the equator

• Income, price of related goods, consumer preferences, and population size

Which of the following is an example of a producer good? (a) Clothing (b) Machinery (c) Electronics (d) None of the above

• b

• c

• a

• d

How does global trade impact the economy of a country?

• Global trade has no impact on the economy of a country

• Global trade only benefits large corporations and not the overall economy

• Global trade leads to increased unemployment and poverty in a country

• Global trade can impact the economy of a country by increasing access to a wider range of goods and services, promoting economic growth, creating job opportunities, and improving overall living standards.

What are the main differences between goods and services?

• Goods are intangible, while services are tangible

• Goods are tangible products, while services are intangible activities or benefits

• Goods are only available online, while services are only available in person

• Goods are always more expensive than services

How does the concept of scarcity relate to the production and consumption of goods and services?

• Scarcity leads to an abundance of resources for production and consumption

• Scarcity only affects the production of goods, not consumption

• Scarcity affects the production and consumption of goods and services by creating competition for limited resources.

• Scarcity has no impact on the production and consumption of goods and services