
Goods and Services
Authored by Gino Miller
Other
9th Grade

AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between goods and services?
Goods are intangible products, while services are tangible actions or tasks.
Goods are actions or tasks, while services are products.
Goods are intangible, while services are tangible.
Goods are tangible products, while services are intangible actions or tasks.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of supply in economics.
Supply refers to the total amount of money consumers are willing to spend on a product.
Supply is the demand for goods and services in the market.
Supply is the same as demand in economics.
Supply in economics refers to the total amount of a specific good or service that producers are willing and able to provide at a given price level.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does the law of supply affect the quantity of goods produced?
The law of supply affects the quantity of goods produced by influencing producers to increase production as prices rise.
The law of supply decreases the quantity of goods produced when prices rise.
The law of supply has no impact on the quantity of goods produced.
Producers ignore the law of supply and produce goods regardless of price changes.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the factors that can influence the supply of goods?
Labor costs, inflation rates, demand for goods
Consumer preferences, exchange rates, advertising strategies
Technological advancements, market competition, transportation costs
Production costs, technology, government policies, natural disasters, number of suppliers
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define the term 'elasticity of supply'.
Elasticity of supply refers to the flexibility of suppliers in adjusting their prices.
Elasticity of supply is a term used to describe the responsiveness of consumers to price changes.
Elasticity of supply is a measure of how quantity demanded reacts to a change in price.
Elasticity of supply is a measure of how quantity supplied reacts to a change in price.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Discuss the role of technology in increasing the supply of goods.
Technology leads to a decrease in the quality of goods
Technology has no impact on the supply of goods
Technology increases the demand for goods
Technology enhances production efficiency, reduces costs, enables mass production, improves inventory management, optimizes supply chains, and speeds up transportation, all leading to an increase in the supply of goods.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the importance of understanding the supply curve in economics?
Understanding the supply curve is only relevant in microeconomics, not macroeconomics
The supply curve has no impact on pricing decisions in a market
Price changes do not affect the quantity supplied, making the supply curve irrelevant
The supply curve in economics is crucial for analyzing market behavior, making pricing decisions, and predicting the impact of price changes on quantity supplied.
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
10 questions
Kitchen Management: Food Comodities
Quiz
•
1st Grade - University
20 questions
Warm and Cold Fronts
Quiz
•
6th - 12th Grade
15 questions
Your Family
Quiz
•
9th - 12th Grade
13 questions
funnymike true fans
Quiz
•
1st Grade - University
17 questions
Fundamental Rights Bharat #12
Quiz
•
7th - 12th Grade
12 questions
Rancho Library Quiz
Quiz
•
9th Grade
10 questions
EFFECTIVE GROUP DISCUSSION
Quiz
•
9th Grade - University
10 questions
3 . Leadership
Quiz
•
4th Grade - University
Popular Resources on Wayground
8 questions
2 Step Word Problems
Quiz
•
KG - University
20 questions
Comparing Fractions
Quiz
•
4th Grade
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
10 questions
Latin Bases claus(clois,clos, clud, clus) and ped
Quiz
•
6th - 8th Grade
22 questions
fractions
Quiz
•
3rd Grade
7 questions
The Story of Books
Quiz
•
6th - 8th Grade
Discover more resources for Other
8 questions
2 Step Word Problems
Quiz
•
KG - University
10 questions
Martin Luther King, Jr. For Kids
Interactive video
•
1st - 12th Grade
10 questions
Dr. King's Speech and Its Impact
Interactive video
•
7th - 12th Grade
20 questions
El Verbo IR Practice
Quiz
•
9th Grade
10 questions
Understanding Meiosis
Interactive video
•
6th - 10th Grade
20 questions
Graphing Inequalities on a Number Line
Quiz
•
6th - 9th Grade
7 questions
Anti-Bullying ARS 15-341
Quiz
•
9th - 12th Grade
10 questions
Capitalize Countries and Places Quiz
Quiz
•
9th Grade