Economic Concepts Quiz

A characteristic of human wants is that they are

• limited

• unchanging

• unlimited

• consistent

Which of the following is an example of an economic want:

• Clothing

• Fresh air

• Understanding

• Conversation

An example of a noneconomic want would be the desire for

• police protection

• a college education

• a friend

• concert tickets

An economic good or service that is scarce is one that is

• in limited supply

• not made in America

• readily available

• not test-marketed

If a good or service is scarce, consumers will usually be

• uninterested in owning it

• able to get as much of it as they want

• unwilling to buy it

• willing to pay money to get it

Economic “votes” are cast by consumers each time they

• make a purchase

• visit a business

• respond to a survey

• participate in market research

Producers respond to consumers’ positive economic “votes” by

• decreasing production

• increasing production

• producing more industrial goods

• 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.

• consumer

• capital

• luxury

• inferior

Which of the following is an industrial good?

• Tires for a tow truck

• Matt’s cell phone

• Holiday flowers

• Emily’s home computer

What determines whether an economic product is an industrial product or a consumer product?

• The price of the product

• Who buys and uses the product

• The origin of the product

• Who produces the product