10 ECO Online Test

What are goods?

• Intangible items

• Actions performed by people

• Unlimited resources

• Material things that can be touched

Which of the following is a service?

• Clothes

• Medical check-up

• Book

• Electronic gadgets

What are economic goods?

• Goods available for free

• Goods produced from scarce resources

• unlimited natural resources

• Goods that cannot satisfy human wants

What are non-economic goods?

• Goods produced from scarce resources

• Goods that have a price tag
  

• Man-made goods

• Unlimited goods available at no cost

Intermediate goods are:

• Used for final consumption

• Semi-finished goods for further processing

• Non-material items

• Goods provided by the government

Final goods are

• Goods available for free

• Purchased for final consumption

• Semi-finished goods

• Used for further production

Public goods are:

• Owned by private individuals

• Rival in consumption

• Provided by the government for social benefit

• Exclusively for one user

Which of the following is a characteristic of public goods?

• Non-excludability

• Rivalry

• Exclusivity

• Limited consumption

The circular flow of income involves:

• The movement of goods only

• Interaction between households and businesses

• Free goods exchange

What does the real flow in an economy include?

• Payments for services

• Payments for capital goods

• Only savings and investments

• Flow of factor services and goods