CE.11 Quiz

What is economics?

• The study of the economy.

• The study of biology.

• The study of history.

• The study of art.

What is the economy?

• A system of production, distribution, and consumption of goods and services.

• A system of political governance.

• A system of cultural exchange.

• A system of educational development.

What is a "good"?

• A tangible product that someone can own

• An intangible service performed for a consumer

• A type of natural resource

• A method of production

Which of the following is an example of a service?

• Shoes

• Cars

• Haircut

• Books

What is production?

• The using of goods and services

• The combining of resources to make goods or provide services

• The selling of goods to consumers

• The storing of goods in warehouses

What determines what is produced according to the text?

• The availability of natural resources only

• Consumer preferences and available resources

• The number of workers in a factory

• The cost of raw materials

What is consumption?

• The production of goods and services

• The using of goods and services

• The distribution of goods to retailers

• The creation of new products

What are resources used for?

• To create waste

• To produce goods and services

• To destroy goods

• To store goods

Which of the following is NOT a type of resource?

• Natural

• Capital

• Human

• Technological

What are natural resources?

• Things made by humans

• Things that come from nature used to make goods

• Things that are not used in production

• Things that are only used for decoration