SS 1202 Economics and Trade Quiz

What does the term "economy" refer to?

• The study of ancient civilizations

• The wealth and resources of a country, including what goods and services we produce and consume

• The process of photosynthesis

• The history of art

What is an example of a good?

• Haircuts

• Cars

• Medical Advice

• Education

Which of the following is considered a service?

• Apples

• PS5

• Changing tires

• Quad

What distinguishes goods from services?

• Goods are intangible, services are tangible.

• Goods are things you can see and touch, services are actions done for you.

• Goods are actions done for you, services are things you can see and touch.

• Goods and services are both intangible.

Which of the following is an example of a subsistence economy activity?

• Investing in the stock market

• Growing own vegetables

• Manufacturing cars

• Developing software

Which activity is NOT typically associated with a subsistence economy?

• Hunting for meat

• Knitting clothes

• Cutting wood for heat

• Exporting electronics

What does specialization mean in the context of subsistence living?

• Doing multiple tasks at once

• Becoming an expert or specializing in one skill

• Avoiding any form of work

• Sharing tasks equally among everyone

Why can't one person handle all tasks like growing vegetables, hunting, and knitting in subsistence living?

• It requires too much time and effort

• It is against the rules

• It is too expensive

• It is not environmentally friendly

What does a mechanic specialize in?

• Construction

• Health Care

• Auto Repair

• Teaching

Which profession specializes in construction?

• Doctor

• Carpenter

• Mechanic

• Chef