WorksheetsUtilities Test
Total questions: 25
Worksheet time: 6hrs 15mins
Name
Class
Date
1.
Utility is the
a)
benefit or satisfaction that a person gets from the consumption of a good or service
b)
measure of how useful a resource is in the production process
c)
measure of productivity associated with a good or service
d)
economic term for consumption possibilities
2.
__________ utility involves changing raw materials into usable goods or putting parts together to make them more useful.
a)
Place
b)
Time
c)
Form
d)
Possession
3.
Form utility involves ___________ products that consumers need and want.
a)
making
b)
buying
c)
selling
d)
arranging
4.
Special features or ingredients in a product add value and increase Its ________ utility.
a)
time
b)
place
c)
possession
d)
form
5.
The exchange of a product for money is _____________ utility.
a)
form
b)
possession
c)
information
d)
place
6.
______________ utility is involved every time legal ownership of a product changes hands.
a)
Time
b)
Place
c)
Possession
d)
Information
7.
______________ utility involves communication with the consumer.
a)
Possession
b)
Time
c)
Place
d)
Information
8.
Salespeople provide information to consumers by explaining the features and benefits of products is considered to be:
a)
Possession Utility
b)
Information Utility
c)
Form Utility
d)
Time Utility
9.
Which of the following is how humans allocate scare resources to produce various commodities and how those commodities are distributed for social consumption?
a)
Price
b)
Economics
c)
Supply
d)
Demand
10.
Which of the following is an economic system in which businesses are privately owned and profit is gained in a free market?
a)
socialism
b)
communism
c)
capitalism
d)
monopoly
11.
The amount of product available in a market is known as which of the following?
a)
supply
b)
demand
c)
resources
d)
stock
12.
Which of the following is NOT one of the basic economic questions listed in the presentation?
a)
What goods and services do we produce?
b)
How do we produce those goods and services?
c)
When will we produce those goods and services?
d)
Who should benefit from the goods and services produced?
13.
Economic resources are also called factors of production.
a)
True
b)
False
14.
Which of the following is not a governmental role in the U.S. economy?
a)
provides services
b)
supports businesses
c)
regulates by making laws
d)
determines prices
15.
All of the resources necessary to produce goods and services
a)
market economy
b)
capital goods
c)
factors of production
d)
consumption
16.
Factor of production that includes the human effort that goes into the production
a)
labor
b)
capital
c)
entreprenuer
d)
natural resources
17.
A conveyor belt used in the production process falls in which category of production?
a)
labor
b)
entreprenuer
c)
capital goods
d)
natural resources
18.
Using wheat in the production of bread falls under which category of production?
a)
capital goods
b)
entreprenuer
c)
labor
d)
natural resources
19.
Which term refers to the satisfaction we get from using a product?
a)
utility
b)
supply
c)
incentive
d)
demand
20.
the sum of skills, abilities, and motivation of people
a)
human capital
b)
specialization
c)
capital goods
d)
natural resources
21.
An example of an opportunity cost would be
a)
Paying your brother $5.00 to use his car
b)
Trading with your friend to exchange clothing items
c)
Not sleeping in so you can go to class
d)
Working overtime
22.
An example of a noneconomic want would be
a)
Happiness
b)
IPhone 7
c)
Better Roadways
d)
New car
23.
This is something that motivates. ie: if you buy this car today, you won't have to pay any fees for taxes or license plates, but it is for today only. Save hundreds today for that car you can drive tomorrow.
a)
microeconomics
b)
incentive
c)
utility
d)
opportunity cost
24.
Branch of economic theory that deals with behaviors/decisions of small units. (the study of an individual's economic decisions)
a)
macroeconomics
b)
unitary economics
c)
American civil economics
d)
microeconomics
25.
Branch of economic theory that deals with behavior/decisions for a large group or society. ( the economics of Chicago)
a)
microeconomics
b)
macroeconomics
c)
utility economics
d)
state economics
100 %
