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Worksheets1.4 Types of Goods and Services
Total questions: 34
Worksheet time: 27mins
What is a service?
going to Temple
buying something
an action that a person does for someone else
When the price of tea increases, the demand for coffee increases. What type of goods are tea and cookies?
normal
inferior
substitutes
complements
If demand for a good decreases when people's income increases
The good is an inferior good
The law of demand is violated
The good is a normal good
The good's demand curve is upward sloping
If the demand for flat screen TV's increase when consumers income rise, then TV's are
A normal good
An inferior good
A substitute good
A complement good
Which of the below is correct when talking about inferior goods?
Demand is unaffected by change in income
Demanded increases when income increases
Demand increases when income decreases
Demand stays the same when income decreases
If the demand for a good increases when price of the same product increases,
Normal Goods
Inferior Goods
Giffen Goods
Free Goods
An Apple iPad and Samsung Galaxy Tab are the example of ...............
Giffen Goods
Inferior Goods
Substitute Goods
Complement Goods
An Apple iPhone and Apps are the example of ...............
Giffen Goods
Inferior Goods
Substitute Goods
Complement Goods
Which of the following is an example of a private good?
School WiFi
Park bench
Netflix
Apples
What is the free rider problem?
scarcity even when you pay for a good
Reaping all the benefits without contributing
Common goods that don't have a price
none of the above
Which of the following explains why a city fireworks display on the Fourth of July is provided as a public good?
Fireworks displays usually take place in a public area.
Fireworks are a scarce resource.
Nonpayers cannot be prevented from seeing the fireworks.
Each consumer pays a fee to see the fireworks.
Excludability and Rivalry are the features of ....................
Substitute Goods
Complement Goods
Private Goods
Public Goods
A table and chair are examples of free goods.
True
False
Free goods are created by man.
True
False
Economic goods must be paid for by the consumers.
True
False
Economic goods are available and abundant in nature.
True
False
Free goods does not require human efforts to produce.
True
False
Examples of free goods are: sunlight, air, seawater.
True
False
