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WorksheetsEcon 2.1 Goods and Services
Total questions: 20
Worksheet time: 7mins
A characteristic of human wants is that they are
limited
unchanging
unlimited
consistent
Which of the following is an example of an economic want:
clothing
fresh air
understanding
conversation
An example of a noneconomic want would be the desire for
police protection
a college education
a friend
concert tickets
An economic good or service that is scarce is one that is
in limited supply
not made in America
readily available
not test-marketed
If a good or service is scarce, consumers will usually be
uninterested in owning it.
able to get as much of it as they want
unwilling to buy it.
willing to pay money to get it.
Which of the following is a characteristic of economic services:
useful
tangible
nontransferable
freely available to everyone
Economic “votes” are cast by consumers each time they
make a purchase
visit a business
respond to a survey
participate in market research
Producers respond to consumers’ positive economic “votes” by
decreasing production.
increasing production.
producing more industrial goods.
classifying their goods and services.
A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.
capital
consumer
ultimate
industrial
Each day, a restaurant sends its used linens to a laundry service to be cleaned and pressed. In economic terms, the laundry service would be classified as a(n) __________ service.
consumer
ultimate
tangible
industrial
Which of the following is an industrial good:
Tires for a tow truck
Matt’s cell phone
Holiday flowers
Emily’s home computer
What determines whether an economic product is an industrial product or a consumer product?
The price of the product
Who buys and uses the product
The origin of the product
Who produces the product
Why do marketers classify goods and services?
To determine promotional budgets
To determine prices to charge for goods and services
To aid in marketing planning
To decide whether to increase production
Bread for a family would best be classified as a(n) __________ product.
shopping
installation
specialty
convenience
George has decided to purchase a dishwasher. He is checking online for the best place to get quality goods and services at a reasonable price. What type of product is the dishwasher?
capital
convenience
shopping
specialty
Susan is willing to pay a high price for the brand of china that she wants for her home. This china would be classified as a(n) __________ product.
shopping
industrial
specialty
convenience
Sugar and flour that are purchased for a bakery are classified as
parts
installations
supplies
materials
A car manufacturer receives a shipment of bolts that are going to be used in the production of automobiles. What type of industrial product would the bolts be?
equipment
parts
materials
supplies
How would a business’s computers be classified?
as parts
as equipment
as supplies
as an installation
Cash register tapes and shipping forms used by a business would be classified as industrial
equipment
parts
materials
supplies
