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- 1. Multiple ChoiceA good that lasts three years or more when used on a regular basis is called aCapital GoodConsumable GoodNondurable GoodDurable Good
- 2. Multiple Choice
Which of the following is considered a nondurable good?
John Deere Tractor
Automobile
Blow dryer
toilet paper
- 3. Multiple Choice
Which of the following could be considered both a durable good and consumer good?
Automobile
toilet paper
dental floss
a loaf of bread
- 4. Multiple ChoiceThe apparent contradiction between the high value of a nonessential item and the low value of an essential item was referred to in the book, Wealth of Nations by Adams Smith in 1776, as what?The Contradiction of ValueThe Invisible Hand of MarketsParadox of valueSomething of value
- 5. Multiple ChoiceThe capacity to be useful and provide satisfaction is called what?UsefulnessPleasureUtilityScarcity
- 6. Multiple Choice
A consumer would be best defined as...
A person who purchases goods and services for personal use
A business that consumes other businesses
A business or person who creates a product to sell
A person who purchases goods in order to resell them.
- 7. Multiple Choice
A __________ is work people do for consumers.
Service
Goods
Durable goods
Consumers
- 8. Multiple ChoiceThe study of resources such as money, materials, and laboreconomicsservicesproducersgoods
- 9. Multiple Choice
What is a service?
A want
something tangible
A need
a work performed for someone
- 10. Multiple Choice
What is a good?
work performed for someone
A baseball game
Things people do for money
Things that people make or grow
- 11. Multiple Choice
Doctor: Goods or Service?GoodsService - 12. Multiple ChoiceWhen society does not have enough resources to produce all the things people would like to have.ScarcityEconomic GrowthParadox of ValueWant
- 13. Multiple ChoiceThe ability or capacity of a good or service to be useful to someone.ValueWealthUtilityCapital Good
- 14. Multiple ChoiceHouse: Goods or Service?GoodsService
- 15. Multiple ChoiceDoes this person provide a good or a service?goodservice
- 16. Multiple Choice
Which of the following could be classed as a durable good?
washing machine
T-shirt
chocolate bar
shampoo
- 17. Multiple Choice
Which of the following is not a capital good?
A bulldozer
An oven at a bakery
automated machines
A cupcake
- 18. Multiple Choice
Capital Goods include all of the following except
workers
factories
machines
technology
- Answer choicesTagsAnswer choicesTags