Unit 2 (2.01 & 2.02)

Question 1

If a good or service is scarce, consumers will usually be

Accepted Answer

willing to pay money to get it.

Question 2

Marcy is ready to buy a new computer, & she has saved up enough money to buy the model she wants. This is an example of

Accepted Answer

demand

Question 3

Consumers are typically most willing to pay more for goods and services that bring them greater

Accepted Answer

satisfaction.

Question 4

Into what two categories can wants be divided?

Accepted Answer

Economic and noneconomic

Question 5

Friendship would be considered a(n) __________ want.

Accepted Answer

noneconomic

Question 6

Wholesale trade businesses operate from a variety of business premises.

Accepted Answer

True

Question 7

Bolts that are going to be used in the production of automobiles. What type of industrial product would the bolts be?

Accepted Answer

parts

Question 8

Cash register tapes and shipping forms used by a business would be classified as industrial

Accepted Answer

supplies

Question 9

BONUS: What type of economic system is used in the United States?

Accepted Answer

Market

Question 10

Which of the following is an example of an economic want:

Accepted Answer

Gucci belt

Question 11

You purchased a laptop to use for homework assignments. In economic terms the computer would be classified as a(n)

Accepted Answer

consumer good

Question 12

Eggs and sugar that are purchased to make baked goods are classified as

Accepted Answer

materials

Question 13

The factor that is most likely to affect demand for this product is the

Accepted Answer

product’s utility

Question 14

One reason why the supply of certain products has been eliminated is because of

Accepted Answer

technology

Question 15

# of a good or service that producers are able & willing to offer for sale at a specified price in a period of time is

Accepted Answer

supply

Question 16

When a stove is used in a restaurant kitchen, it is a

Accepted Answer

capital good

Question 17

The study of how to meet unlimited, competing wants with limited resources is

Accepted Answer

Economics

Question 18

A producer is someone who

Accepted Answer

makes things

Question 19

Which of the following is a characteristic of economic services:

Accepted Answer

useful

Question 20

The point where the supply curve and demand curve meet is called the

Accepted Answer

equilibrium

Question 21

A candy bar would best be classified as a(n) __________ product

Accepted Answer

convenience

Question 22

A characteristic of human wants is that they are

Accepted Answer

unlimited

Question 23

A local neighborhood has many houses for sale at a low price, demand is low. What kind of market most likely exists

Accepted Answer

buyers

Question 24

The grocery store is considered a

Accepted Answer

trade industry

Question 25

In economics, capital goods include

Accepted Answer

buildings and equipment.

Question 26

Resources that enable businesses to operate are also known as

Accepted Answer

inputs / out puts

Question 27

Two factors involved in determining the value of a resource, good, or service are

Accepted Answer

availability and demand

Question 28

Businesses can show their social responsibility by contributing to

Accepted Answer

public interests

Question 29

Water and air are examples of __________ resources, while people are considered to be __________ resources.

Accepted Answer

natural; human

Question 30

Natural resources, human resources, and capital goods are often referred to as factors of consumption.

Accepted Answer

False

Unit 2 (2.01 & 2.02)

Questions 30

Unit 2 (2.01 & 2.02)

Questions 30