EC 902 Posttest

A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified a

How would a business’s computers be classified?

Economic “votes” are cast by consumers each time they

An example of a noneconomic want would be the desire for

What determines whether an economic product is an industrial product or a consumer product?

Susan is willing to pay a high price for the brand of china. This china would be classified as a(n) __________ product

Bread for a family would best be classified as a(n) __________ product.

Which of the following is a characteristic of economic services:

A characteristic of human wants is that they are

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

A car manufacturer receives a shipment of bolts that for building automobiles. What type of industrial product

Producers respond to consumers’ positive economic “votes” by

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

Why do marketers classify goods and services?

George has decided to purchase a dishwasher. He is checking the newspaper ads. What type of product is the dishwasher

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

Each day, a restaurant sends its used linens to a laundry service to be cleaned and pressed. In economic terms would be

Which of the following is an industrial good:

Sugar and flour that are purchased to make baked goods are classified as

An economic good or service that is scarce is one that is