Commodities Quiz

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Questions and Answers

What is a commodity?

  • A rare and valuable item
  • A product that is difficult to produce
  • A luxury item that is only accessible to the wealthy
  • A basic good that is interchangeable with other goods of the same type (correct)

Based on the text, which of the following statements about commodities is true?

  • Commodities are only used by businesses
  • Commodities can be traded on a market (correct)
  • Commodities are always expensive
  • Commodities are not affected by supply and demand

From the information provided, what is a characteristic of commodities?

  • Commodities are only produced in small quantities
  • Commodities are only used for personal consumption
  • Commodities can be bought and sold (correct)
  • Commodities are unique and cannot be substituted

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Study Notes

What is a Commodity?

  • A commodity is a generic term for a physical good or service that can be bought, sold, or traded
  • Commodities are interchangeable with other products of the same type

Characteristics of Commodities

  • A characteristic of commodities is that they are interchangeable with other products of the same type

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