Goods and Services in Economics
21 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the characteristic of a market system where multiple vendors can supply a commodity or service?

  • Unitary Elastic Demand
  • Perfect Competition (correct)
  • Oligopoly
  • Monopoly

    • What type of market system exists when a single vendor supplies a unique product or service?

  • Oligopoly
  • Unitary Elastic Demand
  • Perfect Competition
  • Monopoly (correct)

    • Which market system is characterized by a few suppliers of a product or service?

  • Oligopoly (correct)
  • Perfect Competition
  • Unitary Elastic Demand
  • Monopoly

    • What occurs when the mathematical product of volume and price is constant?

    <p>Unitary Elastic Demand</p> Signup and view all the answers

    Which microeconomic law states that as the price of a good or service increases, the quantity supplied will also increase?

    <p>Law of Supply</p> Signup and view all the answers

    What are consumer goods and services?

    <p>Directly used by people to satisfy their wants</p> Signup and view all the answers

    What is a characteristic of necessities?

    <p>Purchased in the same quantity regardless of price</p> Signup and view all the answers

    What happens to the quantity demanded when the price of a good increases according to the law of demand?

    <p>It decreases</p> Signup and view all the answers

    What type of goods and services are used to produce other goods and services?

    <p>Producer goods and services</p> Signup and view all the answers

    What is a characteristic of elastic demand?

    <p>A decrease in selling price results in a greater than proportionate increase in sales</p> Signup and view all the answers

    What is a characteristic of inelastic demand?

    <p>A decrease in selling price results in a less than proportionate increase in sales</p> Signup and view all the answers

    What is the primary focus of 'development of alternatives' in a problem-solving approach?

    <p>Generating multiple solutions to a problem</p> Signup and view all the answers

    What is the main advantage of using the Nominal Group Technique (NGT) in decision-making?

    <p>It draws on the creativity of individual participants and reduces dominance</p> Signup and view all the answers

    What is the primary goal of 'selection of design criterion' in decision-making?

    <p>To choose the alternative that best serves the long-term interests of the organization</p> Signup and view all the answers

    What is the purpose of 'performance monitoring and post-evaluation of results' in problem-solving?

    <p>To evaluate the performance of the chosen alternative during and after implementation</p> Signup and view all the answers

    In what situations would present economy studies be employed?

    <p>When the alternatives to be compared will provide the same result over a short period</p> Signup and view all the answers

    What is a key consideration in selecting materials for a product?

    <p>Selecting the material that results in the most economical product</p> Signup and view all the answers

    What is the main objective of 'development of prospective outcomes'?

    <p>To incorporate principles 2, 3, and 4 into the decision-making process</p> Signup and view all the answers

    What is the purpose of 'analysis and comparison of alternatives' in decision-making?

    <p>To compare alternatives based on their economic aspects, including cash flow estimates</p> Signup and view all the answers

    What is a key consideration in worker efficiency?

    <p>Reducing labor costs</p> Signup and view all the answers

    What is the main objective of equipment maintenance in an organization?

    <p>Economy of tool and equipment maintenance</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser