Goods, Services, And Resources

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| By Gxenakis
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Gxenakis
Community Contributor
Quizzes Created: 5 | Total Attempts: 7,374
| Attempts: 183
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  • 1/10 Questions

    Your family needs to go to the grocery store to buy food to make breakfast, lunch, and dinner.  Going to the grocery store to buy food is a 

    • Want
    • Need
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Goods, Services, And Resources - Quiz
About This Quiz

Indicate whether an item is a good, service, capital resource, labor resource, or land resource.

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  • 2. 

    You love the new PSP slim.  You decide to ask for it for your birthday.  The PSP slim is a

    • Want

    • Need

    Correct Answer
    A. Want
    Explanation
    The given correct answer is "want". This is because the person loves the new PSP slim and decides to ask for it for their birthday. Want refers to something that is desired or wished for, and in this case, the person desires the PSP slim as a birthday gift.

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  • 3. 

    You walk down the street and decide to go into the barber shop to get a shape up.  You are purchasing a:

    • Good

    • Service

    Correct Answer
    A. Service
    Explanation
    The correct answer is "service" because when you walk into a barber shop to get a shape up, you are paying for the service provided by the barber to groom your hair. In this context, the barber is offering their skills and expertise to perform a specific task for you, rather than selling a physical product.

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  • 4. 

    Your family is having a huge party this weekend.  It is Friday and your house is still a mess.  Your mom decides to hire a maid to come in to clean your home.  You are purchasing a:

    • Good

    • Service

    Correct Answer
    A. Service
    Explanation
    The correct answer is service. In this scenario, the family is hiring a maid to come and clean their home. A service refers to an intangible action or task that is performed by someone else for the benefit of the person purchasing it. In this case, the maid's cleaning service is being purchased to help clean the house for the party.

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  • 5. 

    You go to Best Buy and purchase a flat screen TV.  You are purchasing a: 

    • Good

    • Service

    Correct Answer
    A. Good
    Explanation
    The correct answer is "good" because when you go to Best Buy and purchase a flat screen TV, you are acquiring a physical product, which in this case is a TV. The term "good" is commonly used in economics to refer to a tangible item that can be bought or sold.

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  • 6. 

    Your family owns a farm in upstate New York.  The soil on your farm is very good for growing corn, tomatoes, and lettuce.  The soil on your farm is what type of resource?

    • Land resource

    • Labor resource

    • Capital resource

    Correct Answer
    A. Land resource
    Explanation
    The correct answer is land resource because the soil on the farm is a natural factor of production that is used for growing crops. It is a type of resource that is essential for agricultural activities and plays a vital role in the productivity and success of the farm.

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  • 7. 

    You got $100 for your birthday.  You decide to spend your money on a Yankees hat.  You are purchasing a: 

    • Good

    • Service

    Correct Answer
    A. Good
    Explanation
    The answer is "good" because purchasing a Yankees hat can be considered as buying a good. A good refers to a tangible item that can be bought, such as a hat in this case.

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  • 8. 

    You own a clothing store in Manhattan.  Your two friends work for you checking people out.  Your two friends who work for you are what type of resource?

    • Land resource

    • Labor resource

    • Capital resource

    Correct Answer
    A. Labor resource
    Explanation
    The two friends who work for you checking people out in your clothing store are considered labor resources. Labor resources refer to the human effort and skills that are utilized in the production process. In this case, your friends are providing their labor by performing the task of checking people out at the store.

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  • 9. 

    You are a big NY Jets fan.  You decide to buy tickets to see them play this next season.  You are purchasing a: 

    • Good

    • Service

    Correct Answer
    A. Service
    Explanation
    When buying tickets to see the NY Jets play, you are purchasing a service. This is because the act of buying tickets involves a transaction for a service, which is the opportunity to attend the game and watch the team play.

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  • 10. 

    You own a tattoo shop. In order to give people tattoos you need to have ink and a tattoo gun.  The ink and tattoo gun are what type of resource?

    • Land resource

    • Labor resource

    • Capital resource

    Correct Answer
    A. Capital resource
    Explanation
    The ink and tattoo gun are considered capital resources because they are man-made tools that are used in the production process of giving tattoos. Capital resources are assets that are used to produce goods or services and are not consumed in the process. In this case, the ink and tattoo gun are essential tools that enable the tattoo shop to provide its services to customers.

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Quiz Review Timeline (Updated): Mar 21, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 09, 2011
    Quiz Created by
    Gxenakis

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