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  • f4 Econ Test On Production

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    Tao R
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    Mary's overtime work is considered production because she transforms resources (her efforts) into services during that period, even though she receives no compensation. The painting Sunrise by Monet hanging in a hotel lobby is a capital good, since capital goods are used repeatedly or continuously in the production of other goods and services. The graph shows that primary producers (Z) provide raw materials and services to secondary producers (Y) who manufacture goods, and tertiary producers (X) provide services to both other producers and consumers. A restaurant is involved in secondary production by taking the raw materials (eggs) from the farm and transforming them into food. The farm engages in primary production by extracting or harvesting the raw materials

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    Mary's overtime work is considered production because she transforms resources (her efforts) into services during that period, even though she receives no compensation. The painting Sunrise by Monet hanging in a hotel lobby is a capital good, since capital goods are used repeatedly or continuously in the production of other goods and services. The graph shows that primary producers (Z) provide raw materials and services to secondary producers (Y) who manufacture goods, and tertiary producers (X) provide services to both other producers and consumers. A restaurant is involved in secondary production by taking the raw materials (eggs) from the farm and transforming them into food. The farm engages in primary production by extracting or harvesting the raw materials

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    15 views1 page

    f4 Econ Test On Production

    Uploaded by

    Tao R
    Mary's overtime work is considered production because she transforms resources (her efforts) into services during that period, even though she receives no compensation. The painting Sunrise by Monet hanging in a hotel lobby is a capital good, since capital goods are used repeatedly or continuously in the production of other goods and services. The graph shows that primary producers (Z) provide raw materials and services to secondary producers (Y) who manufacture goods, and tertiary producers (X) provide services to both other producers and consumers. A restaurant is involved in secondary production by taking the raw materials (eggs) from the farm and transforming them into food. The farm engages in primary production by extracting or harvesting the raw materials

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    of 1

    中四經濟科小測 Production Name： （ ）

    1. Suppose Mary works overtime without compensation. Which of the following is correct?
    A. Her overtime work is not production because she receives no compensation in return.
    B. Her overtime work is not production because she works involuntarily.
    C. Her overtime work is production because she works voluntarily.
    D. Her overtime work is production because she transforms resources (e.g., her efforts) into goods and
    services during the period.

    2. The painting Sunrise by Monet is a _______ if _________.


    A. consumer good ... it is for sale in the market
    B. capital good ... it is hung on the wall of the lobby in a hotel
    C. consumer good ... it is used in a drawing lesson to teach students
    D. capital good ... it is hung on the wall in your bedroom

    3. The following graph shows a relationship between firms and the three types of production. What do X, Y
    and Z represent, respectively?

    Tertiary X Secondary Y Primary Z


    Firms
    producers producers producers

    A. producer goods ... services ... consumer goods


    B. services ... producer goods ... producer goods
    C. services ... consumer goods ... producer goods
    D. consumer goods ... producer goods ... services

    4. A restaurant buys eggs from a farm. The restaurant is involved in _______ production and the farm is
    involved in ________ production.
    A. primary ... secondary
    B. secondary ... tertiary
    C. secondary ... secondary
    D. tertiary ... primary

    5. Some banks provide free ice cream for customers who are queuing. The free ice cream is _______ and
    the banks are classified as _______ production.
    A. a producer good ... tertiary
    B. an economic good ... secondary
    C. a free good ... tertiary
    D. a consumer good ... primary

    6. (a) What is a producer good? (2 marks)


    (b) A car can either be a consumer good or a producer good. Explain with examples respectively.
    (4 marks)

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