Which of the following best describes consumer goods?
B
Correct Answer: Goods directly used for the satisfaction of human wants.
Consumer goods are defined as those goods which are directly used for the satisfaction of human wants.
Question 2
Which of the following is an example of a non-durable consumer good?
C
Correct Answer: Bread
Bread is listed as a non-durable consumer good, meaning it can be used only once.
Question 3
Producer goods are primarily used for what purpose?
C
Correct Answer: For making other goods and services.
Producer goods are used by producers and businesses for making other goods and services.
Question 4
What type of demand do producer goods typically have?
D
Correct Answer: Derived demand
Producer goods have derived demand, meaning their demand is dependent on the demand for the final goods they help produce.
Question 5
Which of the following is classified as a durable consumer good?
C
Correct Answer: Car
A car is listed as a durable consumer good, meaning it has a long usage period and high value.
Question 6
Services are characterized by which of the following features?
C
Correct Answer: Intangible and cannot be seen or touched.
Services are intangible, meaning they cannot be seen or touched.
Question 7
Which of the following is an example of a semi-durable consumer good?
C
Correct Answer: A bedsheet
A bedsheet is classified as a semi-durable consumer good, having a medium usage period and medium value.
Question 8
Can the same item be classified as both a consumer good and a producer good?
B
Correct Answer: Yes, depending on its end use.
Yes.The same item can be classified as either a consumer good or a producer good, depending on its end use.
Question 9
A laptop used at home for entertainment is an example of a:
C
Correct Answer: Consumer good
A laptop used at home for entertainment is for direct personal use, thus classifying it as a consumer good.
Question 10
A taxi is an example of a:
C
Correct Answer: Producer good
A taxi is used for business operations to provide transportation services, making it a producer good.
Question 11
Wheat bought by a household for making food is classified as a:
D
Correct Answer: Consumer good
Wheat bought for household cooking is for direct consumption, thus a consumer good.
Question 12
A chair used in an office for customers would be considered a:
C
Correct Answer: Producer good
A chair used in an office facilitates business operations by providing seating for customers, classifying it as a producer good.
Question 13
A camera used by a professional photographer is an example of a:
C
Correct Answer: Producer good
A professional photographer uses the camera for their business to generate income, making it a producer good.
Question 14
An air conditioner installed at home for cooling is classified as a:
C
Correct Answer: Durable consumer good
An AC at home provides direct satisfaction of comfort, and being a long-lasting item, it's a durable consumer good.
Question 15
Banking services fall under which category?
C
Correct Answer: Services
Banking services are intangible and cannot be touched, thus they are classified as services.
Question 16
Petrol used in car by a household is what type of good?
C
Correct Answer: Non-durable consumer good
Petrol is a single-use item consumed by use, making it a non-durable consumer good.
Question 17
A bed used in a hotel for guests is an example of a:
C
Correct Answer: Producer good
A hotel uses the bed to provide accommodation services to customers, classifying it as a producer good.
Question 18
Cooking gas used at your home is classified as a:
C
Correct Answer: Non-durable consumer good
Cooking gas is consumed upon use and cannot be reused in its original form for the same purpose, making it a non-durable consumer good.
Question 19
Shoes bought by a sports club for professional athletes are considered:
C
Correct Answer: Producer goods
The sports club uses the shoes to equip its athletes for professional activities, which is part of their business operations, thus making them producer goods.
Question 20
A printer used in an office for business documents is an example of a:
C
Correct Answer: Producer good
The office uses the printer for its operational activities, classifying it as a producer good.
