Business Management- Chapter 8 Test

Front

Form utility usually applies only to services and not goods. True or False?

Back

False

Front

Economic utility is one of the four types of utility that satisfy wants.

Back

False

Front

Selling snow tires to a customer during the first snowstorm of the season is an example of providing time utility.

Back

True

Front

Entrepreneurship is a factor of production.

Back

True

Front

If a country did not produce any capital goods, it could not produce many consumer goods.

Back

True

Front

Capital goods directly satisfy human wants.

Back

False

Front

The United States has adequate resources to satisfy all the wants of all its people.

Back

False

Front

Countries with a command economy are often dictatorships.

Back

True

Front

Privatization occurs when a government transfers to a business its authority to provide a good or service.

Back

True

Front

Demand is represented by wanting an expensive sports car without having the money to buy it.

Back

False