Business Management Chapter 8 Assessment Review

Front

Form utility usually applies to goods and not services.

Back

False

Front

Economic utility is one of the 4 types of utility that satisfy wants.

Back

False

Front

Selling snow tires to a customer during the 1st snow storm of the season is an example of providing time utility.

Back

True

Front

Employees are considered 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

True

Front

The availability of natural resources, labor, and capital goods are all that is needed to produce goods.

Back

True

Front

When productive resources are used for capital formation, fewer consumer goods are produced.

Back

False

Front

The US has adequate resources to satisfy all the needs and wants of its people.

Back

False

Front

Countries with a command economy are often dictatorships.

Back

True