Basic Economic Language quiz

Which of the following best describes a tangible item?

• Something that can be felt by touch, like a book or a car.

• Something that cannot be seen or touched, like friendship.

• Anything that is digital.

• An idea or a thought.

What is an example of an intangible item?

• A car

• A book

• Friendship

• A chair

According to the material, what is a "good"?

• Anything that can be sold in a store

• Anything that satisfies a person’s wants or brings satisfaction

• Only physical objects

• Only services provided by others

Classify the following as tangible or intangible: Knowledge, Car, Experience, Book.

• Knowledge and Experience are tangible; Car and Book are intangible.

• Knowledge and Experience are intangible; Car and Book are tangible.

• All are tangible.

• All are intangible.

Why might a service such as teaching be considered intangible?

• Because it can be touched and seen

• Because it is a physical object

• Because it cannot be felt by touch and is based on knowledge and experience

• Because it is always free

What is the term used to describe something that brings dissatisfaction or unhappiness?

• Utility

• Intangible

• Disutility

• Service

Which of the following best describes services?

• Services are tangible products you can touch.

• Services are tasks performed by machines only.

• Services are intangible tasks performed by people for others.

• Services are goods that bring utility.

A good that brings a person satisfaction or happiness is said to have what?

• Disutility

• Intangibility

• Utility

• Service

Which of the following is an example of a service?

• Buying a new car

• Getting a haircut from a hair-stylist

• Purchasing a book

• Owning a house

Explain why services are considered intangible and provide an example to support your answer.

• Services are physical objects, such as books or cars.

• Services cannot be touched or owned, and an example is a doctor providing medical care.

• Services are always free of charge.

• Services are only performed by machines.