Deriving satisfaction by the use of goods and services means
Consumption
Production
Utility
Demand
Assertion- Classification of the goods may change depending upon the place, climate, level of income and haits of people.
Reason- Telephone was a luxury in olden days but later it was a comfort. At present Telephone became a necessary good.
Assertion is True, Reason is False.
Assertion is False, Reason is True.
Both Assertion and Reason are True.
Both Assertion and Reason are False.
Which one of the following goods are freely supplied by the nature and have no price?
Consumer goods
Private goods
Free goods
Economic goods
Which one of the following is a psychological state of experience?
utility
demand
supply
desire
Which one of the following is an example for capital good?
machinery
sunlight
water
clean air
Match the following
a) Want (i) Raw cotton
b) Private goods (ii) Psychological experience
c) Intermediary goods (iii) clean air
d) Free goods (iv) Economic goods
(a - ii , b - iv , c - i , d - iii)
(a - i , b - ii , c - iii , d - iv)
(a - ii , b - iv , c - ii , d - i)
(a - iv , b - iii , c - i , d - ii)
The goods which satisfy human wants directly are called
Public goods
The goods whose supply is always limited when compared to its demand and have a price are known as
Capital goods
An example for public good is
Roads
Motor cycles
Shoes
Cars
Which one of the following can be satisfied by the consumption of goods and services?
production
human wants
