Goods And Services Quiz
Explore the realm of economics with our engaging Goods and Services Quiz. Test your knowledge on the distinction between tangible goods and intangible services. Dive into questions that cover a wide spectrum, from identifying examples of goods and services to understanding their essential differences. Discover if you can differentiate between purchasing a physical item and seeking a professional action. Whether you're a novice or well-versed in economics, this quiz will challenge and enlighten you about the fundamental concepts of goods and services. Embark on this learning journey now to enhance your understanding of the economic world around you.
Goods and Services Questions and Answers
- 1.
What are tangible items that can be touched and owned?
- A.
Cars
- B.
Education
- C.
Music streaming
- D.
Healthcare
Correct Answer
A. CarsExplanation
Tangible items that can be touched and owned are referred to as goods or products. Among the given options, "Cars" is the best example of tangible items that can be touched and owned. Cars are physical objects that can be possessed and have a material presence. On the other hand, the other options – Education, Music streaming, and Healthcare – represent services or experiences that are intangible in nature. While they provide value and fulfill specific needs, they are not physical items that can be touched and owned in the same way as goods or products.Rate this question:
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- 2.
Which category does a bicycle repairing belong to?
- A.
Goods
- B.
Both
- C.
Neither
- D.
Services
Correct Answer
D. ServicesExplanation
A bicycle repairing belongs to the "Services" category. Bicycle repairing involves providing intangible actions or efforts to fix or maintain a bicycle, which is a tangible good. The process of repairing a bicycle requires skills, knowledge, and labor from a service provider, such as a bike mechanic, to restore or improve the functionality of the bicycle. In this context, the bicycle itself is a tangible good, while the act of repairing it is considered a service. The distinction between goods and services is important in understanding the different components of economic transactions and the value they provide to consumers.Rate this question:
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- 3.
Netflix subscription is an example of:
- A.
Goods
- B.
Both
- C.
Neither
- D.
Services
Correct Answer
D. ServicesExplanation
A Netflix subscription is an example of a "Service." When you subscribe to Netflix, you are paying for the intangible action or effort of providing access to a library of movies, TV shows, and other video content for streaming. The service allows you to watch the content on various devices without actually owning the physical copies of the media. In this case, the service provided by Netflix is the access to their digital platform, which enables you to watch a wide variety of video content on-demand. While the content itself can be considered intangible, the subscription model and the access to the streaming platform are what define Netflix as a service. The company offers different subscription plans to cater to customers' needs and preferences, emphasizing the service aspect of the product.Rate this question:
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- 4.
What are intangible actions or efforts provided to fulfill a need?
- A.
Cars
- B.
Education
- C.
Groceries
- D.
Furniture
Correct Answer
B. EducationExplanation
Intangible actions or efforts provided to fulfill a need refer to services. Among the given options, "Education" is the best example of a service that involves intangible actions or efforts. Education is the process of receiving or giving systematic instruction, which can involve teaching, learning, and various non-physical activities aimed at acquiring knowledge, skills, and understanding.Rate this question:
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- 5.
Which of these is considered a good?
- A.
Doctor's appointment
- B.
Financial advice
- C.
Computer software
- D.
Plumbing repair
Correct Answer
C. Computer softwareExplanation
Among the given options, "Computer software" is considered a good. Computer software is a tangible item, as it can be physically stored on a storage medium like a hard drive, flash drive, or DVD, even though it is not necessarily a physical object that can be touched in the same way as a car or a book. Computer software is a type of digital good that can be purchased, owned, and transferred between users. It consists of encoded information, instructions, and programs that enable computers and other devices to perform specific tasks and functions. Software can be categorized into system software (like operating systems) and application software (like word processors or games). On the other hand, Doctor's appointment, Financial advice, and Plumbing repair are considered services, as they involve intangible actions or efforts provided by professionals to fulfill a need. In these cases, the value provided is through the expertise and labor of the service provider rather than a tangible item.Rate this question:
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- 6.
What is an example of a service?
- A.
Haircut
- B.
Book
- C.
Bicycle
- D.
Television
Correct Answer
A. HaircutExplanation
An example of a service is a "Haircut." A haircut involves a professional hairdresser or barber using their skills, knowledge, and labor to provide an intangible action or effort that fulfills a customer's need. In this case, the customer receives a new hairstyle or a trim, which is the result of the service provided. Unlike goods or products, services like haircuts do not result in the ownership of a tangible item. Instead, the value of a service is derived from the experience, skill, and effort of the service provider, who performs the task for the benefit of the customer. Other examples of services include consultations, repairs, cleaning, teaching, and various other activities that involve performing a task for someone else.Rate this question:
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- 7.
Which category does a pizza delivery belong to?
- A.
Goods
- B.
Both
- C.
Neither
- D.
Services
Correct Answer
D. ServicesExplanation
A pizza delivery belongs to the "Both" category, as it involves both goods and services. The pizza itself is a tangible good, as it is a physical product that can be touched, consumed, and owned. On the other hand, the delivery aspect of the pizza order is a service, which involves the intangible action or effort of transporting the pizza from the restaurant to the customer's location. In a pizza delivery scenario, the customer pays for both the good (the pizza) and the service (the delivery). The value provided by the service is the convenience of having the pizza brought directly to the customer's door, saving them time and effort. Thus, pizza delivery is an example of a transaction that combines both goods and services to meet the customer's needs.Rate this question:
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- 8.
What are items like groceries and clothing categorized as?
- A.
Goods
- B.
Services
- C.
Both
- D.
Neither
Correct Answer
A. GoodsExplanation
Items like groceries and clothing are categorized as "Goods." Goods are tangible items that can be touched, owned, and physically transferred between individuals. Groceries consist of various food items, beverages, and other consumable products, while clothing includes garments and accessories that people wear. Both groceries and clothing are physical products that customers purchase and possess. In contrast to services, which involve intangible actions or efforts provided to fulfill a need, goods are material items that customers can handle and use directly. In the case of groceries, customers purchase items to consume at home or elsewhere, while clothing items are worn for protection, comfort, or fashion. Since both groceries and clothing are tangible products, they fall under the category of goods in the context of economic transactions.Rate this question:
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- 9.
Which of the following is a service?
- A.
Smartphone
- B.
Refrigerator
- C.
Plumbing repair
- D.
Book
Correct Answer
C. Plumbing repairExplanation
"Plumbing repair" is a service among the given options. Plumbing repair involves a professional plumber using their skills, knowledge, and labor to fix or maintain a plumbing system, such as repairing a leaky faucet or unclogging a drain. It is an intangible action or effort provided to fulfill a customer's need for functional plumbing. In contrast, Smartphone, Refrigerator, and Book are tangible items or goods. These are physical products that customers can touch, own, and use. A smartphone is a mobile communication device, a refrigerator is a kitchen appliance used for storing and preserving food, and a book is a collection of written or printed pages bound together for reading. While these items provide value and utility to customers, they fall under the category of goods rather than services.Rate this question:
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- 10.
What does a lawyer's consultation represent?
- A.
Goods
- B.
Services
- C.
Both
- D.
Neither
Correct Answer
B. ServicesExplanation
A lawyer's consultation represents "Services." When a lawyer provides a consultation, they are offering their professional expertise, advice, and guidance to a client regarding legal matters. This involves an intangible action or effort, as the lawyer shares their knowledge and experience to help the client understand their legal situation and potential options. Unlike goods, which are tangible items that can be owned and physically transferred, services like a lawyer's consultation do not involve the exchange of a physical product. Instead, the value of the service comes from the lawyer's skills, knowledge, and ability to provide personalized legal advice and support to the client. While a lawyer's consultation may involve the use of tangible goods, such as legal documents, the primary focus is on the intangible expertise and advice provided by the lawyer during the consultation process.Rate this question:
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Current Version
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Feb 28, 2024Quiz Edited by
ProProfs Editorial Team -
Nov 03, 2009Quiz Created by
Bcdrumm1s
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