Question : Products that have alternative uses are known as:
Option 1: Substitute goods
Option 2: Complementary goods
Option 3: Comfort goods
Option 4: None of these
Correct Answer: Substitute goods
Solution : Substitute goods are the goods that can be used in place of each other. A product or service that consumers perceive to be sufficiently similar to or the same as another is referred to as a substitute good. A product that can be used in lieu of another is known as a substitute.
Question : Coffee and tea are examples of ___ goods.
Option 1: Complementary goods
Option 2: Substitute goods
Option 3: Inferior goods
Option 4: Normal goods
Question : If the cost of good "X" decreases, increasing the demand for product "Y," then both goods are:
Option 1: Subsittude Goods
Option 3: Inter-related goods
Question : The products that directly satisfy human demands are referred to as:
Option 1: Producer goods
Option 2: Intermediate goods
Option 3: Capital goods
Option 4: Consumer goods
Question : Comfort is defined as the difference between
Option 1: Inferior goods and necessities
Option 2: Luxuries and inferior goods
Option 3: Necessities and luxuries
Option 4: None of the above.
Question : Goods which are of durable character which are used in the production process are called_______.
Option 1: capital goods
Option 2: veblen goods
Option 3: consumption goods
Option 4: complementary goods
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