Utility Concepts Flashcard

Front

Form utility usually applies only to services and not to goods.

Back

False

Front

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

Back

False

Front

Selling snow tires to a customer during the first snowstorm of the season is an example of providing time utility.

Back

True

Front

Entrepreneurship is 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

False

Front

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

Back

False

Front

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

Back

False

Front

The United States has adequate resources to satisfy all the wants of all its people.

Back

False

Front

Countries with a command economy are often dictatorships.

Back

True