Revision Quiz [Chapter 1 and Chapter 2.1]

What is the primary difference between needs and wants?

• Needs are luxury items, wants are basic

• Needs are necessary for survival, wants are not

• Needs are entertainment, wants are essential

• Needs are optional, wants are mandatory

Which of the following is a tangible item?

• Firefighter

• Doctor

• Shirt

• Teaching

Which of the following is an example of a good?

• Haircut

• Transport

• Bag

• Advice

Drinking water is classified as a:

• Need

• Want

• Luxury

• Optional

What category does an e-scooter fall under?

• Need

• Want

• Both

• Neither

Which statement is true about goods?

• Cannot be stored for future use

• Require interaction with customers

• Identical

• Intangible

Which of the following is true about goods?

• Require interaction with customers

• Cannot be transferred from one person to another

• Can be stored for future use

• Intangible

What is a good-producing business?

• A business that provides services

• A business that manufactures products

• A business that sells only online

• A business that offers consultations

What is the primary focus of a travel and tourism business?

• Selling electronics

• Tourist attractions

• Manufacturing cars

• Growing food

In which type of business do sellers interact directly with customers?

• Manufacturing

• Service

• Agricultural

• Wholesale