Which of the Following Is the Best Example of a Service

question 16

Multiple Choice

Which of the following is the best example of a service?

• A)the pleasure you derive from seeing a good play
• B)the license tags you purchased for your car
• C)the hamburger you bought for lunch
• D)the gallon of milk you purchased at the convenience store
• E)the grill on which you cook steak

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Definitions:

Income

The financial gain or money received by an individual or entity, typically through wages, investments, or business operations.

Normal Goods

Goods for which demand increases as the income of the consumer increases.

Current Consumption

The portion of income or wealth that is spent on goods and services in the present, as opposed to saving for future expenditure.

Future Consumption

The saving or postponing of consumption today in order to consume in the future, often considered in economic theories of savings and investment.