Which of the Following Is True of Goods

question 128

Multiple Choice

Which of the following is true of goods?

• A) They can be shipped.
• B) They are intangible.
• C) They must be consumed when they are produced.
• D) They must be consumed where they are provided.

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Definitions:

Weighted Average

A calculation that takes into account the varying degrees of importance of the numbers in a data set.

Expected Utility

The expected value of an individual’s total utility given uncertainty about future outcomes.

Repairs

Activities or processes aimed at restoring a damaged, broken, or malfunctioning object to its original or operating condition.

Risk-Averse

Risk-averse describes individuals or entities that prefer to avoid risk and would rather choose a certain outcome over a gamble with potentially higher, but uncertain, rewards.