Which of the Following Is a True Statement

question 313

Multiple Choice

Which of the following is a true statement?

• A) All goods are economic goods.
• B) All economic goods are goods, but not all goods are economic goods.
• C) Economic goods and goods mean the same thing.
• D) Economic goods do not include services while goods do include services.

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Definitions:

Inconsistent Product Definition

A scenario where there is a lack of clarity and coherence in the features, specifications, and requirements of a product across different stages of its development.

Interchangeable Parts

Components that are made to specifications that ensure they are so nearly identical that they will fit into any device of the same type.

Manufacturing

The process of producing goods and products in large quantities, typically utilizing machinery and labor in factories.

Eli Whitney

Known for inventing the cotton gin, a revolutionary device that greatly impacted the agricultural and industrial sectors by dramatically increasing the efficiency of cotton harvesting.