As Some Business Services Have Intrinsic Value That Can Be

question 46

Multiple Choice

As some business services have intrinsic value that can be embodied in some tangible form, they can be produced in one country and exported to another. Which of the following is an example of this?

• A) Language schools
• B) In-flight services on an airplane
• C) Operating an automatic teller machine
• D) Data processing services
• E) Physicians' services

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Definitions:

Production Possibilities Curve

A graphical representation showing the maximum number of goods or services that can be produced in an economy given available resources and technology.

Scarce Goods

Items that are limited in availability compared to the desires of people to possess them, requiring mechanisms like pricing or rationing to distribute them.

Unlimited Wants

The economic concept that humans have infinite desires or wishes for goods and services, despite having limited resources.

Invention

The creation of a new product or process, often facilitated by the knowledge of engineering and science.