The Difference Between a Good and a Service Is That

question 156

Multiple Choice

The difference between a good and a service is that

• A)a good helps satisfy unlimited wants; a service does not
• B)a service helps satisfy unlimited wants; a good does not
• C)a services is available in unlimited quantities; a good is not
• D)a good is available in unlimited quantities; a service is not
• E)a good is tangible; a service is not

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Definitions:

Exports and Imports

Describes goods and services sold to other countries (exports) and goods and services purchased from other countries (imports).

Flexible Exchange Market

A foreign exchange system where the value of currencies are determined by market forces without direct government intervention.

Equilibrium Exchange Rate

The exchange rate at which the demand for a currency equals its supply in the foreign exchange market, resulting in a stable market price.

Euros

The official currency of the Eurozone, which is used by 19 of the 27 European Union countries, known collectively as the Euro area.