Which of the Following Statements Is FALSE

question 16

Multiple Choice

Which of the following statements is FALSE?

• A) Economic goods are available in desired quantities at a zero price.
• B) A good is anything that gives satisfaction or happiness to individuals.
• C) Services are intangible goods such as dry cleaning, hospital care, and restaurant meal preparation.
• D) Wants are unlimited and include all material and nonmaterial desires.

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Definitions:

Patent

A legal document granted by the government giving an inventor exclusive rights to make, use, and sell an invention for a certain period of years.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset from the time of its acquisition until a specified reporting date.

Original Cost

The purchase price of an asset or service, excluding any subsequent costs for maintenance or improvement.

Amortization

The gradual reduction of a debt over a period of time by making regular payments of interest and principal or the systematic allocation of intangible asset costs over its useful life.