Which of the Following Is NOT Considered a Product

question 2

Multiple Choice

Which of the following is NOT considered a product?

• A) Tax advice from a financial consultant.
• B) A computer.
• C) A haircut.
• D) A chair.
• E) All of these are considered products.

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Definitions:

Comparative Advantage

The capacity of an individual or country to manufacture a given good or service more efficiently, incurring lower opportunity costs than their counterparts.

Opportunity Cost

The omission of possible gains that could come from different options when one is preferred.

Comparative Advantage

The competence of an individual, firm, or nation to forge a good or render a service with a lower forfeited opportunity compared to others in the market.

Productivity

A measure of the efficiency of production, usually defined as the ratio of outputs produced to inputs used.