{"id":53222,"date":"2024-04-15T23:50:52","date_gmt":"2024-04-15T23:50:52","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=53222"},"modified":"2024-04-15T23:50:52","modified_gmt":"2024-04-15T23:50:52","slug":"the-term-consumer-goods-is-used-by-economists-to-refer-to","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-term-consumer-goods-is-used-by-economists-to-refer-to\/","title":{"rendered":"The term “consumer goods” is used by economists to refer to"},"content":{"rendered":"

[amp_mcq option1=”goods produced for consumers in a free market only” option2=”goods, other than free goods, whose use directly satisfies consumer’s wants” option3=”goods produced by consumers in return for a wage” option4=”goods which are used by consumers in order to earn their living” correct=”option2″]<\/p>\n

The correct answer is: B. goods, other than free goods, whose use directly satisfies consumer’s wants.<\/p>\n

Consumer goods are goods that are purchased by consumers for their own use and enjoyment. They are not used in the production of other goods or services. Examples of consumer goods include food, clothing, furniture, and appliances.<\/p>\n

Free goods are goods that are available to everyone without charge. Examples of free goods include air, water, and sunlight.<\/p>\n

Capital goods are goods that are used in the production of other goods or services. Examples of capital goods include machines, tools, and buildings.<\/p>\n

Intermediate goods are goods that are used in the production of other goods or services. Examples of intermediate goods include raw materials, components, and semi-finished goods.<\/p>\n

Here is a brief explanation of each option:<\/p>\n