Question

Which of the following statements is true about goods and services?

A. They can be touched -- they are both tangible.
B. Together, they represent everything that can be bought or sold.
C. They are never scarce.
D. They have no economic value.

Answer 1

Goods and services are:

B. Together, they represent everything that can be bought or sold.

A is false because only goods can be touched and tangible.
C is false because there are times when goods and services are scarce.
D is false because both have economic value that is why goods and services are bought and paid for.