Engineering Economics - Study Mode

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[#91] What is defined as any tangible economic product that contributes directly or indirectly to the satisfaction of human want?

(A) Services

(B) Goods

(C) Commodities

(D) Goods or commodities

Correct Answer

(D) Goods or commodities

[#92] What is defined as any tangible economic activity that contributes directly or indirectly to the satisfaction of human want?

(A) Services

(B) Goods

(C) Commodities

(D) Goods or commodities

Correct Answer

(A) Services

[#93] What refers to the claim of anyone to ownership?

(A) Proprietorship

(B) Assets

(C) Equity

(D) Liability

Correct Answer

(C) Equity

[#94] Which is NOT an essential element of an ordinary annuity?

(A) The amounts of all payments are equal.

(B) The payments are made at equal interval of time.

(C) The first payment is made at the beginning of the first period.

(D) Compound interest is paid on all amounts in the annuity.

Correct Answer

(C) The first payment is made at the beginning of the first period.

[#95] A form of business firm which is owned and run by a group of individuals for their mutual benefit is called ______.

(A) Cooperative

(B) Corporation

(C) Enterprise

(D) Partnership

Correct Answer

(A) Cooperative