Lakshya Education MCQs

Question: Sai Nath called several airlines to compare rates and chose a flight on British Midland as it had a better reputation for service and competitive prices. The airline ticket is an example of which type of product?
Answer: Option B

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More Questions on This Topic :

Question 1. An example of a convenience consumer product is
  1.    Stereo equipment
  2.    Petrol
  3.    A motorcycle
  4.    A bicycle
  5.    Athletic shoes
Answer: Option B
Question 2. Large tools and machines used in a production process for a considerable length of time are classified as
  1.    Major equipment
  2.    Accessory equipment
  3.    Component parts
  4.    Raw materials
  5.    Consumable supplies.
Answer: Option A
Question 3. Items that are purchased routinely, do not become part of the final physical product, and are treated like expense items rather than capital goods are called
  1.    Raw materials
  2.    Major equipment
  3.    Accessory equipment
  4.    Component parts
  5.    Process materials
Answer: Option C
Question 4. Which one of the following is NOT an industrial product?
  1.    Oil to be refined into fuel for homes
  2.    Transistors used as components for portable radios
  3.    Paper, pens, and glue used in bank branch offices
  4.    Computer software to help people complete personal tax forms
Answer: Option D
Question 5. According to the text, a product is
  1.    Everything the customer receives in an exchange.
  2.    The physical object the customer receives in an exchange.
  3.    The service that is rendered to a customer
  4.    The idea that the customer receives in an exchange
Answer: Option A
Question 6. The consumer’s estimate of the product’s overall capacity to satisfy his or her needs is called:
  1.    Product Cost
  2.    Product Value
  3.    Product need
  4.    Product Satisfaction
Answer: Option B

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