Which of the following are defined as core goods in economics?

• A. Legal advice and consulting
• B. Automobiles and appliances
• C. Fresh produce and dairy products
• D. Banking services and insurance

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the concept of 'core goods' in economics. Core goods typically refer to tangible, durable goods that are essential or fundamental to consumers, often including items like automobiles and appliances.
2. Step 2: Identify the nature of each option: Legal advice and consulting, banking services and insurance are intangible services, not goods.
3. Step 3: Fresh produce and dairy products are tangible goods but are perishable and generally classified as non-durable goods rather than core goods.
4. Step 4: Automobiles and appliances are tangible, durable goods that are often considered core goods because they provide long-term utility and are essential in many households.
5. Step 5: Conclude that among the options, 'Automobiles and appliances' fit the definition of core goods in economics.