Which one of the following is used to produce more goods and service in the future ?
Physical capital
Human capital
Natural capital
Money capital
The total of all the materials that are used for the production of goods and services are called
Economics
Resources
Money
Materials
The optimal level of provision of public goods is where society's total willingness to pay per unit is equal to the
Total cost of producing the good
Average cost of producing the good
Variable cost of producing the good
Marginal cost of producing the good
In a free market
Governments intervene
Governments plan production
Governments sometimes interfere
Prices adjust to reconcile scarcity and desires
Scarcity definition of economics was given by
Adam Smith
Alfred Marshall
Robbins
Samuelson
An example of a public good is:
A public utility
Preservation of wet lands
A book
A beautifully landscaped lawn
Private goods are:
Non-rival in consumption and their benefits are excludable
Rival in consumption and their benefits are excludable
Rival in consumption and their benefits are non-excludable
Non-rival in consumption and their benefits are non-excludable
Which resources are used to produce the public good?
Cost using
Demand using
Money using
Market using
The resources in an economy :
Are always fixed
Can never decrease
Always increase over time
Are limited at any moment in time .
Food, clothing, and shelter are referred to as,
Commodity
Material
Products
Costs
