Food, clothing, and shelter are referred to as,
Commodity
Material
Products
Costs
How to produce is a question relating to
Choice of techniques of production
Distribution of output produced
Growth of resources
Unlimited resources
An example of a public good is:
A public utility
Preservation of wet lands
A book
A beautifully landscaped lawn
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
The resources in an economy :
Are always fixed
Can never decrease
Always increase over time
Are limited at any moment in time .
A mixed economy:
Allocates resources via supply but not demand
Allocates resources via demand but not supply
Allocates resources via supply and demand
Allocates resources via market forces and government intervention
Which one of the following good can be obtained at no cost or sacrificed by any one?
Economic good
Free good
Limited good
Unlimited good
What to produce is a question of
Efficient use of resources
Allocation of resources
Which resources are used to produce the public good?
Cost using
Demand using
Money using
Market using
The total of all the materials that are used for the production of goods and services are called
Economics
Resources
Money
Materials
