Which good is used to satisfy a human want and which is scarce?
Economic
Social
Biological
Physical
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
The total benefit to society of producing an additional unit of a good or service is the
Marginal private benefit
Marginal social benefit
Marginal internal benefit
Marginal external benefit
The resources in an economy :
Are always fixed
Can never decrease
Always increase over time
Are limited at any moment in time .
The whole class of goods that will be under-produced or not produced at all in a completely unregulated market economy are referred to as:
Public goods
Free goods
Private goods
Pareto goods
In a free market
Governments intervene
Governments plan production
Governments sometimes interfere
Prices adjust to reconcile scarcity and desires
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
Which one of the following goods are not freely available in the market?
Unlimited
Scarce
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 one of the following studies whether resources are efficiently allocated?
Theory of production
Theory of distribution
Theory of product pricing
Welfare economics
