Which one of the following type goods satisfy a human want and everyone can make use of the goods and services fully ?
Free good
Economic good
Public good
Private good
Which type of goods are economic goods and are bought and sold in the market at market price?
Non-economic good
Which one of the following goods are not freely available in the market?
Economic
Social
Unlimited
Scarce
Markets fail to produce an efficient allocation of resources, but governments also fail because:
Elected officials will act selflessly for the good of society and ignore their own self interest
The managers of government agencies are trying to maximise the profit of their agency and they ignore the implications that this has on other departments
The optimal level of public goods may be too expensive for the society to produce
The measurement of social costs and benefits is difficult and imprecise
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
Which resources are used to produce the public good?
Cost using
Demand using
Money using
Market using
Which one of the following term means 'to manufacture' ?
Produce
Consume
Alter
Destroy
Capitalist economic system is also called
Socialist economy
Mixed economy
Free market economy
Economic system
The resources finding their best use in producing products that people want refers to
Economic resources
Economic Efficiency
Scarcity
Demand
In a free market
Governments intervene
Governments plan production
Governments sometimes interfere
Prices adjust to reconcile scarcity and desires
