Different Kinds of Goods Quiz PDF: Questions and Answers - 31

MCQ 151: If both private and public be joined together gives you a good named

1. mixed good
2. bad good
3. patent good
4. total cost

MCQ 152: The type of activity refers to the increase in economic welfare from joining a free trade area, such as a custom union is known as

1. trade creating
2. trade diversion
3. benefits from free trade
4. comparative advantage

MCQ 153: When wages are lower, labor becomes relatively cheaper as compare to

1. capital
2. land
3. building
4. hiring

MCQ 154: There are a little restrictions or barriers to enter or exit the market, it is only applicable in

1. free market
2. oligopoly
3. imperfect market
4. monopolistic competitive market

MCQ 155: When no player in a game can increase his or her payoff by unilaterally changing their actions is an example of

1. Nash equilibrium
2. duopoly
3. game theory
4. pareto efficiency