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Different Kinds of Goods Quiz Question and Answers 32 PDF Book Download

Different kinds of goods quiz questions, different kinds of goods MCQs with answers, economics test prep 32 to learn economics courses for online economics degree. Public goods and common resources quiz questions and answers, different kinds of goods multiple choice questions (MCQs) to practice different kinds of goods test with answers for online colleges and universities courses. Learn different kinds of goods MCQs, trade can make everyone better off, what is competitive market?, consumer surplus, different kinds of goods test prep for business administration certifications.

Learn different kinds of goods test with multiple choice question (MCQs): a good is rival in consumption but not excludable is known to be as, with choices scarce resource, common resource, public good, and private good for online business degree programs. Learn public goods and common resources questions and answers for problem-solving, merit scholarships assessment test.

Quiz on Different Kinds of Goods Worksheet 32

Different Kinds of Goods Quiz

MCQ: A good is rival in consumption but not excludable is known to be as

  1. scarce resource
  2. common resource
  3. public good
  4. private good

B

Consumer Surplus Quiz

MCQ: Maximum amount of an individual is willing?to sacrifice to procure a good or avoid something undesirable is known as

  1. willingness to accept
  2. willingness to pay
  3. consumer surplus
  4. consumer shortage

B

What is Competitive Market? Quiz

MCQ: Law that gives marginal cost curve a positive slope is known as

  1. law of diminishing returns
  2. law of equilibrium
  3. law of decreasing returns
  4. law of constant returns

A

Trade can make everyone better off Quiz

MCQ: Trade is basis for prosperity of a country as it allows

  1. exchange of goods
  2. specialization
  3. Ex. Of money
  4. growing economy

B

Why Monopoly Arise? Quiz

MCQ: Concept that makes market more competitive as well attracts new entrants to enter into market is known to be as

  1. prices
  2. leadership
  3. monopolistic profits
  4. total profit

C