Different Kinds of Goods Multiple Choice Questions (MCQ) PDF - 32

MCQ 156: 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

MCQ 157: The 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

MCQ 158: The law that gives the 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

MCQ 159: Trade is the basis for the prosperity of a country as it allows

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

MCQ 160: The concept that makes the market more competitive as well attracts new entrants to enter into the market is known to be as

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