Economics MCQs – Mock Test 32

Different Kinds of Goods MCQ with Answers PDF Download – Test 32

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Free Economics MCQs App (iOS & Android) with MCQ: "A good is rival in consumption but not excludable is known to be as"; with answers: common resource, scarce resource, private good, and public good. Study public goods and common resources questions and answers to improve problem solving skills for online economics undergraduate preparation.

Different Kinds of Goods MCQ – Mock Test 32 PDF Download

MCQ 156: A good is rival in consumption but not excludable is known to be as:

scarce resource
common resource
public good
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:

willingness to accept
willingness to pay
consumer surplus
consumer shortage

MCQ 158: The law that gives the marginal cost curve a positive slope is known as:

law of diminishing returns
law of equilibrium
law of decreasing returns
law of constant returns

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

exchange of goods
specialization
Ex. Of money
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:

prices
leadership
monopolistic profits
total profit

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