Scarce inputs that can yield utility through production or provision of goods and services are referred to as:

Related MCQs

• Consumer goods that yield services or utility over time rather than being used up instantly are termed as
• All of the goods which are scarce and limited in supply are called -
• The goods and services produced by one country that are sold in exchange for the second country’s own goods and services or for foreign exchange are called
• The excess of the value of imports of goods and services over the value of exports of goods and services is called:
• A trade of goods and services in the exchange for other goods or services rather than for money is known as:
• The total utility from 9 units of commodity x is 20 and from 10 units is 15. Calculate the marginal utility from 10th unit.
• If total utility is maximum at a point, then marginal utility is -
• When marginal utility is zero, the total utility is -
• The measure of the total flow of goods and services produced by the economy over a specified time period, normally a year or a quarter is referred to as
• The value of the output of all goods and services produced within a nation's borders, normally given as a total for the year. It thus includes the production of foreign owned firms within the country, but excludes the income from domestically owned firms located abroad, is called: