Q1. The total value of the goods and services produced over a period of time rep

Question

Q1. The total value of the goods and services produced over a period of time represents an economy's
   a. planned savings
   b. total income
   c. total wealth
   d. capital

Q2. In Economics, Utility refers to
   a. the amount of electricity generated
   b. the ability of a good to satisfy a want
   c. tangible goods only
   d. services only

Q3. The idea that what's good for one person may not be good for all people is known as the
   a. cause-effect fallacy
   b. fallacy of composition
   c. moral hazard problem
   d. disequilibrium position

Q4. A bulldozer used by a construction firm is known as a
   a. capital good
   b. consumer good
   c. free good
   d. public good

Q5. Which of the following is an example of marginal analysis?
   a. a fast food restaurant that only serves lunch and dinner trying to determine if it should open for breakfast
   b. a company looking at its total costs of production
   c. a worker calculating his total income
   d. an economist analyzing total output for the U. S. economy Q1. The total value of the goods and services produced over a period of time represents an economy's
   a. planned savings
   b. total income
   c. total wealth
   d. capital

Q2. In Economics, Utility refers to
   a. the amount of electricity generated
   b. the ability of a good to satisfy a want
   c. tangible goods only
   d. services only

Q3. The idea that what's good for one person may not be good for all people is known as the
   a. cause-effect fallacy
   b. fallacy of composition
   c. moral hazard problem
   d. disequilibrium position

Q4. A bulldozer used by a construction firm is known as a
   a. capital good
   b. consumer good
   c. free good
   d. public good

Q5. Which of the following is an example of marginal analysis?
   a. a fast food restaurant that only serves lunch and dinner trying to determine if it should open for breakfast
   b. a company looking at its total costs of production
   c. a worker calculating his total income
   d. an economist analyzing total output for the U. S. economy

Explanation / Answer

b. total income. It is GDP of the country. b. the ability of a good to satisfy a want. b. fallacy of composition b. consumer good a. a fast food restaurant that only serves lunch and dinner trying to determine if it should open for breakfast. Breakfast addition is he marginal addition as the restaurant is already serving lunch and dinner.

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