NSC407
1. The value of the second best choice is—-
Scarcity
Utility
—>> Opportuninty cost
Rational cost
2. The benefit consumers get from purchase of goods/ services is—-
—>> Utility
Satisfaction
Achievement
Awareness
3. An intangible action that satisfies human want is________
Goods
—>> Services
Health care
Waste Disposal
4. All are determinants of demand except
Tastes
—>> Smell
Price of substitute goods
No of consumers
5. All are basic concepts in economics except
Goods
Choice
Demand
—>> Real cost
6. All are economic resources except___
Man
Natutal
—>> Choice
Capital
7. An economic system in which government owns and controls the factors of production is
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