Basics of Economics

Which of the following is the theories, principles and models which deal with the production, distribution and consumption of goods and services?

• Price

• Economics

• Supply

• Demand

Which of the following are materials used in producing goods or providing services?

• Economic resources

• Economic utility

• Supply

• Human needs

Which of the following enhances value by having a product or service available to consumers during a certain time of day, month or year?

• Possession utility

• Information utility

• Place utility

• Time utility

Advertising which informs consumers about a new product is an example of which of the following?

• Possession utility

• Information utility

• Place utility

• Time utility

Which of the following is the rule which states at some point adding more factors to a production process will not improve returns?

• Law of diminishing returns

• Specialization

• Place utility

• Factors of production