10 pts Question 1 items bought by individuals and governments for use in the cur

Question

10 pts Question 1 items bought by individuals and governments for use in the current period are termed O consumption or investment goods. O plesure goods. O standard soods. consumption goods. O personal goods Question 2 10 pts Which of the following is NOT considered a consumption good? O a Subway sandwich O marriage counseling services O contact lenses O Nike swimming trunks O a UPS truck Question 3 10 pts ln a, most economic decisions about what to produce, how to produce it, and for whom to produce it are made by buyers and sellers. O market-oriented econamy O traditional economy Oo cominand sconomy 0 Iwill skip this question :) O have no clue!

Explanation / Answer

1. Consumption good

The goods or services which are bought as final goods to consume in current period are called consumption good.

2. a UPS truck

UPS truck is not a consumption good because it is used as capital good.

3. Market oriented economy

In market oriented economy the equilibrium quantity and price are determined by the market forces, i.e. buyers and sellers.

4. Mixed economy system

A mixed economy is a system where private entities are free to make economic decisions but government can interfere to for social gain. US market is also based on mixed economic concept.

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