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Which of these is not an example of an intangible asset?
i. Trademark
ii. Oil and gas reserves
iii. Licences
iv. Goodwill
Efficient
When resources are used in a way that maximizes the production of goods and services without wasting any resources.
Birthday Cake
A special cake prepared and decorated to celebrate someone's birthday.
Gains from Trade
The increase in welfare or overall efficiency that arises from individuals or nations engaging in voluntary exchange or trade.
Increase in Total Output
A rise in the quantity of goods or services produced by an economy or firm.
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