Excluded from the Tasks an Economic System Must Perform Is

question 5

Multiple Choice

Excluded from the tasks an economic system must perform is determining

• A) how free resources are to be allocated.
• B) the level and composition of society's output.
• C) how each good and service is to be produced.
• D) the rate of growth of per capita income.
• E) how goods and services are to be distributed.

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Definitions:

Consumption

The utilization of products and services by families.

Marginal Utility

The change in total utility a person receives from consuming one additional unit of a good or service.

Total Utility

The total satisfaction received from consuming a particular quantity of a good or service.

Average Utility

The total utility received from a certain amount of goods or services divided by the number of goods or services consumed.