Question

(1) Which value expresses the importance of a good in human life?
(A) Exchange-value
(B) Use-value
(C) consumption-value
(D)internal-value


(2) What is the monetary payment in exchange of a good called ?
(A) Value
(B) Exchange
(C) price
(D)wealth


(3) Which of the following is a physical good ?
(A) Music
(B) Education
(C) Doctor's advice
(D) Refrigerator​

Answer 1

Use value expresses the importance of good in human life. Whenever a human being purchases a product or a service he wants utility from it.

• Utility means the want the satisfying power of a commodity that can be derived from it while using it.
• Monitory payment in exchange for goods is called price. Price is paid by the final consumer who would use the product and derive utility from it.
• A refrigerator is a physical good. Physical goods are those goods that can be touched scene and felt.