ECONOMICS (CBSE/UGC NET)

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ECONOMICS

TECHNOLOGY

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
“Whether we’re talking about roads or bridges or mass transit, whether we’re talking about canals and waterways, sewage and water facilities, whether we’re talking about broadband, or we’re talking about the grid to transmit electricity, whether we’re talking about schools, an investment in infrastructure that serves the needs of our children and their education, . . . these infrastructure investments offer our nation job-creating opportunities to reinvigorate the American economy."-Nancy Pelosi, Speaker of the House, Press Release, March 11, 2008Government-built infrastructure is a public good. Which of the following BEST paraphrases the intent of this press release by a government official?
A
to inform people about the various types of infrastructure
B
to warn people that the nation’s infrastructure needs to be repaired
C
to alert people to the large investment needed to repair infrastructure
D
to persuade people that the benefits of repairing infrastructure outweigh the costs
Explanation: 

Detailed explanation-1: -An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed?

Detailed explanation-2: -Solved Question on Basic Problems Of An Economy What to produce? How to produce? For whom to produce? What provisions (if any) are to be made for economic growth?

Detailed explanation-3: -By “the invisible hand, ” Adam Smith refers to the notion that desirable social goals are usually reached by individuals following only their own self-interest.

Detailed explanation-4: -What to produce? ➢ What should be produced in a world with limited resources? How to produce? ➢ What resources should be used? Who consumes what is produced? ➢ Who acquires the product?

There is 1 question to complete.
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