Answer : Option DExplaination / Solution:
In Economics, goods are materials that satisfy human wants and provide utility. A good may be a consumable item that is useful to people but scarce in relation to its demand, so that human effort is required to obtain it.
Q4.Which of the following statements regarding utility is not true?
Answer : Option DExplaination / Solution:
Utility is a subjective concept and varies from person to person, at different times and at different places. There cannot be a standardised measure for utility. Therefore, the point that utility always measurable is not true.
Answer : Option CExplaination / Solution:
It is the highest banking authority in an economy. Therefore, it is also known as apex body in banking sector.