Question

Match List-I with List-II:
\begin{tabular{ll} List-I (Term) & List-II (Explanation)
(A) Goods & (I) All the commodities which are bought and sold and have their value
(B) Utility & (II) The power of a commodity to command other commodities in its exchange
(C) Value & (III) All things which satisfy the wants of human being
(D) Wealth & (IV) The capacity or power of a good to satisfy human wants

Choose the correct answer from the options given below:

• (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
• (A) - (II), (B) - (I), (C) - (III), (D) - (IV)
• (A) - (III), (B) - (IV), (C) - (II), (D) - (I)
• (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Hint:

Utility is always defined as the "capacity or power of a good to satisfy human wants" (B - IV).
Value refers to exchange power (C - II).

Answer 1

The Correct Option is C

Step 1: Understanding the Concept:
This question tests core terminology in microeconomics, specifically definitions of utility, value, wealth, and goods.

Step 2: Detailed Explanation:
Let us match the terms in List-I with their exact economic explanations in List-II:
- (A) Goods: In economics, goods are physical items or services that can satisfy human wants.
Thus, (A) matches with (III).
- (B) Utility: This is defined as the want-satisfying power of a commodity.
Thus, (B) matches with (IV).
- (C) Value: Value in exchange refers to the capacity of a commodity to command other commodities in exchange.
Thus, (C) matches with (II).
- (D) Wealth: This consists of all economic goods that possess utility, are scarce, are transferable, and have monetary value.
Thus, (D) matches with (I).
This results in the sequence: (A)-(III), (B)-(IV), (C)-(II), (D)-(I).

Step 3: Final Answer:
The correct option is 3.