Econ 101_Set 6

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U.E.T Taxila *

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9

Subject

Economics

Date

Nov 24, 2024

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docx

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1

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1. Which of the following is an example of a scarce resource? a) Air b) Sunlight c) Water d) Knowledge 2. The study of how individuals and societies allocate scarce resources to satisfy unlimited wants is known as: a) Microeconomics b) Macroeconomics c) Econometrics d) Behavioral economics 3. In a market economy, prices are primarily determined by: a) Government regulations b) Consumer preferences c) Business owners d) Supply and demand 4. The law of demand states that, all else being equal, as the price of a good increases: a) Quantity demanded decreases b) Quantity demanded increases c) Quantity supplied decreases d) Quantity supplied increases 5. When the quantity supplied exceeds the quantity demanded in a market, it results in: a) A surplus b) A shortage c) Market equilibrium d) A price floor 6. The Consumer Price Index (CPI) is a measure of: a) Unemployment rates b) Inflation rates c) GDP growth d) Interest rates 7. Which of the following is a fiscal policy tool used by the government to stimulate economic growth? a) Monetary policy b) Taxation c) Exchange rates d) Trade policies 8. In a perfectly competitive market, a single firm: a) Has significant market power b) Faces a downward-sloping demand curve c) Can control the market price d) Is a price taker
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