1) The fundamental concept of Economics about resources is that the resources are: (A) equally distributed (B) unequally distributed (C) scarce (D) unlimited
Encircle the correct option among the available.
1) The fundamental concept of Economics about resources is that the resources are:
(A) equally distributed
(B) unequally distributed
(C) scarce
(D) unlimited
2) Goods produced to produce yet other goods are called:
(A) final goods
(B) capital
(C) investment
(D) resources
3) The value of the good or service forgone by choosing another investment is called:
(A)
(B)
(C) disposable income
(D)
4) The branch of economics concerned with overall performance of the economy is known
as:
(A)
(B)
(C) Econometrics
(D) Keynesian Economics
5) Economics is best defined as the study of how people, businesses, governments, and
societies:
(A) Make choices to cope with scarcity.
(B) Attain wealth.
(C) Choose abundance over scarcity.
(D)Use their infinite resources.
6) All tangible (see and touch) things that are produced for satisfaction of our wants are
known as:
(A) Wants
(B) Desires
(C)Goods.
(D)
good or service:
(A) Satisfaction
(B) Profit.
(C)Amount
(D)Demand
8) Goods that are used by consumers for consumption purposes are known as:
(A) Consumer goods
(B) Producer goods.
(C)Raw material
(D)Intermediate goods
9) A good can be _______ or _______ good, depending upon its use:
(A)soft, hard
(B) bad, good
(C) consumer, producer
(D)direct, indirect
10)
For normal goods, its demand will ________ when its price increases:
(A) increase
(B) decrease
(C)remain constant
(D)inelastic
11)
Giffen goods are a special case of:
(A) inferior goods
(B) superior goods
(C) consumer goods
(D)producer goods
12)A Veblen good is a good for which demand increases as:
(A) its price decreases
(B) its price increases
(C)supply increases
(D)supply decreases
13)The
fall and vice versa, while______:
(A) Other things being the same
(B) Income of consumer increase
(C)Taste of consumer changes for the good
(D)Willingness of consumer shift to substitute goods.14)The ordinal approach utility states it can be measured by:
(A) Assigning numerical values to them
(B) Ranking them
(C) Plotting them
(D)Quantifying them
15)A consumer is said to be in equilibrium when:
(A) Consumer consumes more of a good
(B) Indifference Curve is tangent to budget line
(C)The budget line cut the indifference curve
(D)Utility is higher
16)When MP > AP, increasing amount of labour will increase:
(A) Production
(B) Capital inflow
(C) Unit time
(D)Capacity of labour
17)
A change in quantity demanded of a good caused by a change in income of consumer is
known as:
(A) Price Elasticity
(B) Income Elasticity
(C) Cross Elasticity
(D)Price Cross Elasticity
18)
The income effect for inferior goods is:
(A) Positive
(B) Negative
(C)Zero
(D)No Effect
19)
A change in demand of a good A to a change in price of its related good B, is known as:
(A) Income Effect
(B) Cross Elasticity
(C)No effect
(D)Higher Effect
20)
Complementary goods have:
(A) Negative Cross Elasticity
(B) Positive Cross Elasticity
(C)Zero Cross Elasticity
(D)Low Cross Elasticity
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
