Quiz for Prospective B.Sc. Economics Students

Which of the following is a good?

• an apple

• dance lessons

• a tutoring session

Which of these would be considered an economic activity?

• Donating resources to a local church

• Putting together a gift basket for an elderly neighbour

• Selling tickets of a sport event

Which of the following is not a component of demand?

• Desire

• Surplus

• Ability

How do you think demand for a commodity and its price are related?

• When prices fall, demand falls

• When prices fall, demand rises

• When prices fall, no effect on demand

How do you think producers react to changes in prices?

• They increase supply when prices increase

• They decrease supply when prices increase

• They do not respond to changes in prices

A shortage will cause price to

• Go up

• Go down

• No effect

When there is a shortage what should be done?

• Decrease price

• Increase supply

• Increase demand

What decides prices?

• Demand alone

• Supply alone

• Both Demand and Supply

You are a manager in a company that sells laptops? Due to the pandemic, demand for laptops has gone up. The increase in demand is due to:

• Market size

• Change in consumer behaviour

• Price of substitute good

How can supply keep up with demand for COVID 19 vaccines?

• Scaling up manufacturing

• Exports

• Controlling Imports