DCK/DR JH/ECO 12-03

Full form of GDP

• Gross Domestic product

• Gross Domestic price

• Good Domestic product

• None

In economic terms, which action shows a person acting as an investor?

• A person sells a car to a neighbor.
• A person puts money in a savings account.
• A person drives students to school.
• A person buys a new pair of shoes.

What is net income?

• The amount of money you can budget

• The money taken out of your pay (ie. taxes)

• Your take home pay. Gross income minus deductions

• The amount of money you make before deductions

What is deductions?

• The amount of money you can budget

• The money taken out of your pay (ie. taxes)

• Your take home pay. Gross income minus deductions

• The amount of money you make before deductions

The amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity

Buyers choose what items are produced based on their spending habits

• Consumer Sovereignty

• Factors of Production

• Efficiency

• Cost / Benefit Analysis

A economist who introduced the steady increase of the supply of money within growing economies.

• David Ricardo

• John Maynard Keynes

• Milton Friedman

• Beatrice Webb

If there are five persons in a family and their total income is Rs. 30000/- What would be the average income of each person?

• 6000
• 3000
• 8000
• 10000

In this type of economy, the people decide the supply, demand, and price.  

• Market 
• Traditional
• Command 
• Mixed

Which factor is often missing from a non democratic government?

• Efficiency

• Effectiveness

• Transparency

• None of these