Economics Quiz

What do you mean by 'under conditions of a perfect competition in the product market'?

• MRP = VMP

• MRP>VMP

• VMP>MRP

• None of the above

Which of the following is not the branch of Economics?

• Microeconomics

• Macroeconomics

• International Economics

• Orthopaedics

Which of the following is the relation that the law of demand defines?

• a. Income and price of a commodity

• b. Positive relationship between price and quantity

• c. Negative relationship between price and quantity of a commodity

• d. Relationship between demand and supply

Who is the first nobel laureate from India?

• Amartya Sen

• Rabindra Nath Tagore

• Manmohan Singh

• None

Tags

Economics

When people or groups purchase items with the thought that the value will increase, items like oil or gold, what type of value is this describing?

• speculative value

• intrinsic value

• subjective value

• objective value

For comparison between countries, total income is not such a useful measure. State whether true or false.

• TRUE

• FALSE