Revision quiz

In which type of Economy the consumer is considered the King ?

• Socialism

• Mixed

• Capitalism

• Traditional

In which type of economy the government has full economic control

• Capitalism

• Socialism

• Mixed

• Traditional

Why will a consumer buy more at the same price ?

• Taste & preference is for the product

• Taste & preference is against the product

• Substitutes are cheaper

• Complementary goods are expensive

If price of product A increases the demand of product B falls

• A & B has positive cross elasticity

• A & B has negative cross elasticity

• A & B has zero cross elasticity

During market period, the supply elasticity is

• 1

• 0

• less than 0

If the supply curve originates from X - axis , supply elasticity is

• less than 1

• More than 1

• Equal to 0

During full employment levels, there does exist some frictional unemployment

• True

• False

In PPC, technology and factors of production is assumed to be fixed

• Both are true

• One is true but other is false

• Both are false

lack of production facilities causes:

• structural unemployment

• Frictional unemployment

• Educated unemployment

If more people are employed in a job than actually required, it will cause

• frictional unemployment

• Structural unemployment

• Disguised unemployment