Economics Fundamentals

The Fundamental concept of Economics about resources is that the resources are

• Equally Distributed

• Unequally Distributed

• Scarce

• Unlimited

Consider a world without scarcity of resources. Then what would be the consequences?

• All prices would be zero

• Markets would be unnecessary

• Economics would no longer be a useful subject

• All of the above

Who is considered the founder of Microeconomics?

• Adam Smith

• John keynes

• Friedrich Hayek

• Milton Friedman

Founder of Modern Macroeconomics is ________________

When analyzing the impact of a variable on the economic system, the other things

• Must be kept constant

• Must also be analysed

• Must not be taken into consideration

• None of these

Factors of Production are ______,______ and ________.

Goods produced to produce yet other goods is called _______

Which economic term is used to represent inequality in income distribution?

• GDP

• GNP

• Gini

• HDI

The central role of markets is to determine the ___________

The branch of economics concerned with overall performance of the economy is known as ________