Economics quizziz

Q1. What do you mean by the supply of goods?

• a) Stock available for sale

• b) Total stock in the warehouse

• c) The actual production of the goods

• d) Quantity of the goods offered for sale at a particular price per unit of time

Q2. What do you mean by ‘under conditions of a perfect competition in the product market’?

• a) MRP = VMP

• b) MRP > VMP

• c) VMP > MRP

• d) None of the above

Q3. Which of the following is the relation that the law of demand defines?

• a) Income and price of a commodity

• b) Price and quantity of a commodity

• c) Income and quantity demanded

• d) Quantity demanded and quantity supplied

Q4. What do you mean by a mixed economy?

• a) Modern and traditional industries

• b) Public and private sectors

• c) Foreign and domestic investments

• d) Commercial and subsistence farming

Q5. What do you mean by the demand of a commodity?

• a) Desire for the commodity

• b) Need for the commodity

• c) Quantity demanded of that commodity

• d) Quantity that consumers are able and willing to buy at various prices during any particular period of time

1._________________defination of Economics has been given by Professor Samuelson.

All quantitative information is __________. (statistics/not statistics)

_______ deals with economic issues at the level of economy as a whole. (Microeconomics/Macroeconomics)

In__________ sense, statistics refers to information in term of numerical data. (singular/plural)

A __________ is one who produces and/or sells goods and services for the generation of income. (producer/consumer)