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Quiz on Economics

Authored by Mintu Kalita

Social Studies

12th Grade

Used 2+ times

Quiz on Economics
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8 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

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Who is consider to be the Father of Economics?

Adam Smith

David Ricardo

John Stuart Mill

J.B. Say

2.

FILL IN THE BLANK QUESTION

30 sec • 5 pts

"In the long run, we are all dead." said__________

3.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Lotteries, markets, barter, rationing, and redistribution of income are all methods commonly used to 
 

A allocate scarce resources.
 B collect taxes.
C improve productivity. 
 D invest in education and technology.

4.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

  Competition and free enterprise are most common in which type of economic system? 

A traditional
 B market
C communist
D planned

5.

MULTIPLE CHOICE QUESTION

10 sec • 5 pts

Importing more than exporting is

trade surplus
trade deficit
balance of trade
balance of payment

6.

OPEN ENDED QUESTION

3 mins • 5 pts

What is the basic difference between positive and normative Economics?

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7.

MULTIPLE CHOICE QUESTION

5 sec • 5 pts

Demand for a good depends on​ ​

all of the above
its price
consumers income
price of related goods
consumer's taste and preferences

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