Economics chapter 1

Economics chapter 1

12th Grade

15 Qs

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Economics chapter 1

Economics chapter 1

Assessment

Quiz

Business

12th Grade

Practice Problem

Medium

Created by

abishek kumar

Used 2+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A capitalist economy uses __________________ as the principal means of allocating resources.

Demand

Supply

Efficiency

Prices

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the statements below is correct?

  1. Microeconomics is primarily concerned with the overall economy.

Individual markets are the focus of macroeconomics.

Governments do not have any control over market prices.

  1. When economists study a market’s price, their main goal is to figure out why the price is what it is and how it might change.

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Operation Research, Statistics, Mathematics & Theory of Decision - Making has close connection with______________

Pure Economics

Business Economics

Econometrics

None of the above

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Application of quantitative technique like, linear programming, Capital budgeting, Breakeven analysis are the components of __________ Economics

Micro

Macro

Business

All of the above

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The Law of scarcity-

Does not apply to rich/developed countries

Applies only to the less developed countries

Implies that Consumer’s wants will be satisfied in a socialistic system

Implies that consumer wants will never be completely satisfied

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Business Economics is “________ in approach” as it not only deals with theory but tackles

Positive

Normative

Pragmatic

Inductive

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Theory of capital & investment decisions, risk & uncertainty are the parts of ________ Economics applied to operational issues:

Micro

Macro

Both

None

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