Economics Quiz for Class X E

Which of the following might be considered as a need ?

• Anita is going on a holiday every Christmas with her family.

• A new smartphone bought by my father for my birthday.

• Darius and Lifi went to a pet shop to buy a cat.

• In India, clean water is a necessity to be consumed in daily life.

• My father went to Manado to buy a new car.

Which of the following questions is not associated with the basic economic problem ?

• What to produce ?

• How to produce ?

• When to produce ?

• For whom to produce ?

• No correct answer

New machines such as robots, computers, telecommunications and the internet have been used by businesses to help increase productive potential. This means that economic growth is influenced by ______ ?

• Education

• New technology

• Training

• Improved efficiency

• New resources

In relation to rationality, what are the assumptions of economist with consumer and businessmen's perspective?

• Consumers aim to minimize benefit and businesses aim to maximize their profit

• Businesses aim to maximize profit, and consumers aim to maximize benefits

• Consumers doesn't always choose a course of action that gives them the greatest satisfaction

• Owners are assumed to be irrational when making financial decision about their business

• The consumers think rationally and irrationally when they buy something.

Which of these the reason consumers may not maximize their profit?

1)      It is hard to quantify the satisfaction gained from consumption

2)      Producers having alternative business objectives

3)      Consumers develop buying habits that affect their rational choices.

4)      Consumers influenced by the behavior of others

5) Some commercial enterprises operate as charities

• 1, 2 and 3

• 1, 3 and 4

• 2, 3 and 4

• 3, 4 and 5

• 2, 3 and 5

A young student, Dianne, is given $500 to spend on anything she chooses up to that value. She draws up a list of the things she would like to buy and place them in order preference. In Option A, she will have a meal out to treat her friends. Option B she will buy that money for buying the ticket concert. And Option C, Dianne will buy a dress for her future wedding and the last option is D is to buy a flight to Jakarta to visit her brother.

What would be the opportunity cost, if she choose option A than D ?

• She can not watch the concert in this Saturday

• She will have a beautiful wedding dress to wear when she is growing up

• She can not meet her brother in Jakarta

• Holiday will be happen and she can enjoy with friends

• Dianne and her friends can have a dinner together in Chinese restaurant

Which of this following statements is not true about a demand curve ?

• When the price decreases, the quantity demanded is increases

• There are inverse relationship between price and the quantity demanded

• It slopes down from left to right

• When there is a price change, there is a movement along the demand curve

• When the price increases, the quantity demanded is increases

A rise in income will cause a demand curve to shift _______.

• To the right

• Inward

• To the left

• Shift upward

• Movement

Rice and clothes are examples of which goods ?

• Inferior goods

• Complementary goods

• Substitute goods

• Capital goods

• Normal goods

What could be the effect of a rise in the price of car insurance in the demand curve?

• Increase the quantity demanded for cars

• Increase the quantity demand for car insurance

• Shift the demand curve for cars to the left

• Shift the demand curve for cars to the right

• Decrease the price of car insurance