Economics Quiz

The problem of allocation of resources is referred to as

• A

• B

• C

• D

Scarcity is a situation in which

• A

• B

• C

• D

The type of goods which leads to higher production in future is

• Micro economic theory

• Economy

• Macro-economic theory

• Economic system

The problem of making a Choice is called

• Consumer goods

• Capital goods

• Public goods

• Economic problem

Price theory is also known as

• Micro economics

• Macro economics

• Market economics

• Price econometric

The equation for the budget line is

• P x X, + P, x P,< M

• P,x X, + P, x P,> M

• P,x P, +P, x P, -M

• P,x P, +P, x P, = M

Capital intensive techniques would be preferred over

• A

• B

• C

• D

Consumer equilibrium through indifference curve analysis is based on

• P,x X +P, x P, = M

• Labour supplied economy

• Cardinal utility

• Capital supplied economy

Which one of the following assumptions is related to law of demand?

• Marginal utility

• Total utility

• Ordinal utility

The elasticity of demand of durable goods is

• Less than unity

• Greater than unity

• Equal to unity

• Zero