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Basic Concepts of Economics

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

The wish to have something is_

a)

Desire

b)

Want

c)

Need

d)

Demand

2.

Effective efforts put to acquire something will be_

a)

Want

b)

Desire

c)

Need

d)

Demand

3.

Willingness to pay for the want is_

a)

Need

b)

Desire

c)

Demand

d)

Show off

4.

Things require to survive are categorised as_

a)

Demands

b)

Wants

c)

Needs

d)

Desires

5.

Which is NOT a classification of Wants

a)

Necessities

b)

Luxuries

c)

Comforts

d)

Secondary

6.

Which is NOT a feature of Wants

a)

Recur

b)

Competitive

c)

Complementary

d)

Limited

7.

Services are _

a)

Tangible

b)

Non-tangible

8.

Consumption is the direct use of goods and services in satisfying human wants

a)

True

b)

False

9.

Sustainable development means not to leave resources for future use

a)

False

b)

True

10.

Utility is the property of quality common to all commodities wanted by a person

a)

Agree

b)

Disagree

11.

Which is NOT a feature of Utility

a)

Subjective

b)

Measurable

c)

Relative

d)

No moral or legal connotations

12.

Which is NOT a feature of Utility

a)

Subjective

b)

Measurable

c)

Relative

d)

No moral or legal connotations

13.

If we eat three mangoes at dinner time, the total amount of satisfaction obtained is called_

a)

Total Utility

b)

Marginal Utility

14.

The utility which results from a unit increase in consumption

a)

Marginal utility

b)

Total utility

15.

The concept of marginal utility decreasing with the increase in amount consumed of a commodity is called

a)

Diminishing marginal returns

b)

Diminishing marginal utility

c)

Diminishing total utility

d)

Diminishing total returns