WorksheetsIntroduction to Economics
Total questions: 15
Worksheet time: 8mins
Who is the Father of Economics ?
Adam Smith
Marshall
J.M.Keynes
Robinson
Jenny has hundreds of stuffed animals to sell. The stuffed animals are considered the _________.
supply
demand
buyer
seller
What is given up when a choice is made
Scarcity
choice
opportunity cost
resources
The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services
consumption
production
distribution
resources
Construction worker, doctor, nurse, and teacher
capital resources
entrepreneurship
human resources
natural resources
Which economy is a mixed economy?
United States
China
India
France
Economy may be classified as:
Capitalist
Socialist
Mixed
All of these
The main objective of a socialist economy is…….
Maximum production
Economic freedom
Earning profit
Maximum public welfare
In which economy decisions are taken on the basis of price mechanism ?
Socialist
Capitalist
Mixed
All of these
Production Possibility Curve is:
Concave to the axis
Convex to the axis
Parallel to the axis
Vertical to the axis
Who gave the definition of Economics related to welfare ?
Adam Smith
Marshall
Robbins
Samuelson
The reason for downward shape of production possibility curve is:
Increasing opportunity cost
Decreasing opportunity cost
Same opportunity cost
Negative opportunity cost
