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WorksheetsBasic concepts of economics
Total questions: 15
Worksheet time: 8mins
Want satisfying power of a commodity is ________________.
Value
Utility
Human wants
Goods
All the money is capital.
True
False
Anything that helps in the process of production of a commodity or service is __________________.
Capital
Wealth
Factors of Production
Labour
_______________ is a money concept.
Price
Wealth
Money
Value
A system by which people get a living and satisfy their want is ________________________
Factor of Production
Human wants
Goods
Economy
The factor income for this factor of production is 'Profit'.
Land
Labour
Organisation
Capital
Savings = _______________________
Y - C
C - Y
C + Y
Y + C
State weather the statement is true or false
The price of 5 kg wheat is 3 kg rice.
False
True
Goods =____________________
all material things that have value.
all material and immaterial things that have value and satisfy human wants.
only all immaterial things that have value and satisfy human wants.
all material and immaterial things that have value
These two are passive factors of production
Land, Labour
Labour, Organisation
Land, Capital
Capital, Organisation
These two are active factors of production
Land, Labour
Labour, Capital
Capital, Organisation
Labour, Organisation
Gold is considered as wealth.
True
False
Human wants are classified into
Land, Labour, Capital
Necessaries, Luxury and Comfort
Form Utility, Time Utility, Service Utility
Transporting spices from Rajasthan to Karnataka is an example of which type of utility.
Form Utility
Time Utility
Place Utility
Service Utility
The factor income for capital is _________________
wages
profit
interest
rent
