WorksheetsAssessment 1 Business Economics
Total questions: 50
Worksheet time: 25mins
The Business Cycle measures ___ over time.
wealth
inflation
economic growth
Which question does not directly refer to the basic economic problem?
What goods and services should a firm produce?
What price should a firm charge?
What production methods should a firm use?
Who should receive the goods and services that a firm produces?
Market is
place where buyers meet sellers
Mandi /bazar
Is a situation where optimum customers meet optimum sellers
online market
perfect market has
homogeneous product
heterogeneous goods
special goods
only industrial goods
The ___________________________ of hand sanitizer has had to increase at the factories because of the Coronavirus.
Production
Consumption
Distribution
Factors of Production
Which of the following is true?
Needs, wants, and resources are all unlimited
Needs and wants are unlimited but resources are limited
Needs and wants are limited but resources are unlimited
Needs, wants, and resources are all limited
What are the factors of production?
Land, Technology, Dirt, Resources
Land, Labor, Capital, Entrepreneurship
Land, Labor, Entrepreneurship
Resources used in the production of only services
It studies the actions of individual consumers and firms
Microeconomics
Macroeconomics
Consumer demand
Supply of goods
The study of aggregate income and expenditures and the Per Capita income of one country
Micro Economics
Macro Economics
Capital Management
Government Budget
This concept is very useful in explaining what is happening in the market and economy
Demand Analysis and Forecasting
Demand and Supply
Law of Demand
Law of Supply
It is a Financial Gain, especially the difference between the amount earned and the amount spent
Profit
Capital
Investment
Expenditure
Microeconomics is the study of the economic system as a whole such as national income, trade cycle, unemployment rate, inflation and general price level
True
False
Deal with the question of “what ought to be”. Involve opinions, judgement, assumption about what the economy should be or what policy should be used to achieve economic goals.
Positive analysis
Normative analysis
"An economic system where all the economic decisions are made by the government or a central authority" refer to
Socialism
Capitalism
Mixed economy
Law of supply states that the ______ the price of a good, the _____ is the quantity supplied for that good
lower, higher
higher, lower
higher, higher
Which of these is a determinant of supply?
Taste and preference
Technology
Consumer income
Number of consumer
"A market in which there are many buyers and sellers, the products are homogeneous and sellers can easily enter and exit from the market". This statement refer to
Perfect competition
Oligopoly
Monopoly
Monopolistic competition
Which of the following is related to macroeconomics analysis?
Deal with household‟s and firm decision.
Analyzes demand for supply of goods.
Studies national income.
Studies individual income.
The total demand for goods and services in an economy is known as;
Aggregate demand
National demand
Gross national product
Economy-wide demand
Macroeconomics deals with ____________.
Economic aggregates
The behavior of the electronics industry
The behavior of firms
The activities of individuals units
Which of the following is NOT a macroeconomic issue?
Unemployment.
Inflation.
The wages paid to footballers.
Economic growth.
Economic growth would most likely be stimulated by _______________.
Higher unemployment rates.
Faster rates of technological progress.
Increases in membership of labour unions.
Consumption of more consumer goods.
The Business Cycle measures ___ over time.
wealth
inflation
economic growth
The business cycle is made up of how many phases?
5
4
3
2
The business cycle rises above the trendline during-
rescessions
expansions
troughs
GDP declines during a(an)
peak
contraction
expansion
A "boom" period is economic growth-
below the trend line
at the peak
above the trend line
Economic recovery begins-
above the trend line
at the end of a recession (trough)
at the "boom" period
When GDP rises faster than the long-run trend the economy is experiencing-
recession
expansion
recovery
GDP will begin to decline at-
the peak.
the trough.
the contractionary phase.
When contraction (recession) begins in a business cycle- the economy will experience
higher unemployment
lower inflation (deflation)
both a & b
Recessions can end if
workers choose to accept lower wages
government policy is enforced to help the economy recover
both a & b
GDP, or gross domestic product, measures...
the value of all final goods and services produced
an increase in the general price level
the percentage of people looking for work that can't find it
the economic freedom an economy offers
Inflation measures...
the value of all final goods and services produced
an increase in the general price level
the percentage of people looking for work that can't find it
the economic freedom an economy offers
Which of the following is a peak?
A
B
C
D
Which of the following is an expansion, or recovery?
A
B
C
D
On which continent is the Sahara desert?
Africa
Asia
North Africa
South Africa
What is the least populated country in the world?
Tuvalu
Lichtenstein
San Marino
Vatican City
Who was the first woman president of India?
Pratibha Patil
Indira Gandhi
Sirimavo Bandaranaike
Sucheta Kripalani
