WorksheetsEconomics Ass1
Total questions: 40
Worksheet time: 30mins
Name
Class
Date
1.
the circular flow of goods and income shows the relationship between
a)
Firms and Households
b)
Goods and services
c)
Income and money
d)
Wages and salaries
2.
Two major virtues of the market system are that it:
a)
Allocates resources efficiently and allows economic freedom.
b)
Results in an equitable personal distribution of income and always maintains full employment.
c)
Results in price level stability and a fair personal distribution of income.
d)
Eliminates discrimination and minimizes environmental pollution.
3.
if conditions where needs are more than resources available
a)
scarcity
b)
function
c)
velocity
d)
efficiency
4.
Economic profit refers to-----minus all relevant cost, both explicit and implicit
a)
profit
b)
cost
c)
expenses
d)
revenues
5.
The twin themes of economics are
a)
society and scarcity
b)
economic problem and economic resources
c)
scarcity and efficiency
d)
human needs and human wants
6.
Land, labour ,capital are
a)
factors of production
b)
scarcity
c)
protective efficiency
d)
Society capability
7.
Should take strategy decisions as an innovation
a)
Economic growth
b)
Economics efficiency
c)
Stability
d)
Society’s capability
8.
Production possibility frontiers proposed by
a)
Ameila fletcher
b)
Irving fisher
c)
Paul A. Samuelson
d)
David ricardo
9.
Theory of factor pricing ,therapy of product pricing, theory of economic welfare comes under
a)
Micro Economics
b)
macro economics
c)
Primary market
d)
Secondary market
10.
Under perfect competition a firm is the
a)
price maker
b)
price taker
c)
Both a and b
d)
none of the above
11.
what is a total value of goods and services produced in a year
a)
Ndp
b)
gdp
c)
nnp
d)
nrp
12.
Scarcity is the relationship between limited resources and
a)
limited wants
b)
unlimited wants
c)
limited supply
d)
none of them
13.
Scarcity and efficiency are _________
a)
Scope of economics
b)
Twin themes of economics
c)
Nature of economics
d)
None of the above
14.
in which way production done
a)
human
b)
machine
c)
both
d)
none of the above
15.
Macro economic is a theory of
a)
economic growth
b)
factor pricing
c)
product pricing
d)
economic welfare
16.
No change in level of production from one period of time to another is called
a)
Stability
b)
Negative economic growth
c)
Positive economic growth
d)
None of the above
17.
scarcity can be defined as a fundamental economic problem on which of these conditions
a)
when wants are unlimited
b)
when wants are limited
c)
when wants are unlimited and resources are
d)
when efficiency is
18.
_______is a condition when one unit is produced at lowest cost
a)
production efficiency
b)
economic efficiency
c)
economic growth
d)
production possibility
19.
Theory of income output and employment is
a)
macro economy
b)
micro economy
c)
stability
d)
negative economy
20.
____is a condition where needs are more than resources available
a)
efficiency
b)
scarcity
c)
economics
d)
all the above
21.
market is based on area are
a)
local market
b)
national market
c)
inernational market
d)
all the above
22.
Increase in demand is shown by
a)
movement along the same demand curve
b)
shifts of the demand curve
c)
the highest point on the demand curve
d)
lowest point on the demand curve
23.
pril and vim are an example of what kind of market
a)
Monopoly
b)
oligopoly
c)
duopoly
d)
monopolistic
24.
An individual who purchases goods and service from the market for his/her end-use is called a------
a)
customer
b)
purchaser
c)
consumer
d)
All these
25.
In elasticity of demand , if the curve lies from right side to left side. Then the price will be
a)
Higher
b)
Constant
c)
Vary
d)
Lower
26.
The point at which a consumer is deriving maximum satisfaction from his or her purchases is_______________
a)
consumer equilibrium
b)
Consumer behaviour
c)
Market equilibrium
d)
Production
27.
a desire for a commodity backed by willingness and ability to pay a price.
a)
demand
b)
perfect
c)
imperfect
d)
supply
28.
means the capacity of demand to shrink in response to change in price.
a)
quantity of demand
b)
income of consumers
c)
elasticity of demand
d)
none of above
29.
is the satisfaction derived from the consumption of a marginal unit.
a)
total utility
b)
economics
c)
production
d)
marginal utility
30.
All the following are determined of demand except
a)
Taste and preference
b)
Quantity supplied
c)
Income
d)
price of realted goods
31.
A device for a commodity backed by willingness and ability to pay a price
a)
Demand
b)
purchase
c)
sales
d)
supply
32.
who is a father of macroeconomic
a)
irving fisher
b)
thomas mathulas
c)
j.m.keynes
d)
adam smith
33.
lux, vivel, pears, dove are large no of sellers
a)
Monopoly
b)
oligopoly
c)
monopolistic
d)
duopoly
34.
The large number of buyers and sellers are present in -------
a)
Perfect competition
b)
imperfect comprtition
c)
Monopolistic competition
d)
All the above
35.
The capacity of demand to shrink or stretch in response to change in price is called as
a)
Demand
b)
Elasticity of demand
c)
Supply
d)
Elasticity of supply
36.
Law of demand establishes______.
a)
inverse relationship between price and quantity.
b)
positive relationship between price and quantity.
c)
both
d)
none
37.
Desire is backed by purchasing power is known as
a)
utility
b)
demand
c)
consumption
d)
scarcity
38.
when few number of sellers are present in the market it is called as--------------
a)
monopoly
b)
perfect competition
c)
oligopoly
d)
monopolistic
39.
In production function short run will give output as
a)
higher
b)
medium
c)
large
d)
lower
40.
perfect competition is characterized by
a)
large number of buyers and sellers
b)
homogeneous product
c)
free entry and exit of firms
d)
all the above
100 %
