WorksheetsEconomics Quiz 1
Total questions: 20
Worksheet time: 10mins
Who is father of economics ?
Marshall
Robbins
Adam Smith
Ricardo
Who Said, "Economics is a Science of wealth" ?
Ricardo
Marshall
J. S. Mill
Adam Smith
Micro Economics includes:
Individual unit
Small unit
individual price determination
All of the above
Willingness to pay for the want is_
Need
Demand
Desire
Show off
The wish to have something is_
Desire
Demand
Need
Want
Which element is essential for demand ?
desire to consume
given price
willingness to spend
All of the above
Elasticity of demand is :
qualitative statement
quantitative statement
both
None of these
The law of demand refers to the fact that, other things remaining the same, when the price of a good rises,
the demand curve shirts rightward.
the demand curve shifts leftward.
there is a movement down along the demand curve to a larger quantity demanded.
there is a movement up along the demand curve to a smaller quantity demanded.
The problem of scarcity is relevant to
a. third world countries.
b. countries with low income.
c. countries before practicing mass production.
d. all countries and individuals.
Consumption is the direct use of goods and services in satisfying human wants
True
False
Which is NOT a feature of Utility
Subjective
Measurable
Relative
No moral or legal connotations
The concept of marginal utility decreasing with the increase in amount consumed of a commodity is called
Diminishing marginal returns
Diminishing marginal utility
Diminishing total utility
Diminishing total returns
What is the primary factor that influences consumer choice?
Price
Income
Preferences
All of the above
Which of the following best describes the concept of opportunity cost?
The cost of the next best alternative foregone
The total cost of a decision
The cost of production
The cost of living
In economics, what does the term 'market equilibrium' refer to?
When supply equals demand
When prices are at their highest
When there is a surplus of goods
When consumers have no preferences
When the price of good A rises, people start to drink good B. In this case, what is good B considered?
normal good
substitute good
luxury good
complementary good
What is the relationship between the Price and Quantity Demanded?
Positive Relationship
Inverse Relationship
Direct Relationship
Mixed Relationship
The law of demand states; there is an INVERSE relationship between price and quantity demanded. Which of the following is not a true statement?
Price goes down, qty demanded goes up.
Price goes up, demand goes down.
Price goes up qty demanded goes down.
All answers are correct.
The phrase "a change in demand" most directly implies a
shift in the demand curve
change in quantity demanded of a good
movement along the price curve
movement along the curve
Economics is a constant struggle between limited resources and____
Unlimited needs and wants
Limited needs and wants
Unlimited Resources
Scarcity
