WorksheetsIntroduction
Total questions: 25
Worksheet time: 14mins
When people need to make economic choices due to a lack of available goods and money, this is called _________________________ in economic terms.
trade offs
scarcity
opportunity cost
incentive
What are the 4 Factors of Production?
Land, capital, money, entrepreneurs
Land, capital, labor, entrepreneurship
Capital, money, supply, demand
Labor, capital, supply, demand
What is the opportunity costs of going from Point D to Point B?
11 public goods
9 private goods
18 public goods
22 private goods
These are unlimited and ever changing?
Scarcity
Factors of production
Wants
Needs
What are the 3 fundamental questions of economics?
What to produce?
Where to produce?
How to produce?
For whom to produce?
Microeconomics focuses on -
Income determination
Employment determination
Price determination
all of these
Positive statements in economics talk about
opinions
Facts
both
none
which of the following is a normative statement?
the number of corona cases in India has gone beyond 60000
The number of corona virus deaths in India are above 2000
There are over 40 crore migrant workers in India
Indian government should provide free transport to all migrant workers to help them reach their hometown.
What to produce is the central problem of choice of technique of production
True
False
Central Problems are not faced by Developed economies.
True
False
The shape of PPC is
Downward sloping
Concave to the origin
both
either of the two
The Slope of PPC is known as _______
Marginal Rate of Transformation
Marginal Rate of Substitution
opportunity cost
both a and c
Points on the PPC show
Under utilization of resources
Full and efficient utilization of resources
Growth of Resources
They show nothing
A production combination that is achieved with under utilization of resources is shown
on the PPC
outside the PPC
Inside the PPC
it is not shown
if in the production of two goods X and Y, we move from the point (30,40) to (40,0) then the MRT is
0
2:1
3:1
4:1
which of the following is not an assumption of PPC
Two goods
fixed resources
changing technology
full and efficient utilization of resources
Opportunity Cost is:
The additional benefit of buying an additional unit of a product.
That which we forgo, or give up, while making a choice or a decision.
The cost incurred in the past before we make a decision about what to do in future
A cost that is borne in terms of discomfort and pain while supplying factors of production.
Economics is
The study of stocks and bond market.
The study of Management decisions.
The problem of choice under scarcity.
Mainly the study of business firms.
Government-provided healthcare increases public expenditures.
Normative Economic Statement
Positive Economic Statement
An outward shift in the curve shows what?
Economic Growth
Less Production
Less employment
Full Employment
