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basic concepts of economics class 11

Total questions: 17

Worksheet time: 10mins

Name
Class
Date
1.

The wish to have something is_

a)

Desire

b)

Want

c)

Need

d)

Demand

2.

Effective efforts put to acquire something will be_

a)

Want

b)

Desire

c)

Need

d)

Demand

3.

Willingness to pay for the want is_

a)

Need

b)

Desire

c)

Demand

d)

Show off

4.

Things require to survive are categorised as_

a)

Demands

b)

Wants

c)

Needs

d)

Desires

5.

Which is NOT a classification of Wants

a)

Necessities

b)

Luxuries

c)

Comforts

d)

Secondary

6.

Consumption is the direct use of goods and services in satisfying human wants

a)

True

b)

False

7.

Sustainable development means not to leave resources for future use

a)

False

b)

True

8.

Which is NOT a feature of Utility

a)

Subjective

b)

Measurable

c)

Relative

d)

No moral or legal connotations

9.

Utility is the property of quality common to all commodities wanted by a person

a)

Agree

b)

Disagree

10.

If we eat three mangoes at dinner time, the total amount of satisfaction obtained is called_

a)

Total Utility

b)

Marginal Utility

11.

The concept of marginal utility decreasing with the increase in amount consumed of a commodity is called

a)

Diminishing marginal returns

b)

Diminishing marginal utility

c)

Diminishing total utility

d)

Diminishing total returns

12.

Man – made resources, such as machines and factory buildings.

(a)  

13.

Person who buys and uses goods and services to satisfy his or her wants.

(a)  

14.

The central problem in Economics

(a)  

15.

Human resources; another name for workers.

(a)  

16.

All the money is capital.

a)

True

b)

False

17.

These goods do not demand prices

a)

Free goods

b)

Relative scarcity

c)

Economic goods

d)

Absolute scarcity

e)

Opportunity cost