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Worksheetsbasic concepts of economics class 11
Total questions: 17
Worksheet time: 10mins
The wish to have something is_
Desire
Want
Need
Demand
Effective efforts put to acquire something will be_
Want
Desire
Need
Demand
Willingness to pay for the want is_
Need
Desire
Demand
Show off
Things require to survive are categorised as_
Demands
Wants
Needs
Desires
Which is NOT a classification of Wants
Necessities
Luxuries
Comforts
Secondary
Consumption is the direct use of goods and services in satisfying human wants
True
False
Sustainable development means not to leave resources for future use
False
True
Which is NOT a feature of Utility
Subjective
Measurable
Relative
No moral or legal connotations
Utility is the property of quality common to all commodities wanted by a person
Agree
Disagree
If we eat three mangoes at dinner time, the total amount of satisfaction obtained is called_
Total Utility
Marginal Utility
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
Man – made resources, such as machines and factory buildings.
(a)
Person who buys and uses goods and services to satisfy his or her wants.
(a)
The central problem in Economics
(a)
Human resources; another name for workers.
(a)
All the money is capital.
True
False
These goods do not demand prices
Free goods
Relative scarcity
Economic goods
Absolute scarcity
Opportunity cost
