NEW
Font size
WorksheetsQUIZ 1
Total questions: 8
Worksheet time: 8mins
Which of the following is a differentiated product?
a. A hamburger
b. An automobile
c. A shirt
d. All of the above
The demand curve faced by a perfectly competitive firm is
a. Perfectly elastic
b. Perfectly inelastic
c. Elastic
d. Inelastic
Economics is considered as
a. Science
b. Arts
c. Both science and arts
The theory of Relative Income Hypothesis was given by
a. James Duesenberry
b. Milton Friedman
c. J M Keynes
d. Adam Smith
Who is known as the father of Economics?
a. J M Keynes
b. Milton Friedman
c. David Ricardo
d. Adam Smith
In a ______________ economic system, customs and traditions determine what and how to produce
traditional
market
command
mixed
In a ______________ economic system, the government owns resources and controls production, prices, and wages
traditional
market
command
mixed
What is a consumer?
a person who takes things
a person who purchases goods and services for personal use
a person who takes good away
the economic factors affecting the price, demand, and availability of a commodity
