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Worksheets11 Economics-Introduction to Micro Economics
Total questions: 10
Worksheet time: 5mins
------------- is the amount of goods
that can be purchased with money as income
Real income
Capital income
Income cost
Cost incurred
Nominal income refers to income,
expressed in terms of money. It is termed
as the ----------
Real income
Revenue
Money income
Price
Consumer’s equilibrium occurs
when he gets
maximum income
maximum satisfaction
maximum Profit
maximum loss
-------- is income obtained from the sale
of goods and services
income
Revenue
Loss
Deposit
---------------------- refers to the expenses incurred to
produce or acquire a given quantum of a
good.
Loss
Revenue
Cost
Price
Price of a good is fixed by the forces of -------
Demand and supply
Demand and price
Price and supply
Demand and money
Utility means-----------
Equilibrium point at which
demand and supply are equal
Want-satisfying capacity of goods
and services
Total value of commodity
Desire for goods and services
A market is
. Only a place to buy things
Only a place to sell things
Only a place where prices adjust
A system where persons buy and
sell goods directly or indirectly
Which one of the following is not
a point in the Welfare Definition of
Economics
Study of and ordinary man
Economics does not focus on
wealth alone
Economics is the study of material
welfare
Economics deals with unlimited
wants and limited means
“Economics is a science” The basis of
this statement is—
Experiments
Relation between cause and effect
Use of deductive method and
inductive method for the
formations of laws
All of the above
