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ECONOMICS BASICS

Total questions: 21

Worksheet time: 10mins

Name
Class
Date
1.

मांग के नियम के कितने उपवाद हैं ?

a)

1

b)

2

c)

3

d)

4

2.

Your family bought a brand new mansion.

a)

Good

b)

Service

c)

Need

d)

Want

3.

Difference between need and want

a)

Need is something you desire and want is something required for survival.

b)

Need is something you require for survival and want is something you desire.

4.

What is a need?

a)

Need is something that you desire and wish to have.

b)

Need is something that is required for survival.

c)

An example of need is Macbook.

d)

Need is something that isn't essential for survival.

5.

HDI stands for

a)

Human Developed Index

b)

Humus Developing Index

c)

Human Drastic Indu

d)

Human Developmental Index

6.

Full form of UNDP is

(a)  

7.

Why is literacy rate is low in the females?

a)

lack of equal education opportunities

b)

lack of infrastructure

c)

lack of transport facilities

d)

lack of income

8.

Which sector is not part of 3 sector economy?

a)

Foreign sector

b)

Government sector

c)

Household

d)

Business

9.
A  point above the PPF curve represents
a)
efficiency
b)
inefficiency
c)
Unemployment
d)
Unattainable
10.
Movement along the Demand curve to the right is called
a)
decrease in demand
b)
decrease in quantity demanded
c)
increase in demand
d)
increase in quantity demanded
11.
The law of demand states that
a)
consumers demand a larger quantity of a good when price is low.
b)
consumer demand increases when price is low.
c)
sellers supply a larger quantity of a good when price is high.
d)
sellers increase supply when price is high.
12.
As the price of a good rises in a market, it acts as a signal:
a)
consumers that they should buy a greater quantity of the good.
b)
to producers that they should supply a greater quantity of the good.
c)
to consumer that they should increase their demand for the good.
d)
to producers that they should increase their supply of the good.
13.
Positive statements are
a)
macroeconomic.
b)
microeconomic.
c)
statements of description that can be tested.
d)
statements of prescription that involve value judgments.
14.
Which of the following statements is normative?
a)
a. Large government deficits cause an economy to grow more slowly.
b)
People work harder if the wage is higher.
c)
The unemployment rate should be lower.
d)
Printing too much money causes inflation.
15.
Economic growth is depicted by
a)
shift in the production possibilities frontier outward
b)
a movement from inside the curve toward the curve.
c)
a shift in the production possibilities frontier inward.
d)
a movement along a production possibilities frontier toward capital goods.
16.
A rational person does not act unless a. the action is ethical.
a)
b. the action produces marginal costs that exceed marginal benefits.
b)
the action produces marginal benefits that exceed marginal costs.
c)
the action makes money for the person.
d)
none of these answers.
17.
Economics is the study of
a)
how society manages its unlimited resources.
b)
how to reduce our wants until we are satisfied.
c)
how to fully satisfy our unlimited wants.
d)
how to avoid having to make trade-offs.
18.
(2) Which of the following resources would economists classify as “capital”?    
a)
Raw Bauxite in a South African mine 
b)
A hammer used in framing a house 
c)
A worker hired to repair engines 
d)
Trees used to make paper 
19.
(3) Which of the following is NOT a consumer good?
a)
a bulldozer at a construction site
b)
a Happy Meal at McDonalds
c)
a pack of Doritos in a vending machine
d)
a television set for sale at an appliance store
20.
   Scarcity can best be defined as 
a)
A Shortage of a product
b)
Where demand is greater than supply
c)
Unlimited wants vs Limited resources 
d)
Limited wants vs unlimited resources 
21.

Q1 What are the factors of production ?

a)

Land

b)

Capital

c)

Labour

d)

All of these

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