WorksheetsECONOMICS BASICS-2
Total questions: 21
Worksheet time: 18mins
Difference between need and want
Full form of UNDP is
A rational person does not act unless a. the action is ethical.
Your family bought a brand new mansion.
Service
Want
Good
Need
मांग के नियम के कितने उपवाद है?
4
3
1
2
A point above the PPF curve represents
inefficiency
efficiency
Unattainable
Unemployment
Scarcity can best be defined as
A Shortage of a product
Where demand is greater than supply
Unlimited wants vs Limited resources
Limited wants vs unlimited resources
Movement along the Demand curve to the right is called
increase in quantity demanded
increase in demand
decrease in demand
decrease in quantity demanded
What are the factors of production ?
Labour
Land
Capital
All of these
Economics is the study of
how to reduce our wants until we are satisfied.
how to avoid having to make trade-offs.
how society manages its unlimited resources.
how to fully satisfy our unlimited wants.
Which sector is not part of 3 sector economy?
Foreign sector
Business
Household
Government sector
HDI stands for
Human Developed Index
Humus Developing Index
Human Developmental Index
Human Drastic Indu
What is a need?
An example of need is Macbook.
Need is something that you desire and wish to have.
Need is something that isn't essential for survival.
Need is something that is required for survival.
Which of the following resources would economists classify as “capital”?
A hammer used in framing a house
Raw Bauxite in a South African mine
Trees used to make paper
A worker hired to repair engines
Economic growth is depicted by
a movement along a production possibilities frontier toward capital goods.
a shift in the production possibilities frontier inward.
shift in the production possibilities frontier outward
a movement from inside the curve toward the curve.
Positive statements are
statements of prescription that involve value judgments.
statements of description that can be tested.
macroeconomic.
microeconomic.
Which of the following is NOT a consumer good?
a pack of Doritos in a vending machine
a bulldozer at a construction site
a Happy Meal at McDonalds
a television set for sale at an appliance store
As the price of a good rises in a market, it acts as a signal:
to consumer that they should increase their demand for the good.
consumers that they should buy a greater quantity of the good.
to producers that they should supply a greater quantity of the good.
to producers that they should increase their supply of the good.
Which of the following statements is normative?
Large government deficits cause an economy to grow more slowly.
Printing too much money causes inflation.
People work harder if the wage is higher.
The unemployment rate should be lower.
Why is literacy rate is low in the females?
lack of equal education opportunities
lack of transport facilities
lack of income
lack of infrastructure
The law of demand states that
consumers demand a larger quantity of a good when price is low.
consumer demand increases when price is low.
sellers supply a larger quantity of a good when price is high.
sellers increase supply when price is high.
