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MEFA UNIT -1 Quiz

Total questions: 88

Worksheet time: 44mins

Name
Class
Date
1.

The word ‘Economics’ is derived from which two Greek words?

a)

Oikos and Logos

b)

Eco and Nomos

c)

Polis and Nomos

d)

Geo and Nomos

2.

‘Eco’ means:

a)

Wealth

b)

Production

c)

House/Home

d)

Trade

3.

Economics is classified as a:

a)

Natural science

b)

Physical science

c)

Social science

d)

Applied science

4.

Economics mainly studies:

a)

Business profits

b)

Human behaviour related to resources

c)

Political systems

d)

Accounting records

5.

The basic economic problem arises due to:

a)

Unlimited resources

b)

Scarcity of wants

c)

Scarcity of resources and unlimited wants

d)

Population growth

6.

Which is NOT a basic economic question?

a)

What to produce

b)

How to produce

c)

For whom to produce

d)

How to advertise

7.

Economics explains the problem of:

a)

Distribution only

b)

Consumption only

c)

Choice making

d)

Marketing

8.

Which resource is NOT scarce?

a)

Land

b)

Labour

c)

Capital

d)

Air

9.

Economics focuses on optimum utilization of:

a)

Profits

b)

Wealth

c)

Scarce resources

d)

Labour only

10.

Economics deals with:

a)

Unlimited means and unlimited wants

b)

Limited means and unlimited wants

c)

Unlimited means and limited wants

d)

Limited means and limited wants

11.

Who is known as the Father of Economics?

a)

Alfred Marshall

b)

Lionel Robbins

c)

Adam Smith

d)

Keynes

12.

Economics as a science of wealth was propounded by:

a)

Marshall

b)

Robbins

c)

Adam Smith

d)

Pigou

13.

The book “Wealth of Nations” was written by:

a)

Marshall

b)

Adam Smith

c)

Robbins

d)

Samuelson

14.

Economics as a science of human welfare was defined by:

a)

Adam Smith

b)

Alfred Marshall

c)

Lionel Robbins

d)

Keynes

15.

Marshall emphasized:

a)

Wealth only

b)

Welfare only

c)

Both wealth and welfare

d)

Scarcity

16.

Economics as a science of scarcity was defined by:

a)

Marshall

b)

Pigou

c)

Lionel Robbins

d)

Adam Smith

17.

Robbins’ definition highlights:

a)

Welfare

b)

Wealth

c)

Scarcity and choice

d)

Growth

18.

According to Robbins, resources have:

a)

Single use

b)

No use

c)

Alternative uses

d)

Fixed use

19.

Which definition shifted focus from wealth to human behaviour?

a)

Smith

b)

Marshall

c)

Robbins

d)

Keynes

20.

Modern economics mainly follows:

a)

Wealth approach

b)

Welfare approach

c)

Scarcity approach

d)

Accounting approach

21.

Managerial economics is economics applied to:

a)

Government policy

b)

Social welfare

c)

Decision-making

d)

Accounting

22.

Managerial economics is closely related to:

a)

Macroeconomics

b)

Microeconomics

c)

International economics

d)

Welfare economics

23.

Managerial economics is normative because it:

a)

Describes facts

b)

Prescribes actions

c)

Records history

d)

Predicts population

24.

Which is NOT a feature of managerial economics?

a)

Application-oriented

b)

Normative

c)

Interdisciplinary

d)

Historical

25.

Managerial economics incorporates macroeconomics to consider:

a)

Consumer taste

b)

Inflation and policies

c)

Individual demand

d)

Firm cost

26.

Evaluation of alternatives means:

a)

Ignoring options

b)

Choosing the best option after comparison

c)

Selecting first option

d)

Avoiding risk

27.

Managerial economics draws support from:

a)

Economics only

b)

Accounting only

c)

Economics, statistics, management

d)

Psychology only

28.

Which is NOT included in the scope of managerial economics?

a)

Demand forecasting

b)

Pricing policies

c)

Capital management

d)

Census study

29.

Pricing decisions mainly affect:

a)

Population

b)

Revenue and profit

c)

Climate

d)

Labour supply

30.

Capital budgeting decisions are:

a)

Short-term

b)

Medium-term

c)

Long-term

d)

Temporary

31.

Demand requires:

a)

Desire only

b)

Ability only

c)

Willingness only

d)

Desire, ability and willingness

32.

Which factor does NOT affect demand?

a)

Income

b)

Taste

c)

Advertisement

d)

Cost of production

33.

Increase in income generally increases demand for:

a)

Inferior goods

b)

Giffen goods

c)

Normal goods

d)

Free goods

34.

Tea and coffee are examples of:

a)

Complementary goods

b)

Substitute goods

c)

Inferior goods

d)

Giffen goods

35.

Petrol and car are:

a)

Substitute goods

b)

Independent goods

c)

Complementary goods

d)

Luxury goods

36.

Demand influenced by future price expectation is called:

a)

Habit demand

b)

Speculative demand

c)

Expectation-based demand

d)

Seasonal demand

37.

Increase in population generally increases demand for:

a)

Luxury goods

b)

Necessaries

c)

Inferior goods

d)

Giffen goods

38.

Advertisement mainly affects demand by changing:

a)

Income

b)

Taste and preference

c)

Population

d)

Climate

39.

Demand for woollen clothes increases due to:

a)

Income

b)

Fashion

c)

Climate

d)

Price

40.

Without demand analysis, firms may suffer:

a)

Growth

b)

Monopoly

c)

Losses

d)

Expansion

41.

Law of demand shows relationship between:

a)

Income and demand

b)

Price and demand

c)

Cost and supply

d)

Demand and supply

42.

When price rises, demand:

a)

Extends

b)

Increases

c)

Falls

d)
43.

Law of demand shows relationship between:

a)

Income and demand

b)

Price and demand

c)

Cost and supply

d)

Demand and supply

44.

When price rises, demand:

a)

Extends

b)

Increases

c)

Falls

d)

Remains same

45.

Demand curve slopes:

a)

Upward

b)

Downward from left to right

c)

Vertical

d)

Horizontal

46.

Demand schedule shows:

a)

Price and supply

b)

Price and demand quantities

c)

Income and demand

d)

Cost and output

47.

Extension of demand occurs due to:

a)

Rise in price

b)

Fall in price

c)

Change in income

d)

Change in taste

48.

Law of demand assumes:

a)

Change in income

b)

Change in fashion

c)

Other things constant

d)

Change in population

49.

Giffen goods are generally consumed by:

a)

Rich

b)

Middle class

c)

Poor people

d)

Businessmen

50.

In Giffen goods, price rise leads to:

a)

Fall in demand

b)

No change

c)

Increase in demand

d)

Elastic demand

51.

Veblen goods are also called:

a)

Inferior goods

b)

Necessaries

c)

Prestige goods

d)

Giffen goods

52.

Example of Veblen good:

a)

Salt

b)

Rice

c)

Luxury car

d)

Bread

53.

Demand for essential goods is:

a)

Highly elastic

b)

Perfectly elastic

c)

Inelastic

d)

Perfectly inelastic

54.

Buying petrol before price rise is due to:

a)

Habit

b)

Expectation

c)

Income effect

d)

Fashion

55.

Impulse buying is influenced by:

a)

Planning

b)

Advertisement and emotions

c)

Income

d)

Population

56.

Consumer psychological bias assumes:

a)

Low price means high quality

b)

High price means better quality

c)

Price does not matter

d)

Quality is fixed

57.

Law of demand does not apply strictly to:

a)

Normal goods

b)

Luxury goods

c)

Necessaries

d)

Giffen goods

58.

Demand for machines is:

a)

Consumer demand

b)

Derived demand

c)

Autonomous demand

d)

Replacement demand

59.

Demand for vaccines is:

a)

Derived demand

b)

Autonomous demand

c)

Replacement demand

d)

Joint demand

60.

Demand for a single firm’s product is:

a)

Market demand

b)

Industry demand

c)

Company demand

d)

Segment demand

61.

Demand to replace old goods is:

a)

New demand

b)

Replacement demand

c)

Joint demand

d)

Composite demand

62.

Elasticity of demand measures:

a)

Quantity demanded

b)

Responsiveness of demand

c)

Price level

d)

Income

63.

Perfectly elastic demand means elasticity equals:

a)

0

b)

1

c)

Less than 1

d)

Infinity

64.

Necessaries usually have:

a)

Elastic demand

b)

Inelastic demand

c)

Perfect elastic demand

d)

Zero demand

65.

Income elasticity is negative for:

a)

Luxury goods

b)

Necessaries

c)

Inferior goods

d)

Comforts

66.

Cross elasticity of substitutes is:

a)

Negative

b)

Zero

c)

Positive

d)

Infinite

67.

Cross elasticity of complementary goods is:

a)

Positive

b)

Negative

c)

Zero

d)

Infinite

68.

Demand forecasting means:

a)

Past demand estimation

b)

Future demand estimation

c)

Price fixing

d)

Profit calculation

69.

Census method involves:

a)

Few consumers

b)

All consumers

c)

Experts

d)

Retailers

70.

Sample method is:

a)

Costly

b)

Time-consuming

c)

Easy and economical

d)

Unreliable

71.

Delphi technique uses:

a)

Consumers

b)

Retailers

c)

Experts’ opinions

d)

Workers

72.

Test marketing is useful for:

a)

Old products

b)

New products

c)

Inferior goods

d)

Necessaries

73.

Economic barometer method uses:

a)

Consumer surveys

b)

Economic indicators

c)

Expert opinions

d)

Judgment

74.

Regression analysis is a:

a)

Judgmental method

b)

Survey method

c)

Statistical method

d)

Experimental method

75.

Simple regression uses:

a)

One independent variable

b)

Two variables

c)

Many variables

d)

No variables

76.

Multiple regression uses:

a)

One variable

b)

Two or more variables

c)

No variables

d)

Dummy variables only

77.

Judgmental approach is used when data is:

a)

Accurate

b)

Abundant

c)

Insufficient or unreliable

d)

Statistical

78.

Availability of substitutes increases elasticity of demand.

a)

True

b)

False

79.

Goods without substitutes have demand which is:

a)

Elastic

b)

Inelastic

c)

Unit elastic

d)

Infinite

80.

Demand for goods with fewer uses is:

a)

Elastic

b)

Inelastic

c)

Unit elastic

d)

Perfect elastic

81.

Small expenditure goods usually have:

a)

Elastic demand

b)

Inelastic demand

c)

Perfect elastic

d)

Zero

82.

Large expenditure goods have:

a)

Inelastic demand

b)

Elastic demand

c)

Perfect inelastic

d)

Zero

83.

Demand forecasting means:

a)

Estimating past demand

b)

Estimating future demand

c)

Fixing price

d)

Profit calculation

84.

Census method collects data from:

a)

Few consumers

b)

All consumers

c)

Experts

d)

Retailers

85.

Sample method is preferred because it is:

a)

Costly

b)

Time-consuming

c)

Economical and easy

d)

Unreliable

86.

Delphi technique is based on:

a)

Consumer survey

b)

Expert opinion

c)

Statistical data

d)

Test marketing

87.

Test marketing is useful for:

a)

Old products

b)

New products

c)

Necessaries

d)

Inferior goods

88.

Economic barometer method uses:

a)

Surveys

b)

Economic indicators

c)

Experiments

d)

Guessing

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