How Well Do You Know Economics?

10 Questions | Total Attempts: 56

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How Well Do You Know Economics?

Economics is a branch of social sciences popularly studied in colleges. We all manage our resources. Do you know anything called scale of preference? There are lot of things about economics you might not know. Take this quiz to grade yourself.


Questions and Answers
  • 1. 
    Which of the following analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions?
    • A. 

      Microeconomics

    • B. 

      Macroeconomics

    • C. 

      Isoeconomics

    • D. 

      None of the above

  • 2. 
    Which of the following analyzes the entire economy (meaning aggregated production, consumption, savings, and investment) and issues affecting it, including unemployment of resources (labour, capital, and land), inflation, economic growth, and the public policies that address these issues?
    • A. 

      Microeconomics

    • B. 

      Macroeconomics

    • C. 

      Isoeconomics

    • D. 

      None of the above

  • 3. 
    Which of the following is said to describe "what is" ?
    • A. 

      Macroeconomics

    • B. 

      Isoeconomics

    • C. 

      Positive economics

    • D. 

      None of the above

  • 4. 
    Which of the following is said to deal with the advocating of "what ought to be "?
    • A. 

      Positive economics

    • B. 

      Isoeconomics

    • C. 

      Normative economics

    • D. 

      Negative economics

  • 5. 
    Which of the following define economics as a branch of the science of a statesman or legislator (with the twofold objectives of providing) a plentiful revenue or subsistence for the people to supply the state or commonwealth with a revenue for the public services?
    • A. 

      Jean-Baptiste Say

    • B. 

      Adam Smith

    • C. 

      All of the above

    • D. 

      None of the above

  • 6. 
    Which of the following is defined as the conversion of inputs into outputs?
    • A. 

      Opportunity Cost

    • B. 

      Production

    • C. 

      Commodity

    • D. 

      Scarcity

  • 7. 
    Which of the following refers to the economic cost of production?
    • A. 

      Economic efficiency

    • B. 

      Choices

    • C. 

      Opportunity cost

    • D. 

      Commodity

  • 8. 
    The full meaning of PPF?
    • A. 

      Production–possibility frontier

    • B. 

      Production–possibility front

    • C. 

      Production–possibility fontier

    • D. 

      Production–possibility frotier

  • 9. 
    Which of the following  is the relation of the quantity that all buyers would be prepared to purchase at each unit price of the good?
    • A. 

      Price

    • B. 

      Supply

    • C. 

      Demand

    • D. 

      Commodity

  • 10. 
    Which of the following in economics as an unknown prospect of gain or loss, whether quantifiable as risk or not?
    • A. 

      Scarcity

    • B. 

      Commodity

    • C. 

      Uncertainty

    • D. 

      Supply

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