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Q.1
Buyers choose what items are produced based on their spending habits
Consumer Sovereignty
Factors of Production
Efficiency
Cost / Benefit Analysis
Q.2
A economist who introduced the steady increase of the supply of money within growing economies.
David Ricardo
John Maynard Keynes
Milton Friedman
Beatrice Webb
Q.3
Competition and profit motive are important characteristics of a:
command economy
traditional economy
market economy
socialist economy
Q.4
The amount of money a business makes after its expenses are paid
profit
supply
demand
scarcity
Q.5
Which type of economy has central ownership, the government, and lack of individual choice?
Market
Mixed
Command
Traditional
Q.6
Which type of economy is usually paired with a Communist government?
Mixed
Market
Command
Traditional
Q.7
Who invented communism?
Plato
Karl Marx
Paul Samuelson
Adam Smith
Q.8
Which of the following are markets involved in the circular flow model?
Factor Market and Resource Market
Labor Market and Product Market
Factor Market and Product Market
Resource Market and Labor Market
Q.9
Which two groups of people are represented in the circular flow model?
Buyers and Sellers
Producers and Consumers
Government and Private Individuals
Households and Businesses
Q.10
This means that the government should not interfere in the marketplace.
Laissez Faire
Capitalism
Communism
Socialism
Q.11
Capitalism is in what type of economy?
Traditional
Command
Market
Authortarian
Q.12
When customers and business owners exchange products and money, because it will help them both in some way.
voluntary exchange
volunteering to help someone for free
opportunity cost
reading quizzes
Q.13
When two goods are perfect complementary, the indifference curve is:
A straight line
U shaped
L – shaped
Circular in shape.
Q.14
At equilibrium, the slope of the indifference curve is:
Equal to the slope of budget line
Greater than the slope of budget line
Smaller than the slope of budget line
None of these
Q.15
Marginal utility approach was given by:
(a) J.R. Hicks
(b) Alfred Marshall
(c) Robbins
(d) A.C. Pigou
Q.16
Indifference curves between income and leisure for an individual are generally:
Concave to the origin
Convex to the origin
Negatively sloped straight lines
Positively sloped straight lines
Q.17
Indifference curves never intersect each other due to:
Different levels of satisfaction
Same levels of satisfaction
Convex to origin
Concave to origin
Q.18
---------------- shows various combinations of two products that give same amount of satisfaction:
(a) ISO cost curve
(b) Indifference curve
(c) Marginal utility curve
(d) ISO quant
Q.19
A budget constraints line is a result of:
Market price of commodity X
Market price of commodity Y
Income of the consumer
All of these
Q.20
The difference between what a consumer is ready to pay and what he actually pays is:
Consumer Surplus
Consumer deficit
Both
None
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