Demand and Supply Mcqs Test 05 Preparation Online Shani Malik — May 19, 2018 in Uncategorized • add comment Demand and Supply Mcqs Test 05 Preparation Online 1. A mixed economy is characterised by the co-existence of?A. Commercial and subsistence farmingB. Modern and traditional industries C. Public and private sectors D. Foreign and domestic investments Loading... 2. Microeconomics deals with the?A. All of the aboveB. Determination of prices of goods and services C. Ellocation of resources of the economy as between production of different goods and services D. Behaviour of industrial decision makers Loading... 3. Who defined Economics as a 'Science which studies human behaviour as a relationship between ends and means which have alternative uses?A. L. Robbins B. B. Joan Robinson C. Paul A. SamuelsonD. Alfred Marshall Loading... 4. An economic theory is?A. A tested hypothesisB. A hypothesis C. An axiom D. A proposition Loading... 5. Formulation of an economic theory involves?A. Logical deductions from the assumptions made B. All of the aboveC. Testing the hypothesis against empirical evidence D. Statement of various assumptions or postulates Loading... 6. Identify the aspect of taxation which is related to normative economics?A. None of the aboveB. Incidence of tax C. Effect of tax on the capacity willingness to work D. Equity of tax Loading... 7. Demand for a commodity refers to a?A. Quantity of the commodity demanded at a certain price during any praticular period of timeB. Desire for the commodity C. Quantity demanded of that commodity D. Need for the commodity Loading... 8. Which of the following is incorrect?A. Normative Economics studies how the economic problems facing society should be solved B. Equilibrium refers to the market conditions which once achieved, tend to persistC. A market necessarily refers to a meeting place between buyers and sellers D. A function shows the relationship between two or more variables Loading... 9. Which of the following is Microeconomics concerned with?A. None of the aboveB. The size of national output C. The levelof employment D. Changes in the general level of prices Loading... 10. Which is not an essential feature of a socialist economy?A. Government decisionsB. Freedom of enterprise C. Use of centralized planning D. Social ownership of the means of production Loading... Loading...
