Economics Economics Quiz 01 Preparation Online 0 Economics Quiz 01 Preparation Online 1. The ultimate goal of economic science is to ? A. (A) improve the living standard of people B. (D) obtain equilibrium between inflation and employmentC. (B) obtain the highest possible GDP D. (C) minimize the unemployment Loading... 2. The term recession refers to the ? A. (C) high supply and demand B. (B) high unemployment C. (A) high employment D. (D) low supply and demand Loading... 3. When price of a commodity increased by 3%, the quantity demanded decreased by 5%. The quantity is said to have ? A. (A) price-elastic demand B. (C) price-inelastic demand C. (D) price-inelastic supplyD. (B) price-elastic supply Loading... 4. When price of a commodity decreased by 4%, the quantity demanded increased by 4%. The quantity is said to have ? A. (C) price equilibrium B. (B) unit-elastic supply C. (D) supply-demand equilibriumD. (A) unit-elastic demand Loading... 5. The economic term used to rank countries according to human development is ? A. (C) Gini B. (A) GDP Per Capita C. (B) GNP D. (D) HDI Loading... 6. What from the following measures a government can take to reduce inequality in the distribution of income ? A. (A) Progressive taxation B. (D) All of the aboveC. (C) Subsidize consumption of low-income groups D. (B) Transfer payments Loading... 7. When price of a commodity increased by 5%, the quantity demanded decreased by 3%. The quantity is said to have ? A. (D) price-inelastic supplyB. (A) price-elastic demand C. (B) price-elastic supply D. (C) price-inelastic demand Loading... 8. In which from the following questions, we can only examine the likely consequences of alternative policies, and the answer can be resolved only by discussions? A. (C) Should a country lower tariff on imports? B. (A) Do higher interest rates slow the economy? C. (D) Does higher employment raise the inflation?D. (B) Do higher interest rates lower inflation? Loading... 9. Capital is one of the three fundamental inputs called factors of production, which is a produced and durable input and is itself an output of the economy. Which from the following is NOT among capital ? A. (C) highways B. (B) Machines C. (D) buildingsD. (A) clothing Loading... 10. The price elasticity of demand is the percentage change in _____ demanded divided by the percentage change in _____. A. (A) supply, price B. (D) price, quantityC. (C) price, supply D. (B) quantity, price Loading... Loading... Related PostsEconomics Quiz 04 Preparation OnlineEconomics Quiz 03 Preparation OnlineEconomics Quiz 02 Preparation OnlineChemistry Mega Quiz Test Online for PreparationBiology Mega Quiz Test OnlineEconomics and Commercial Geography Test 02 Preparation…Economics and Commercial Geography Test 01 Preparation…Economics and Commercial Geography Test 03 Preparation…Economics Solved MCQs Test 02 Preparation OnlineEconomics Solved MCQs Test 01 Preparation Online Continue Reading Previous Economics Solved MCQs Test 02 Preparation OnlineNext Economics Quiz 02 Preparation Online More Stories Economics Economics Quiz 04 Preparation Online 0 Economics Economics Quiz 03 Preparation Online 0 Economics Economics Quiz 02 Preparation Online 0 Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Δ