Economics Quiz 01 Preparation Online Leave a Comment / Economics / By Shani Malik Economics Quiz 01 Preparation Online 1. 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. (A) clothing D. (D) buildings Loading... 2. The price elasticity of demand is the percentage change in _____ demanded divided by the percentage change in _____. A. (B) quantity, price B. (C) price, supply C. (A) supply, price D. (D) price, quantity Loading... 3. When price of a commodity increased by 3%, the quantity demanded decreased by 5%. The quantity is said to have ? A. (C) price-inelastic demand B. (B) price-elastic supply C. (D) price-inelastic supplyD. (A) price-elastic demand Loading... 4. The term recession refers to the ? A. (D) low supply and demandB. (A) high employment C. (B) high unemployment D. (C) high supply and demand Loading... 5. 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. (A) unit-elastic demand D. (D) supply-demand equilibrium Loading... 6. The economic term used to rank countries according to human development is ? A. (C) Gini B. (A) GDP Per Capita C. (D) HDID. (B) GNP Loading... 7. What from the following measures a government can take to reduce inequality in the distribution of income ? A. (A) Progressive taxation B. (C) Subsidize consumption of low-income groups C. (D) All of the aboveD. (B) Transfer payments Loading... 8. The ultimate goal of economic science is to ? A. (A) improve the living standard of people B. (B) obtain the highest possible GDP C. (C) minimize the unemployment D. (D) obtain equilibrium between inflation and employment Loading... 9. 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. (B) Do higher interest rates lower inflation? D. (D) Does higher employment raise the inflation? Loading... 10. When price of a commodity increased by 5%, the quantity demanded decreased by 3%. The quantity is said to have ? A. (B) price-elastic supply B. (D) price-inelastic supplyC. (C) price-inelastic demand D. (A) price-elastic demand Loading... Loading... Related NTS Results Post:English Grammar Quiz Online Test 01Variations and Mutations Test 01 Preparation OnlineVariations and Mutations Test 04 Preparation OnlineVariations and Mutations Test 05 Preparation OnlineVariations and Mutations Test 02 Preparation OnlineVariations and Mutations Test 03 Preparation OnlineUrogenital System Test 01 Preparation OnlineUrogenital System Test 08 Preparation Online
