Economics Economics Quiz 01 Preparation Online Economics Quiz 01 Preparation Online 1. 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. (C) price-inelastic demand C. (B) price-elastic supply D. (A) price-elastic demand Loading... 2. The ultimate goal of economic science is to ? A. (D) obtain equilibrium between inflation and employmentB. (C) minimize the unemployment C. (B) obtain the highest possible GDP D. (A) improve the living standard of people Loading... 3. 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. (D) supply-demand equilibriumC. (B) unit-elastic supply D. (A) unit-elastic demand Loading... 4. 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... 5. What from the following measures a government can take to reduce inequality in the distribution of income ? A. (C) Subsidize consumption of low-income groups B. (A) Progressive taxation C. (D) All of the aboveD. (B) Transfer payments Loading... 6. 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. (D) Does higher employment raise the inflation?B. (C) Should a country lower tariff on imports? C. (B) Do higher interest rates lower inflation? D. (A) Do higher interest rates slow the economy? Loading... 7. 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... 8. 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. (D) buildingsB. (B) Machines C. (A) clothing D. (C) highways Loading... 9. The economic term used to rank countries according to human development is ? A. (D) HDIB. (C) Gini C. (A) GDP Per Capita D. (B) GNP Loading... 10. The term recession refers to the ? A. (C) high supply and demand B. (D) low supply and demandC. (B) high unemployment D. (A) high employment Loading... Loading... Related PostsEconomics Quiz 02 Preparation OnlineEconomics Quiz 04 Preparation OnlineEconomics Quiz 03 Preparation OnlineChemistry Mega Quiz Test Online for PreparationEconomics and Commercial Geography Test 02 Preparation…Economics and Commercial Geography Test 03 Preparation… Continue Reading Previous Economics Solved MCQs Test 02 Preparation OnlineNext Economics Quiz 02 Preparation Online Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Δ