Economics Quiz 03 Preparation Online

1. When no firm or consumer is large enough to affect the market price, the market is assumed to have ?

A. (B) imperfect competition

B. (C) no competition

C. (D) none of these

D. (A) perfect competition

2. An economy is producing efficiently when no individual’s economic welfare can be improved unless ?

A. (B) demand is increased

B. (C) someone else is improved

C. (A) supply is increased

D. (D) someone else is made worse off

3. Which from the following economic resources cannot be converted into commodity ?

A. (B) Labour

B. (D) All of these can be converted into commodity

C. (A) Land

D. (C) Capital

4. The branch of economics concerned with overall performance of the economy is known as ?

A. (C) Econometric

B. (A) Microeconomics

C. (B) Macroeconomics

D. (D) Keynesian Economics

5. Taxes are used to discourage __________ of a commodity.

A. (D) inflation

B. (C) saving

C. (B) production

D. (A) consumption

6. Which from the following are the results of imperfect competition in the markets ?

A. (D) All of the above

B. (B) Externalizes

C. (A) Monopolies

D. (C) Public goods

7. The branch of economics concerned with the behavior of markets, firms, and households is known as ?

A. (A) Microeconomics

B. (B) Macroeconomics

C. (D) Bayesian Economics

D. (C) Econometric

8. Subsidies are used to encourage __________ of a commodity.

A. (D) inflation

B. (B) production

C. (A) consumption

D. (C) saving

9. Which from the following are features of a modern economy ?

A. (C) Financial Markets

B. (B) Division of Labor

C. (D) All of the above

D. (A) Specialization

10. The branch of economics concerned with the use of statistical methods to obtain empirical results for economic relations is known as ?

A. (C) Econometric

B. (D) Keynesian Economics

C. (A) Microeconomics

D. (B) Macroeconomics

Economics Quiz 03 Preparation Online

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