Economics Quiz 04 Preparation Online Shani Malik — May 22, 2018 in Economics • add comment Economics Quiz 04 Preparation Online 1. Goods produced to produce yet other goods is called ? A. (B) capital B. (D) resourcesC. (C) investment D. (A) final goods Loading... 2. Consider a world without scarcity of resources. Then what would be the consequences ? A. (B) Markets would be unnecessary B. (C) Economics would no longer be a useful subject C. (D) All of the aboveD. (A) All prices would be zero Loading... 3. The central role of markets is to determine the ? A. (A) quality of goods B. (C) level of income C. (B) quantity of goods D. (D) price of goods Loading... 4. Who is considered the founder of modern Macroeconomics ? A. (D) Milton FriedmanB. (A) Adam Smith C. (C) Friedrich Hayek D. (B) John Keynes Loading... 5. The value of the good or service forgone by choosing another investment is called ? A. (C) disposable income B. (B) purchasing power parity C. (A) opportunity cost D. (D) consumer price index Loading... 6. Which economic term is used to represent inequality in income distribution ? A. (C) Gini B. (A) GDP C. (B) GNP D. (D) HDI Loading... 7. The fundamental concept of Economics about resources is that the resources are ? A. (B) unequally distributed B. (D) unlimitedC. (C) scarce D. (A) equally distributed Loading... 8. Who is considered the founder of Microeconomics ? A. (C) Friedrich Hayek B. (B) John Keynes C. (A) Adam Smith D. (D) Milton Friedman Loading... 9. Inputs are combined with technology to produce outputs. The fundamental inputs (also called factors of production) are ? A. (D) land, labor, capital, and investmentB. (C) land, labor, and capital C. (A) land and capital D. (B) land and labor Loading... 10. When analyzing the impact of a variable on the economic system, the other things ? A. (C) must not be taken into consideration B. (A) must be kept constant C. (D) none of theseD. (B) must also be analyzed Loading... Loading... Related NTS Results Post:Economics Quiz 03 Preparation OnlineEconomics Quiz 01 Preparation OnlineEconomics Quiz 02 Preparation OnlineEconomics and Commercial Geography Test 01…Economics and Commercial Geography Test 02…Economics Solved MCQs Test 02 Preparation OnlineEconomics Solved MCQs Test 01 Preparation OnlineEconomics and Commercial Geography Test 03…