Economics Quiz 04 Preparation Online Leave a Comment / Economics / By Shani Malik Economics Quiz 04 Preparation Online 1. Inputs are combined with technology to produce outputs. The fundamental inputs (also called factors of production) are ? A. (C) land, labor, and capital B. (D) land, labor, capital, and investmentC. (B) land and labor D. (A) land and capital Loading... 2. The central role of markets is to determine the ? A. (A) quality of goods B. (C) level of income C. (D) price of goodsD. (B) quantity of goods Loading... 3. When analyzing the impact of a variable on the economic system, the other things ? A. (D) none of theseB. (A) must be kept constant C. (B) must also be analyzed D. (C) must not be taken into consideration Loading... 4. Goods produced to produce yet other goods is called ? A. (A) final goods B. (B) capital C. (C) investment D. (D) resources Loading... 5. Consider a world without scarcity of resources. Then what would be the consequences ? A. (B) Markets would be unnecessary B. (A) All prices would be zero C. (D) All of the aboveD. (C) Economics would no longer be a useful subject Loading... 6. The value of the good or service forgone by choosing another investment is called ? A. (B) purchasing power parity B. (A) opportunity cost C. (D) consumer price indexD. (C) disposable income Loading... 7. Who is considered the founder of modern Macroeconomics ? A. (A) Adam Smith B. (B) John Keynes C. (C) Friedrich Hayek D. (D) Milton Friedman Loading... 8. Which economic term is used to represent inequality in income distribution ? A. (C) Gini B. (B) GNP C. (D) HDID. (A) GDP Loading... 9. Who is considered the founder of Microeconomics ? A. (A) Adam Smith B. (B) John Keynes C. (D) Milton FriedmanD. (C) Friedrich Hayek Loading... 10. The fundamental concept of Economics about resources is that the resources are ? A. (B) unequally distributed B. (A) equally distributed C. (D) unlimitedD. (C) scarce Loading... Loading... Related NTS Results Post:English Grammar Quiz Online Test 01Variations and Mutations Test 01 Preparation OnlineVariations and Mutations Test 05 Preparation OnlineVariations and Mutations Test 04 Preparation OnlineVariations and Mutations Test 02 Preparation OnlineBiology Mcqs Test 10 Online PreparationGAT General NTS Test Papers & Preparation OnlineChemistry MCQs Test 05 Online Preparation