Economics Quiz 04 Preparation Online Leave a Comment / Economics / By Shani Malik Economics Quiz 04 Preparation Online 1. 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... 2. 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. (B) land and labor D. (A) land and capital Loading... 3. Goods produced to produce yet other goods is called ? A. (C) investment B. (D) resourcesC. (A) final goods D. (B) capital Loading... 4. Who is considered the founder of Microeconomics ? A. (B) John Keynes B. (A) Adam Smith C. (D) Milton FriedmanD. (C) Friedrich Hayek Loading... 5. The fundamental concept of Economics about resources is that the resources are ? A. (C) scarce B. (D) unlimitedC. (B) unequally distributed D. (A) equally distributed Loading... 6. Who is considered the founder of modern Macroeconomics ? A. (B) John Keynes B. (C) Friedrich Hayek C. (D) Milton FriedmanD. (A) Adam Smith Loading... 7. When analyzing the impact of a variable on the economic system, the other things ? A. (A) must be kept constant B. (B) must also be analyzed C. (C) must not be taken into consideration D. (D) none of these Loading... 8. 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... 9. The value of the good or service forgone by choosing another investment is called ? A. (B) purchasing power parity B. (C) disposable income C. (A) opportunity cost D. (D) consumer price index Loading... 10. Which economic term is used to represent inequality in income distribution ? A. (A) GDP B. (B) GNP C. (D) HDID. (C) Gini Loading... Loading... Related NTS Results Post:English Grammar Quiz Online Test 01Biology Mcqs Test 06 Online PreparationVariations and Mutations Test 03 Preparation OnlineVariations and Mutations Test 02 Preparation OnlineVariations and Mutations Test 05 Preparation OnlineVariations and Mutations Test 04 Preparation OnlineUrogenital System Test 02 Preparation OnlineVariations and Mutations Test 01 Preparation Online
