Economics Economics Quiz 04 Preparation Online Economics Quiz 04 Preparation Online 1. The value of the good or service forgone by choosing another investment is called ? A. (A) opportunity cost B. (C) disposable income C. (D) consumer price indexD. (B) purchasing power parity Loading... 2. The central role of markets is to determine the ? A. (C) level of income B. (A) quality of goods C. (B) quantity of goods D. (D) price of goods Loading... 3. 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. (B) must also be analyzed D. (D) none of these Loading... 4. Who is considered the founder of modern Macroeconomics ? A. (D) Milton FriedmanB. (C) Friedrich Hayek C. (A) Adam Smith D. (B) John Keynes Loading... 5. Goods produced to produce yet other goods is called ? A. (B) capital B. (C) investment C. (A) final goods D. (D) resources Loading... 6. Inputs are combined with technology to produce outputs. The fundamental inputs (also called factors of production) are ? A. (D) land, labor, capital, and investmentB. (B) land and labor C. (C) land, labor, and capital D. (A) land and capital Loading... 7. Which economic term is used to represent inequality in income distribution ? A. (C) Gini B. (A) GDP C. (B) GNP D. (D) HDI Loading... 8. Consider a world without scarcity of resources. Then what would be the consequences ? A. (C) Economics would no longer be a useful subject B. (A) All prices would be zero C. (D) All of the aboveD. (B) Markets would be unnecessary Loading... 9. The fundamental concept of Economics about resources is that the resources are ? A. (D) unlimitedB. (C) scarce C. (A) equally distributed D. (B) unequally distributed Loading... 10. Who is considered the founder of Microeconomics ? A. (C) Friedrich Hayek B. (A) Adam Smith C. (B) John Keynes D. (D) Milton Friedman Loading... Loading... Related PostsEconomics Quiz 02 Preparation OnlineEconomics Quiz 01 Preparation OnlineEconomics Quiz 03 Preparation OnlineChemistry Mega Quiz Test Online for PreparationEconomics Solved MCQs Test 01 Preparation OnlineEconomics and Commercial Geography Test 02 Preparation… Continue Reading Previous Economics Quiz 03 Preparation Online Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Δ