Quiz on Additional Question

#1. An important generalization about demand is described by __________________________.

#2. Which of the following is/are correct about micro economics?

#3. “Generally a business manager is concerned with problems of his own business units. He does not study the economic problems of an economy as a whole.” State whether the above statement is___________

#4. Which of the following is incorrect regarding indifference curve approach of consumer’s behavior?

#5. Economics is mainly concerned with

#6. Being _____________________ utility varies with different persons.

#7. Budget line or price line is downward sloping because _________________________________.

#8. Business economics is a field in __________________ which uses economic theory and quantitative methods to analyze business enterprises.

#9. In the below figure, if DD is the demand curve and R is a given point on it then the area of shaded portion OP1 RQ1 is _____________ (Q – 34)

#10. A socialist economy is a system of production where goods and services are produced________________.

#11. According to ordinal approach of consumer’s behavior-

#12. People know utility of goods by means of ______________________.

#13. At saturation point of TU curve , the slope of TU curve is_________________________

#14. Successful business firms spend considerable time, energy and efforts in analyzing the _________ for their products.

#15. If there is no central planning authority to make the fundamental economic decisions and thus to allocate productive resources, how can then free enterprise or capitalist economy solve its central problems?

#16. The demand for labour in response to the wage rate is __________ whereas the demand for same labour in response to the price of electronic goods where labour enters as an input is_____________.

#17. If the price of a commodity raised by 12% and Ed is (-) 0.63, the expenditure made on the commodity by a consumer will _____________

#18. Which one of the following statements is correct regarding socialist economy?

#19. In the beginning the name of economics was ___________________________.

#20. “A wise individual or a society likes to provide for its growth of productive capacity.” This requires that a part of its resources should be devoted to the production of ______________________.

#21. Commodities such as prescribed medicines and salt have __________________ and ___________ hence, have an ___________________ demand.

#22. According to which of the following definitions, economics studies human behavior regarding how he satisfied his wants with scare resources?

#23. The desire for a commodity by a person depends upon the ________________ he expects to obtain from it.

#24. Business economics is based on micro economics in two categories _______________ and ________________

#25. . “If Americans today, for example were to content to live at the level of the Indian middle class people, all their wants would be fully satisfied with their available resources and capacity to produce.” On the basis of the above statement, which of the following conclusion can be made?

#26. The scope of business economics includes ______________________.

#27. While drawing budget line of a consumer consuming Nachos chips and Pepsi, if the quantity of Nachos taken on Y-axis and quantity of Pepsi on X-axis. The slope of budget line will be- Note : [Where, Pp – Price of Pepsi, PN – Price of Nachos & M – Money income of consumer]

#28. . The industrialization and economic development of the USA, Great Britain and other Western European countries have taken place under the condition of _______________________.

#29. Business economics is _______________________ in its approach.

#30. Which of the following is not a merit of socialist economy?

#31. The greater the inequalities in the distribution of money incomes, the __________________ the inequalities in the distribution of national output

#32. Let slope of demand curve is (-) 0.6, calculate elasticity of demand when initial price is $ 30 per unit and initial quantity is 100 units of the commodity.

#33. The economist’s concept of demand is _____________ as desire or need or choice or preference or order.

#34. During lockdown due to COVID-19, a consumer finds the vegetable vendors selling vegetables in the street have raised the prices of vegetables than usual prices. She will buy ____________ vegetables than/as her usual demand showing the demand of vegetables is ____________.

#35. Which of the following is/are the merit(s) of mixed economic system?

#36. Capital intensive technique of production is used in _____________________.

#37. A consumer’s preferences are monotonic if and only if between two bundles, the consumer prefers the bundle which has _______________________

#38. Which of the following groups of goods have inelastic demand?

#39. Let QX = 1500/PX, the elasticity of demand of the good X when its price falls from $ 8 to $ 2 per unit, will be-

#40. Which of the following is/are limitation(s) of the wealth definitions of economics given by classical economists?

#41. Which of the following falls within the domain of Normative Economics?

#42. “A business manager must know the external forces working over his business environment.” State whether the above statement is___________

#43. The word economics has been derived from a _____________________ word.

#44. Economics is a branch of ___________________ focused on the production, distribution and consumption of goods and services.

#45. Luxuries are goods that are

#46. 4. ______________________ is concerned with welfare proposition

#47. By way of an optimal choice, a consumer tends to