Quiz on Additional Question

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

#2. Being _____________________ utility varies with different persons.

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

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

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

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

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

#8. 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.

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

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

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

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

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

#14. 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 ____________.

#15. . “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?

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

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

#18. Economics is mainly concerned with

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

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

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

#22. 4. ______________________ is concerned with welfare proposition

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

#24. Luxuries are goods that are

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

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

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

#28. “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 ______________________.

#29. 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]

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

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

#32. “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___________

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

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

#35. 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_____________.

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

#37. The scope of business economics includes ______________________.

#38. Business economics is _______________________ in its approach.

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

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

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

#42. 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)

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

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

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

#46. 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?

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