7/29/2019 MMS Quiz 1

1/22

QUIZ

7/29/2019 MMS Quiz 1

2/22

QUESTION 1 :

Economics may be defined as the science

that explains _____________.

The choices that we make as we cope with

scarcity.

The decisions made by politicians.

The decisions made by households.

All human behavior.

7/29/2019 MMS Quiz 1

3/22

CORRECT ANSWER IS :

The choices that we make as wecope with scarcity.

7/29/2019 MMS Quiz 1

4/22

QUESTION 2 :

Scarcity is a situation in which ___________ .

Wants exceed the resources available tosatisfy them.

Something is being wasted.

People are poor.

There is insufficiency of resources.

7/29/2019 MMS Quiz 1

5/22

CORRECT ANSWER IS :

There is insufficiency of resources.

7/29/2019 MMS Quiz 1

6/22

QUESTION 3 :

Economic choices can be summarized in five

big questions. They are

_____________________.

what, how, who, where, and would you please.

why, what, how, when, and where.

what, how, when, where, and why.

what, how, when, where, and who.

7/29/2019 MMS Quiz 1

7/22

CORRECT ANSWER IS :

What, How, When, Where, andWho.

7/29/2019 MMS Quiz 1

8/22

QUESTION 4 :

Making a decision at the margin means

_______.

Letting someone else choose for you.

Deciding to do a little bit more or a little bit less

of an activity.

Making an all-or-nothing choice.

Waiting until the last minute to make a choice.

7/29/2019 MMS Quiz 1

9/22

CORRECT ANSWER IS :

Deciding to do a little bit more ora little bit less of an activity.

7/29/2019 MMS Quiz 1

10/22

QUESTION 5 :

When productivity increases ____________.

Prices rise. Living standards improve.

There are fewer good jobs.

Living standards deteriorate.

7/29/2019 MMS Quiz 1

11/22

CORRECT ANSWER IS :

Living Standards Improve.

7/29/2019 MMS Quiz 1

12/22

QUESTION 6 :

Macroeconomics is the study of __________.

All aspects of scarcity. The national economy and the global economy

as a whole.

Big businesses.

The decisions of individual businesses and

people.

7/29/2019 MMS Quiz 1

13/22

CORRECT ANSWER IS :

The National economy and theGlobal economy as a whole.

7/29/2019 MMS Quiz 1

14/22

7/29/2019 MMS Quiz 1

15/22

CORRECT ANSWER IS :

Other things being equal.

7/29/2019 MMS Quiz 1

16/22

QUESTION 8 :

Which statement about the factors of

production is correct ?

Land is always freely available.

Enterprise includes all natural resources.

Capital is produced by factors of production.

Laborers earn profit.

7/29/2019 MMS Quiz 1

17/22

CORRECT ANSWER IS :

Capital is produced by factors ofproduction.

7/29/2019 MMS Quiz 1

18/22

QUESTION 9 :

The money value of goods & services

produced in a year within a geographical

boundaries of country known as __________.

Gross National Product.

Per capita National Income.

Gross Domestic Product. The balance of payments.

7/29/2019 MMS Quiz 1

19/22

CORRECT ANSWER IS :

Gross Domestic Product.

7/29/2019 MMS Quiz 1

20/22

QUESTION 10 :

What usually constitutes the main source of

a government's income?

Loans

Grants from World Bank

Profits from business undertakings

Taxes and levies

7/29/2019 MMS Quiz 1

21/22

CORRECT ANSWER IS :

Taxes and Levies.

7/29/2019 MMS Quiz 1

22/22

http://www.google.co.in/imgres?imgurl=http://1.bp.blogspot.com/_RCK_S9RRato/Sdy-LcjNRZI/AAAAAAAABCM/6XeMSARvWX4/s400/orange+flower+closeup.jpg&imgrefurl=http://pixelshots.blogspot.com/2009/04/photos-on-places-of-keralaimages-of.html&usg=__W7qN2QK_WxIKKyZG4ya5I9wAb6Q=&h=300&w=400&sz=18&hl=en&start=46&zoom=1&tbnid=cskqER2Mv9z7iM:&tbnh=93&tbnw=124&ei=E0RLTuDvII3LrQeT0Y2sBw&prev=/search?q=ORANGE+FLOWER&start=42&hl=en&sa=N&biw=1003&bih=592&gbv=2&tbm=isch&itbs=1