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Introduction to economics

Quiz by Sushila Yadav

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31 questions
Show answers
  • Q1
    What is the concept of inflation in economics?
    Inflation is the measure of income inequality within a population.
    Inflation is the rate at which the general level of prices for goods and services is rising.
    Inflation is the steady decrease in prices over time.
    Inflation is the total value of all goods and services produced in an economy.
    30s
  • Q2
    In economics, what does GDP stand for?
    Government Development Program
    Growth and Development Protocol
    Global Demand Projection
    Gross Domestic Product
    30s
  • Q3
    What is the primary goal of microeconomics?
    To focus on government intervention in markets.
    To study the behavior of individual consumers and firms.
    To examine global trade relations.
    To analyze the performance of the economy as a whole.
    30s
  • Q4
    What term did Adam Smith use to describe the accumulation of capital used to produce goods?
    Investment
    Debt
    Stock
    Savings
    30s
  • Q5
    According to Adam Smith, what is the importance of specialization in the economy?
    It slows down economic growth
    It creates income inequality
    It leads to resource depletion
    It increases productivity and efficiency
    30s
  • Q6
    What did Adam Smith describe as the 'wealth of nations'?
    The amount of gold and silver in a nation
    The size of a nation's military
    The productive capacity of a nation
    The population of a nation
    30s
  • Q7
    According to Adam Smith, what is the role of competition in the economy?
    Stifles economic growth
    Reduces consumer choice
    Promotes efficiency and innovation
    Leads to monopolies
    30s
  • Q8
    According to Adam Smith, what concept describes the self-regulating nature of the economy?
    Interventionism
    Laissez-faire
    Planned economy
    Socialism
    30s
  • Q9
    What did Alfred Marshall define as welfare in economics?
    Welfare is the state of well-being attained by individuals or a group when the sum total of their satisfaction is maximized.
    Welfare is the number of goods and services consumed by individuals or a group.
    Welfare is the amount of resources available to individuals or a group.
    Welfare is the total income earned by individuals or a group.
    30s
  • Q10
    According to Alfred Marshall, what factors contribute to the state of welfare in economics?
    Factors such as inflation, recession, and unemployment contribute to the state of welfare in economics.
    Factors such as income, resources, and consumption contribute to the state of welfare in economics.
    Factors such as government policies, regulations, and taxes contribute to the state of welfare in economics.
    Factors such as competition, supply, and demand contribute to the state of welfare in economics.
    30s
  • Q11
    How did Alfred Marshall view the concept of welfare in economics?
    Alfred Marshall viewed welfare as a multi-dimensional concept encompassing material well-being, mental satisfaction, and moral and social well-being.
    Alfred Marshall viewed welfare as a concept that is irrelevant to the study of economics.
    Alfred Marshall viewed welfare primarily as the ability to achieve economic success and advancement.
    Alfred Marshall viewed welfare solely in terms of material possessions and wealth.
    30s
  • Q12
    According to Lionel Robbins, what is the definition of scarcity?
    Scarce resources have alternative uses but are unlimited in supply
    Scarce resources have alternative uses and are limited in supply relative to demand
    Scarce resources are unlimited and have no demand
    Scarce resources are abundant and have no alternative uses
    30s
  • Q13
    How does Lionel Robbins define scarcity in the context of economics?
    Resources are abundant and have only one specific use
    Resources have alternative uses but are not limited in quantity
    Resources are limited in supply but have multiple competing uses
    Resources are unlimited in supply with no demand
    30s
  • Q14
    How does Lionel Robbins define scarcity in the field of economics?
    Scarcity arises from limited resources and unlimited wants
    Scarcity results from equal distribution of resources and demands
    Scarcity originates from surplus resources and limited needs
    Scarcity is nonexistent in the presence of abundant resources
    30s
  • Q15
    According to Lionel Robbins, what is the primary characteristic of scarce resources?
    Scarcity arises when resources have alternative uses and are limited relative to demand
    Scarcity is defined by the abundance of resources and lack of demand
    Scarcity occurs when resources are unlimited and have no alternative applications
    Scarcity is when resources have a single use and are in abundance
    30s

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