At equilibrium under ordinal approach the MRS should be equal to
MRTS
Price Ratio
Price
Income
Q.3.
Demand Function explain relationship between demand for Commodity and its___________.
Determinants
Elasticity
Only Price
Elements
Q.4.
Market situation where there is single seller. There is no close substitute and no free entry and exist. is refer as
Perfect Competition
Monopoly
Oligopoly
Monopolistic Competition
Q.5.
An increase in the labor force would cause the PPF to
Shift inward
Shift outward
Do nothing
Turn into a straight line
Q.6.
In this type of economy, the people decide the supply, demand, and price.
Market
Traditional
Command
Mixed
Q.7.
The slope of indifference curve is equal to
price ratio
marginal opportunity cost
marginal rate of substitution
all of these
Q.8.
The condition of consumer equilibrium under cardinal approach in case of one commodity is
price of commodity should be rising
price of commodity should equal to be marginal utility
price of commodity should be decreasing
none of these
Q.9.
Efficiency is producing the maximum possible output from available resources
True
False
Q.10.
What are Wants?
These are goods and services which human beings cannot live without.
These are goods and services which human beings desire but can live without.
All the above.
Q.11.
What is Business Studies?
This is the study of how businesses are formed, how they grow & how the operate/managed.
This is the study of how human beings behave as they satisfy their unlimited wants and needs.
This is the value of the next best alternative forgone.
Q.12.
What are Needs?
These are goods and services which human beings desire but can live without.
All the above.
These are goods and services which human beings cannot live without.
Q.13.
The economic problem is that
resources are limited and wants are limited.
resources are unlimited and wants are limited.
resources are limited and wants are unlimited.
resources are unlimited and wants are unlimited.
Q.14.
What is Opportunity Cost?
This is the study of how human beings behave as they satisfy their unlimited wants and needs.
The value of the next best alternative forgone.
Q.15.
Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?
fishing with a friend
going to a concert
Q.16.
Tamie has planned a trip to the beach for her family on Labor Day. Her daughter has been invited to the mountains by a friend. Her daughter decides to go to the beach. What is her opportunity cost?
a trip to the beach
a trip to the mountains
Q.17.
Jason has been asked by his son to go ride 4-wheelers this weekend. His boss has asked him to work overtime and get paid double. Jason chooses to go ride 4-wheelers with his son. What is his opportunity cost?
ride 4-wheelers with his son
work overtime for his boss
Q.18.
______________ is used to show opportunity cost.
Production Possibility Front/Curve
Production Possibility Cost
Production Possibility Opportunity
Production Possibility Level
Q.19.
The concept that people have the right and privilege to control their possessions as they wish.
legal equality
open opportunity
private property
profit incentive
Q.20.
The driving force behind people going into business is
profit margin
profit motive
opportunity cost
taxes
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