Introduction To Economics(Economics ) Questions and Answers

Question 1. A supply curve is directly affected by ?
  1.    technology
  2.    input costs
  3.    government regulation
  4.    all of the above
Explanation:-
Answer: Option D. -> all of the above
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 2. When a market is in equilibrium ?
  1.    quantity demanded equals quantity supplied
  2.    Excess demand and excess supply are zero
  3.    The market is cleared by the equilibrium price
  4.    All of the above
Explanation:-
Answer: Option D. -> All of the above
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 3. If the diagram of a line shows that lower values on the vertical scale are associated with higher values on the horizontal scale this is an example of ?
  1.    a nonlinear relationship
  2.    a positive linear relationship
  3.    a scatter diagrams
  4.    a negative linear relationship
Explanation:-
Answer: Option D. -> a negative linear relationship
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 4. A real value can be derived from a nominal value by ?
  1.    adjusting for changes over time
  2.    adjusting for data collection errors
  3.    adjusting for population changes
  4.    adjusting or changes in prices
Explanation:-
Answer: Option D. -> adjusting or changes in prices
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 5. A straight-line diagram can be drawn knowing the ________ and ________?
  1.    vertical axis and horizontal axis
  2.    intercept and slope
  3.    scale and slope
  4.    intercept and scale
Explanation:-
Answer: Option C. -> scale and slope
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 6. In the mixed economy________________?
  1.    economics problems are solved by the government and market
  2.    economic decisions are made by the private sector and free market
  3.    economic allocation is achieved by the invisible hand
  4.    economics s is solved by government departments
Explanation:-
Answer: Option A. -> economics problems are solved by the government and market
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 7. Macroeconomics is the study of ?
  1.    individual building blocks in the economy
  2.    the relationship between different sectors on the economy
  3.    household purchase decisions
  4.    the economy as a whole
Explanation:-
Answer: Option D. -> the economy as a whole
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 8. Time series data show information ?
  1.    about the same point in time over different places
  2.    about different points in time over the same variable
  3.    about different variables over different places
  4.    about different points in time over different places
Explanation:-
Answer: Option B. -> about different points in time over the same variable
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 9. A market can accurately be described as_________________?
  1.    a place to buy things
  2.    a place to sell things
  3.    the process by which prices adjust to reconcile the allocation of resources
  4.    a place where buyers and sellers meet
Explanation:-
Answer: Option C. -> the process by which prices adjust to reconcile the allocation of resources
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 10. Economics is the study of ?
  1.    Production technology
  2.    Consumption decisions
  3.    how society decides what how and for whom to produce
  4.    the best way to run society
Explanation:-
Answer: Option C. -> how society decides what how and for whom to produce
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
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