Introduction To Economics(Economics ) Questions and Answers
Question 1. A supply curve is directly affected by ?
technology
input costs
government regulation
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 ?
quantity demanded equals quantity supplied
Excess demand and excess supply are zero
The market is cleared by the equilibrium price
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 ?
a nonlinear relationship
a positive linear relationship
a scatter diagrams
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 ?
adjusting for changes over time
adjusting for data collection errors
adjusting for population changes
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 ________?
vertical axis and horizontal axis
intercept and slope
scale and slope
intercept and scale
Explanation:-
Answer: Option C. -> scale and slope NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 6. In the mixed economy________________?
economics problems are solved by the government and market
economic decisions are made by the private sector and free market
economic allocation is achieved by the invisible hand
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 ?
individual building blocks in the economy
the relationship between different sectors on the economy
household purchase decisions
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 ?
about the same point in time over different places
about different points in time over the same variable
about different variables over different places
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_________________?
a place to buy things
a place to sell things
the process by which prices adjust to reconcile the allocation of resources
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 ?
Production technology
Consumption decisions
how society decides what how and for whom to produce
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!