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1) A measure of average output or real output per unit of input is called____________________? a. Efficiency b. Production c. Productivity d. None
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2) The households and the business firms of the economy are called__________________? a. Public sector b. Private sector c. Govt sector d. None
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3) The process of deriving principles is called___________________? a. theoretical economics b. Economics analysis c. Both A. and B. d. None of these
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4) An analytic approach in which we move from general to particular from theory to facts is_________________? a. Induction b. Deduction c. Specification d. None
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5) “Wealth of nations” was written by_________________? a. Lewis b. Rostow c. Keynes d. Adam Smith
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6) All goods and services produced in a country in one year are called its__________________? a. GNP b. GDP c. NDP d. None of these
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7) Using part of income/saving for more income is called_________________? a. Investment b. Busyness c. Consumption d. Entrepreneurship
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8) Total consumption deducted from total income is called__________________? a. Net income b. Gross income c. Saving d. None of these
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9) An economic system in which property resources are publicly owned and govt uses central economic planning to direct & coordinate economic activities ? a. Command economy b. Closed economy c. Open economy d. None
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10) The total revenue of a film less all its economic costs is called_____________________? a. Economy Profit b. Pure Profit c. Above normal Profit d. All these
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11) To charge different prices for the goods of the same standard is called___________________? a. Prices discrimination b. Prices differentiation c. Oligopoly d. Prices elasticity
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12) The monetary payment a firm must make to an outsider to obtain a resource____________________? a. Implicit cost b. Explicit cost c. Net cost d. Total cost
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13) An organization which employs resources to produce a good or service for profit and own and operates one or more plants is called_______________? a. Company b. Factory c. Firm d. None
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14) A market in which money of one nation can be used to purchase the money of other nation is called____________________? a. Money market b. International market c. Foreign exchange market d. All of these
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15) Legally established maximum price of a good or service__________________? a. Ceiling price b. Floor price c. Max price d. None
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16) A physical establishment which performs one or more functions in production, fabrication and distribution of goods and services ? a. Plant b. Firm c. Factory d. None
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17) An economic system in which property resources are privately owned and markets and prices are used to direct and coordinate economic activities________________? a. Pure capitalism b. Command Economy c. Closed economy d. Open economy
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18) An involuntary payment of money to govt. by a household or firm for which the household or firm receives no good or services directly in return ? a. Tariff b. Tax c. Tacit collusion d. Subsidy
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19) The export of goods (or goods and services) of a nation less its imports of goods (or goods and services)__________________? a. Trade Balance b. Trade deficit c. Trade surplus d. None
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20) A payment of money or goods & services by a govt. to a household or firm for which the payer receives no good or service directly in return______________? a. Tax b. Tariff c. Transfer payment d. Subsidy
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