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1) The private ownership of resources and use of a system of market and prices to coordinate and direct economic activity________________? a. Pure capitalism b. Iaissez faire capital c. Both d. None
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2) Hitler introduced ? a. Command economy b. Traditional economy c. Mixed economy d. Authoritarian economy
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3) __________________provides an overview of the operation of the capitalist system ? a. Indifference curve b. Income budget line c. Circular flow model d. Says law
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4) determinants of demand are some times referred as__________________________? a. Demand effectors b. Demand determinants c. Demand shifters d. none
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5) A good used together with another good is___________________? a. Superior good b. Normal good c. Complementary good d. None
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6) Productive efficiency means___________________? a. Producing all output combinations in the least costly way b. Producing the specific output mix most desired by society c. Producing the desired ones only d. None
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7) An individuals demand curve is down sloping because_____________________? a. Price and quantity demanded are inversely related b. P & D are directly related c. There is no relation bet P & D d. None
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8) Commodities whose demand varies directly with money income are called______________________? a. Superior or normal goods b. Complementary goods c. Substitutes d. None
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9) Allocative efficiency is__________________? a. Producing all output combinations in least costly way b. Producing the specific output mix most desired by society c. Producing the desired things d. None
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10) Upward shift of the demand curve is due to_________________? a. Changing in quantity demanded b. Increase in demand c. Decrease in quantity demanded d. None
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11) When price for one and demand for other move in same direction we say them___________________? a. Complementary b. Substitutes c. Supplementary d. None
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12) Change in quantity demanded is______________________? a. Upward movement or shift of entire cure. b. Shift of the demand curve to left side c. Movement from one point to the other on the same demand curve d. None
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13) A supply curve shifts because of change in_____________________? a. The price of the related products b. Technology c. Both a and b d. None of these
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14) The ability of Market forces to synchronize selling and buying decision to eliminate potential surpluses and shortages is known as_________________? a. Generalization b. Specification c. Rationing function of the price d. None
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15) The total amount by the federal govt. of the owner of the govt. securities is called___________________? a. Public debt b. Public finance c. Public good d. None
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16) The part of economy which contains all govt. entities is called__________________? a. Public sector b. Private sector c. Public utility d. None
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17) A tax levied on the cost of a board group of products______________________? a. Income tax b. Sales tax c. Consumer charge d. None
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18) A benefit or cost from production or consumption accruing without compensation to non buyers and non/sellers of the product is called_________________? a. Speculation b. Specialization c. Spill over d. anti dumping
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19) A commercial bank authorized by state govt. to engage in business of banking ? a. National Bank b. State Bank c. Business authorized bank d. None
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20) An asset set aside for future use is termed as_______________________? a. Future planning b. Store of value c. Speculation d. None
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