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Introduction To Economics – MCQs

70 questions. Click to practice.

Correct options are highlighted when revealed.

1.Which points on the production possibility curve indicate times of less than full employment?

2.What does the term 'opportunity cost' refer to?

3.A student decides to study when the additional benefit exceeds the ______________ cost.

4.What does the term 'unemployment' refer to?

5.What does inflation refer to?

6.What does aggregate supply represent in an economy?

7.Which of the following is not a focus of microeconomics?

8.What is considered the fundamental issue in economics?

9.Which of the following is classified as part of the public sector?

10.What characterizes a mixed economy?

11.Which of the following will not resolve the fundamental economic problems?

12.When consumer income rises, demand for which type of good will increase, and demand for which type will decline?

13.When the price of good A rises and this causes an increase in the demand for good B, how is good B classified?

14.What factors can cause a demand curve to shift?

15.Which two factors do not have a direct impact on the demand curve?

16.At the equilibrium price, the market is balanced because which of the following conditions hold true?

17.What term describes the amount of a product that consumers are willing to buy at various price levels?

18.In a graph, how does a positive linear correlation typically appear?

19.If your income was Rs 10,000 in one year and increased to Rs 12,000 the next year, what is the percentage growth in your income?

20.What is the primary purpose of the retail price index?