Deck 3: Economics and Market Terminology

Question 1

Quantity of a certain goods producers are willing to supply when receiving a certain price is known as ______.

A)Supply
B)Supply relationship
C)Demand
D)Demand relationship

Answer 1

Supply

Question 2

A point where the quantity of goods being supplied is exactly the same as the quantity of goods being demanded is known as _______

A)Demand quantity
B)Supply Quantity
C)Both A and B
D)Equilibrium

Answer 2

Equilibrium

Question 3

If all other factors remain equal, the higher the price of a good, the fewer people will demand that good means what?

A)The law of demand
B)The law of supply
C)All A and B
D)None of the above

Answer 3

The law of demand

Question 4

Producers supply more at a higher price because selling more quantity at higher price increase revenue means what?

A)The law of demand
B)The law of supply
C)All A and B
D)None of the above

Question 5

Which are the factors of production?

A)Land
B)Labor
C)Capital
D)All of the above

Question 6

Which is the stages of law of variable proportions?

A)Increasing returns
B)Decreasing returns
C)Negative Marginal returns
D)All of the above

Question 7

Which is the stages of law of returns to scale?

A)Increasing returns to scale
B)Constant returns to scale
C)Diminishing returns to scale
D)All of the above

Question 8

Which is not a part of cost?

A)Total Cost
B)Average cost
C)Changeable Cost
D)Sunk Cost

Question 9

To find out cut-off production volume means no profit no loss which concept is used?

A)Law of variable proportion
B)Break-Even Analysis
C)Law of returns to scale
D)None of the above

Question 10

Total Cost equals to ______.

A)Total cost = total fixed cost + total variable cost
B)Total cost = total fixed cost + total marginal cost
C)Total cost = total variable cost + total marginal cost
D)None of the above

Question 11

Where is exchange of goods and services take place?

A)Company
B)Production
C)Market
D)None of the above

Question 12

Which is the type of market?

A)Monopoly
B)Oligopoly
C)Perfect competition
D)All of the above

Question 13

_______ refers to a market with a single seller.

A)Monopoly
B)Oligopoly
C)Perfect competition
D)All of the above

Question 14

What is Disposable Personal Income?

A)DPI = PI - Income Tax paid
B)DPI = Income Tax paid - PI
C)DPI = PI - PI
D)None of the above

Question 15

_______ is about not having enough money to meet basic needs including Food, Clothing and Home.

A)Poverty
B)Labor
C)Unemployment
D)None of the above

Question 16

A situation in which a person is jobless is known as _____.

A)Poverty
B)Labor
C)Unemployment
D)None of the above

Question 17

Which is the types of unemployment?

A)Cyclical unemployment
B)Structural unemployment
C)Seasonal unemployment
D)All of the above

Question 18

______ is defined as a continuous increase in the general level of prices for goods and services

A)Poverty
B)Inflation
C)Unemployment
D)None of the above

Question 19

_______ is an economic good that acts as a medium of exchange in transaction.

A)Money
B)Production
C)Equipment
D)None of the above

Question 20

Identify the function of money.

A)Medium of exchange
B)Measure of value
C)Store of value
D)All of the above

Question 21

Which one is known as plastic money?

A)Coin
B)Printed currency note
C)Credit or Debit cards
D)All of the above

Question 22

From which policy government adjusts its spending levels and tax rates to monitor and influence a nation's economy.

A)Fiscal policy
B)Government policy
C)RBI policy
D)None of the above

Question 23

Financial activities done by bank is called _____.

A)Transaction
B)Operation
C)Banking
D)None of the above