Chapter No 1 :Introduction to Economics (53 MCQ`S)

  1. The amount of goods and services that can be purchased by the population of a country. Usually measured by the inflation-adjusted (real) income per head of the population, this term is known as
    1. Standard of Consumption
    2. Standard of savining
    3. standard of living
    4. None of These
    5. Show Answer
      Answer: C
      Explanation:
      • N/A
  2. The quantity of goods and services produced from each hour of a worker or factor of production’s time is called
    1. Investment
    2. productivity
    3. consumption
    4. None of These
    5. Show Answer
      Answer: B
      Explanation:
      • N/A
  3. An increase in the overall level of prices in the economy
    1. Deflation
    2. Inflation
    3. Over Production
    4. None of These
    5. Show Answer
      Answer: B
      Explanation:
      • N/A
  4. The representation of reality which facilitates understanding of how something works this term in known as
    1. Model
    2. Equation
    3. Experience
    4. Mathedology
    5. Show Answer
      Answer: A
      Explanation:
      • N/A
  5. A variable whose value is determined within the model is called
    1. Exogenous variable a
    2. Endogenous variable a
    3. Independent variable a
    4. All of these
    5. Show Answer
      Answer: B
      Explanation:
      • N/A
  6. A variable whose value is determined outside the model
    1. Exogenous variable a
    2. Independent variable a
    3. Endogenous variable a
    4. None of These
    5. Show Answer
      Answer: A
      Explanation:
      • N/A
  7. A Latin term which used to note when other factors that might affect outcomes are assumed to be constant is known as
    1. Ceteris paribus
    2. Assumption
    3. Endogenous variable a
    4. All of these
    5. Show Answer
      Answer: A
      Explanation:
      • N/A
  8. The conclusions, consequences or explanations can be drawn based on the evidence provided by the model is called
    1. Conclusion
    2. Inference
    3. Result
    4. All of these
    5. Show Answer
      Answer: C
      Explanation:
      • N/A
  9. An assumption, a tentative prediction, explanation, or supposition for something is called:
    1. Model
    2. Assumption
    3. Hypothesis
    4. None of These
    5. Show Answer
      Answer: C
      Explanation:
      • N/A
  10. The act of formulating general concepts or explanations by inferring from specific instances of an event or behaviour is called:
    1. Conclusion
    2. Generalization
    3. Result
    4. All of these
    5. Show Answer
      Answer: B
      Explanation:
      • N/A

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