Tag: economics

Quizzes (361) Questions (3598)

Questions Related to economics

Multiple choice economics concept of excess demand and deficient demand unemployment and employment generation the short run fixed price analysis of the product market liquidity preference and profit

For open economy aggregate demand is equal to Consumption + Investment + Government expenditure.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

An open economy is an economy in which there are economic activities between the domestic country with the other countries.

Hence, for an open economy, aggregate demand is equal to Consumption + Investment + Government expenditure + (X-M) where X is the income from Exports and M is the expenditure on imports

AD = C + I + G + (X-M)

Multiple choice economics concept of excess demand and deficient demand unemployment and employment generation the short run fixed price analysis of the product market liquidity preference and profit

Equilibrium price and quantity is determined by ___________.

  1. Mid-point of demand curve

  2. Central planning agency

  3. Intersection of demand and supply curve

  4. Mutual discussion of trade and consumer associations
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

In a competitive market, the equilibrium price and quantity are established where the quantity demanded by consumers equals the quantity supplied by producers, which is the intersection point of the demand and supply curves.

Multiple choice economics income determination unemployment and employment generation the short run fixed price analysis of the product market liquidity preference and profit

Sweezy's model does not explain ______________.

  1. price rigidity

  2. price determination

  3. output determination

  4. kinked demand determination
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Sweezy's kinked demand curve model advocates the behavior of oligopolistic organizations when the price and output are determined. Therefore, Instead of laying emphasis on price-output determination, the model explains the behavior of oligopolistic organizations when price and output is determined. 

Multiple choice economics collection of data different types of data planning and collecting data primary and secondary data

Primary data is directly taken from the population in question, one of the best types of data to collect for research methods. This is an advantage of the collection of primary data.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The given statement"Primary data is directly taken from the population in question, one of the best types o data to collect for research methods. This is an advantage of collection of primary data"  is true.

Multiple choice economics data different types of data planning and collecting data primary and secondary data

Which of the following is not a method of collection of primary data.

  1. Questionnaires

  2. Interviews

  3. Demonstration

  4. Case studies
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
Primary data is the data which is observed or collected from first hand experience.The main methods of primary data are as following
Questionnaires 
Interviews
Observations
Case studies
portfolios
critical incident
Questionnaire is a set or questions with a choice of answer for the purpose survey.
Interview is the technique used to understand people's attitudes,preferences or behavior.
Case studies involve measuring what is there and how it got there.
So we can see that data collected from Questionnaires,interviews and case studies will be categorized in primary data as these data is always collected from first hand experience.

Data collected in the past or other parties are called secondary data.Demonstration is a practical explanation or exhibition of how something works or is performed.So Demonstration will be categorized in Secondary data.

So option C is correct.
Multiple choice economics data different types of data planning and collecting data primary and secondary data

In the Merits of observation method:
Subject bias is ________ if the observation is done correctly.

  1. eliminated

  2. selected

  3. put on hold

  4. None of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

If the subject bias is eliminated then there is no confusion of how the subjects act in the experiment. 

Therefore, if the observation is done correctly then it becomes the merit of the method.
Hence, the answer is eliminated.

Multiple choice economics data different types of data planning and collecting data primary and secondary data

Identify the demerits of observation method:

  1. Information provided is unlimited.

  2. Information provided is limited.

  3. Information provided can be limited/unlimited.

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

If the information or the given data is limited then sometimes it becomes difficult and understand and answer. Therefore, it becomes the demerit of the method.