Tag: economics

Quizzes (361) Questions (3598)

Questions Related to economics

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Suppose, one dealer has sent some goods to another dealer for Sales on Approval Basis. In absence of any confirmation even after 6 months, it will be treated as:

  1. Sales Return

  2. Deemed Supply of Goods

  3. Purchase return

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

If goods sent on an approval basis are not returned or purchased within the specified time (usually six months), the transaction is deemed a supply for tax purposes.

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Which of the following is an economic good?

  1. Sunshine

  2. Air

  3. Rainfall

  4. A bottle of water
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Goods are divided as free goods and economic goods. Free goods are those goods which are free of cost and economic goods are available for a particular price. Among the given options, sunshine, rainfall and air are examples of free goods and a bottle of water is an example of economic good.

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Choose the incorrect statement.

  1. Wants are recurring

  2. Wants are variable

  3. Wants are limited

  4. Wants are gradable
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Among the given options, the incorrect option is the statement which says that the ‘wants are limited’. In fact, wants are unlimited but resources to satisfy all human wants are not sufficient. Hence, we can say that the wants are unlimited but resources are limited.

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Which of the following comes under luxury want?

  1. Fan

  2. Education

  3. Gold Jewellery

  4. Cycle
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Basic needs are those needs which are necessary for survival of a human being. Food clothing and shelter fall under this category. Among the given options, fan, education and cycle are essentials or comforts required. Gold jewelry falls under luxury goods. 

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

A refrigetor operating in a chemist shop is an example of ________.

  1. free goods

  2. final goods

  3. producer's goods

  4. consumer's goods
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Chemist will keep the medicines and other things which are to be stored below the room temperature and thus the refrigerator in a chemist shop is a producer's good as it helps to satisfy human wants indirectly.

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Human wants are _______.

  1. unjustifiable

  2. unlimited

  3. undefined

  4. limited
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Human wants are unlimited. This means that they are never ending and can never be fully satisfied. Since wants keep on adding, all of them cannot be satisfied due to limited resources. As soon as one want gets satisfied, another one emerges. 

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

_______ refers to market where services of factors of production are brought and sold.

  1. Goods Market

  2. Factor market

  3. Road side kiosks

  4. Super Bazar
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In economics, factor market refers to the the market where factors of production ,namely land,labour,capital entrepreneurship -are brought and sold.

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Goods which exhibit negative income-demand relationship are called ________.

  1. Giffen goods

  2. inferior goods

  3. normal goods

  4. luxury goods
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Inferior goods refer to those goods which possess an inverse relation between income of a consumer and demand of that particular good,that is, when there is a rise in income of the consumer,the demand of that particular good falls.For example,coarse grains..