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

Status Symbol Commodity is associated with the name of ___________.

  1. Giffen

  2. Marshall

  3. Malthus

  4. Thorstein veblen
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Status Symbol Commodity is associated with the name of Thorstein Veblen. These are the luxury goods as the demand of such goods increases with increase in its price. This is a contradiction of the law of demand. Since Veblen identified the concept, hence they are also called Veblen goods.

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

All of the goods which are scarce and limited in supply are called _______.

  1. luxury goods

  2. expensive goods

  3. capital goods

  4. economic goods
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Scarce goods which are limited in supply are known as economic goods as economics deals with the optimum utilization of scarce resources to its alternative uses.

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

Goods or services that are necessary for living are called ________.

  1. needs

  2. desires

  3. wants

  4. demands
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The goods and services that are necessary for a living are called needs. Needs are the essential things that you need for survival, to live properly. Thus, it is important to satisfy these needs as if we don’t satisfy needs, we will not be able to live long. For example, when we are hungry, a need arises for food.

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

Goods or services those are not necessary for living are ________.

  1. needs

  2. desires

  3. wants

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

Goods or services those are not necessary for living are called wants. Goods and services that are necessary for living are called needs. Needs are the things which are necessary for survival however wants are additions to needs. For example: if one is hungry, he needs food. This is need. However if he wants to eat Dosa because he is hungry, this is called want.

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

Goods in the process of being produced  but not yet completed as finished goods are called ______________.

  1. work-in-progress inventory

  2. goods in floor inventory

  3. raw material consumed inventory

  4. in process inventory
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Work-in-progress inventory refers to items that have begun the production process but have not yet reached the stage of finished goods.

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

In economics goods includes material things which _______.

  1. can be transferred

  2. can be exchanged for one another

  3. both

  4. none
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Economic goods refer to those goods which can be transferred from one place to another and can be exchanged for one another. For example, cloth is an economic good which can be transferred from one place to another; it can also be exchanged for another different good. ( Say pen)

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

 Wants that are related to consumption of goods and services is:

  1. Economic wants

  2. Non economic wants

  3. Economics

  4. All of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Economic wants refer to the wants that are related to the satisfaction of own need by the way of consumption or profit earning. We fulfill these kind of wants through exchange mechanism, i.e., exchange of goods for profit.

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

Wants can be satisfied by the consumption of __________ are economic wants.

  1. goods

  2. services

  3. goods and services

  4. none of above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Economic wants refer to the wants that result in monetary gain for the people who are demanding it. Therefore, to have some monetary gain there is need for consumption of some materialistic thing carrying some value for which money can be exchanged for.