Unit 1 - Principles of Economics - BBA 1st Sem
Let's Start
Press Start to Enter into Quiz
1
What is Economics?
Correct!
Wrong :(
Answer - C
Description: Economics is the study of how society manages its resources, which includes the production, distribution, and consumption of goods and services.
2
Which of the following best describes the nature of Economics?
Correct!
Wrong :(
Answer - B
Description: Economics is a social science that deals with human behaviour and how individuals and societies make choices to allocate resources.
3
What is the scope of Economics?
Correct!
Wrong :(
Answer - C
Description: The scope of Economics is broad and covers various aspects of human life, including production, consumption, and distribution.
4
Which statement best represents the limitation of Economics as a science?
Correct!
Wrong :(
Answer - C
Description: Economics often relies on simplifying assumptions that may not accurately reflect real-world complexities.
5
How is Economics relevant in Business Management?
Correct!
Wrong :(
Answer - B
Description: Economics is relevant in business management as it helps in understanding and making decisions related to resource allocation, cost analysis, and pricing.
6
Utility analysis in Economics is concerned with:
Correct!
Wrong :(
Answer - B
Description: Utility analysis in Economics focuses on studying the satisfaction and happiness derived from consuming goods and services.
7
According to the Marginal Theory of Utility, what happens to the total utility as an individual consumes more units of a good?
Correct!
Wrong :(
Answer - B
Description: According to the Marginal Theory of Utility, the total utility increases at a decreasing rate as an individual consumes more units of a good.
8
Equi-Marginal Theory of Utility suggests:
Correct!
Wrong :(
Answer - C
Description: The Equi-Marginal Theory of Utility suggests that consumers should allocate their income across different goods in such a way that the marginal utility per rupee spent is the same for all goods, maximising total utility.
9
In Economics, what is utility?
Correct!
Wrong :(
Answer - A
Description: In Economics, utility refers to the ability of a good to satisfy human wants or needs.
10
Which of the following is an example of a want in Economics?
Correct!
Wrong :(
Answer - D
Description: A want in Economics refers to something that people desire but is not necessary for survival, such as a smartphone.
11
The principle of diminishing marginal utility states that:
Correct!
Wrong :(
Answer - B
Description: The principle of diminishing marginal utility states that as the consumption of a good increases, its additional (marginal) utility decreases.
12
The main purpose of the Equi-Marginal Theory of Utility is to:
Correct!
Wrong :(
Answer - A
Description: The main purpose of the Equi-Marginal Theory of Utility is to maximise the total utility that a consumer can derive from their budget.
13
Scarcity in Economics refers to:
Correct!
Wrong :(
Answer - C
Description: Scarcity in Economics refers to the limited nature of resources relative to human wants and needs.
14
What does the law of demand state?
Correct!
Wrong :(
Answer - C
Description: The law of demand states that as the price of a good decreases, the quantity demanded increases, and vice versa.
15
Opportunity cost is best defined as:
Correct!
Wrong :(
Answer - B
Description: Opportunity cost is the value of the next best alternative that is forgone when a choice is made.
16
Which of the following is NOT a factor of production in Economics?
Correct!
Wrong :(
Answer - C
Description: Money is not considered a factor of production in Economics.
17
What is the primary focus of microeconomics?
Correct!
Wrong :(
Answer - B
Description: Microeconomics focuses on the behaviour of individual consumers and firms within the economy.
18
Macroeconomics deals with:
Correct!
Wrong :(
Answer - B
Description: Macroeconomics deals with the overall performance of the economy, including factors like inflation, unemployment, and overall economic growth.
19
Which of the following is a positive economic statement?
Correct!
Wrong :(
Answer - B
Description: A positive economic statement is one that can be objectively tested and verified, such as stating the current unemployment rate.
20
Which economic system is characterised by private ownership of the means of production and market-based allocation of resources?
Correct!
Wrong :(
Answer - A
Description: Capitalism is characterised by private ownership of the means of production and the use of markets to allocate resources.
Final Score:
0It's okay! Everyone has to start somewhere. Keep learning and you'll improve steadily!
Nice effort! You're making progress, and with a bit more study and practice, you'll see even better results next time.
Great job! Your score reflects a good grasp of the material. Keep practicing for even better results!
Congratulations! You're a true expert! Your outstanding score shows a deep understanding of the subject.
Challenge your score with your friends! and loser give the treat ;)
Related MCQs / Quiz:
If any AD appears on download click please wait for 30sec till it gets completed and then close it, you will be redirected to pdf/ppt notes page.
If you found us helpful. Please rate us 5 star and get featured on our Fans page.
Rate Us 5
Planning to buy something from Amazon? Crazy Deals on Amazon:Amazon