What is the definition of economic?
Introduction to economy

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Other
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University
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Hard
HAZWANI AZAM
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A study of how people use their unlimited resource to fulfill unlimited wants and involves alternative or choice.
A study of how people use their unlimited resource to fulfill limited wants and involves alternative or choice.
A study of how people use their limited resource to fulfill unlimited wants and involves alternative or choice.
A study of how people use their limited resource to fulfill limited wants and involves alternative or choice.
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Basic economic concept are consist of
Scarcity
Opportunity cost
Economic cost
Choice
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In theory of demand, it is stated that.......
The higher the price of the product, the lower the quantity demanded of that product and vice versa
The higher the price of the product, the higher the quantity demanded of that product and vice versa
The lower the price of the product, the lower the quantity demanded of that product and vice versa
The higher the price of the product, the lower the quality demanded of that product and vice versa
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In theory of supply, it is stated that.......
when the price of goods decreases, the quantity supply of goods is also rises and vice versa.
when the price of goods rises, the quantity supply of goods is decreases and vice versa.
when the price of goods rises, the quantity supply of goods remain constant
when the price of goods rises, the quantity supply of goods is also rises and vice versa.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An economic system where all the economic decision are made by the government or a central authority is called ______
Capitalist economic system
Mixed economy system
Islamic economic system
Socialist economic system
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All of the followings are factor of production except
Labour
Land
Management system
Entrepreneurship
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Profit maximization occur when
Average revenue = Average cost
Marginal revenue < marginal cost
Marginal cost = Marginal revenue
Marginal cost < Average revenue
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