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Test: Introduction To Economics - 1


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10 Questions MCQ Test Economics Class 12 | Test: Introduction To Economics - 1

Test: Introduction To Economics - 1 for Commerce 2022 is part of Economics Class 12 preparation. The Test: Introduction To Economics - 1 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Introduction To Economics - 1 MCQs are made for Commerce 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Introduction To Economics - 1 below.
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Test: Introduction To Economics - 1 - Question 1

In Economics, a good is something which

Detailed Solution for Test: Introduction To Economics - 1 - Question 1

A good in economics is any object or product (factors of production) that is useful. A commodity is one kind of good. A good that cannot be used by consumers directly, such as an office building or capital equipment, can be called a good because it can be useful if it is sold.

Test: Introduction To Economics - 1 - Question 2

A resource is a

Detailed Solution for Test: Introduction To Economics - 1 - Question 2

A resource is good or a service because we can extract the resources from nature which can be used as a good .
Example: Cotton is obtained from nature which we wear as a cloth so it is a good.

Test: Introduction To Economics - 1 - Question 3

The central problems of an economy are due to

Detailed Solution for Test: Introduction To Economics - 1 - Question 3

Central problems arise in an economy due to scarcity of resources having alternative uses in relation to unlimited wants.

The Central Problem of all economies is scarcity.

Limited Resources + Unlimited Wants = Scarcity

Scarcity forces individuals, firms governments and societies to make choices.

Test: Introduction To Economics - 1 - Question 4

One or more persons living together and having a common budget is called:

Detailed Solution for Test: Introduction To Economics - 1 - Question 4

A household is a place where all people are living on a common budget and share the resources.

Test: Introduction To Economics - 1 - Question 5

The law of diminishing (marginal) returns states that as more of a variable factor is added to a certain amount of a fixed factor, beyond some point:

Detailed Solution for Test: Introduction To Economics - 1 - Question 5

The law of diminishing marginal returns states that, at some point, adding an additional factor of production results in smaller increases in output. With other production factors constant, adding additional workers beyond this optimal level will result in less efficient operations.

Test: Introduction To Economics - 1 - Question 6

Interest received on investment will be __________

Detailed Solution for Test: Introduction To Economics - 1 - Question 6

Interest received on investment is added in investing activities while preparing cash flow statement.

Test: Introduction To Economics - 1 - Question 7

‘Micros’, which means ‘Small’ belongs to:

Detailed Solution for Test: Introduction To Economics - 1 - Question 7

The origin of the prefix micro- is an ancient Greek word which meant “small.” This prefix appears in no “small” number of English vocabulary words; microphone, microwave, and micromanager are a few noteworthy examples.

Test: Introduction To Economics - 1 - Question 8

Under which type of activity will you classify the sale of shares of another company while preparing cash flow statement?

Detailed Solution for Test: Introduction To Economics - 1 - Question 8

Sale of shares of other company are part of investment which is now sold by the company. It is sale of investment, so it will take place in investing activity.

Test: Introduction To Economics - 1 - Question 9

Loose tools and Stores and spares are the part of _________

Detailed Solution for Test: Introduction To Economics - 1 - Question 9

Loose tools and Stores and spares are the part of inventories.

Test: Introduction To Economics - 1 - Question 10

Which among the following statement is INCORRECT?

Detailed Solution for Test: Introduction To Economics - 1 - Question 10

The percentage change in the quantity demanded divided by the percentage change in price is coefficient of elasticity.

So two linear and parallel demand curves will have the same coefficient of elasticity and the changes in price w.r.t changes in quantity demanded will be the same.

Hence, B is the correct option.

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