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.Management Sciences
Category: Introduction To Economics
Which of the following involves a trade – off ?
A. Taking a nap
B. All of these answers involve trade-offs
C. Watching a football game on Saturday afternoon
D. Going to university
Microeconomics is not concerned with the behavior of ?
A. aggregate demand
B. firms
C. Consumers
D. industries.
Suppose you find Rs 20. If you choose to use the Rs 20 to go to a football match your opportunity cost of going to the game is ?
A. nothing because you found the money.
B. Rs20 (because you found the money Rs 20 to buy other things) plus the value of your time spent at the game.
C. Rs 20 (because you could have used the Rs 20 to buy other things) plus the value of your time spent at the game plus the cost of the dinner you purchased at the game.
D. Rs20 (because you could have used the Rs20 to buy other ghings)
E. None of these
The sacrifice involved when you choose a particular course of action is called the?
A. Alternative
B. Opportunity cost
C. Consumer cost
D. Producer cost
In a command (planned) economy ?
A. The price mechanism acts as an incentive
B. Resources are allocated by market forces
C. Individual firms make decisions for themselves about what to produce and how to produce it
D. The public sector is large
A market can accurately be described as_________________?
A. a place to buy things
B. a place to sell things
C. the process by which prices adjust to reconcile the allocation of resources
D. a place where buyers and sellers meet
The retail price index is used to__________________?
A. construct price lists
B. compare shop prices
C. measure changes in the cost of living
D. None of the above
A straight-line diagram can be drawn knowing the ________ and ________?
A. vertical axis and horizontal axis
B. intercept and slope
C. scale and slope
D. intercept and scale
A recession is ?
A. a period of declining prices.
B. a period of declining unemployment
C. a period during which aggregate output declines.
D. a period of very rapidly declining prices.
Economics is the study of ?
A. Production technology
B. Consumption decisions
C. how society decides what how and for whom to produce
D. the best way to run society
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