situation when the stock of some good is less than the need in that good
Which of the following resources has natural scarcity –
Land
What are factors of production from the list below?
All answers are true
Inter substitution of factors of production is explained by:
Technological peculiarities of a product
Production is effective if there is:
Full usage of resources
An economy based on the division of labour in which the prices of goods and services are determined in a free price system set by supply and demand is:
Market economy
Any one of a variety of different systems, institutions, procedures, social relations and infrastructures whereby persons trade, and goods and services are exchanged, forming part of the economy is:
Exchange
Markets where raw or primary products are exchanged are:
Commodity market
An economic system in which the state or workers' councils manage the economy is:
Command economy
Distinguish advantages of economic planning:
Stability
Society ran from about 100,000 BC to 3,500 BC has name –
Primitive
Society dominated from about 3,500 BC to 400 has name:
Slavery
The main type of society from about 400 to 1600 was:
Land-duty
Societies first emerged in the 1600s are:
Capitalist societies
Societies first emerged in 1917 are:
Socialist societies
The hunter-gatherer stage, the stage of early settlement with the discovery of agriculture and more importantly the culture of the still widespread belief and fear of demons are:
Primitive
A form of forced labor in which people are considered to be the property of others is:
Slavery
A decentralized socio-political structure in which a weak monarchy attempts to control the lands of the realm through reciprocal agreements with regional leaders is:
Land-duty
Common or direct worker ownership and administration of the means of production and allocation of resources, and a society characterized by equal access to resources for all individuals with a method of compensation based on the amount of labor expenditure is:
Socialist societies
A market structure in which a single firm makes up the entire market.
monopoly
Patents, prevent others from entering the market are:
Legal barriers
Entry is prevented by custom or tradition is:
Sociological barriers
The firm has a unique ability to produce what other firms can’t duplicate is-
Natural barriers
The size of the market can support only one firm is:
Technological barriers
Economies of scale is one way how to sustain:
Monopoly
One firm can produce a desired output at a lower social cost than two or more firms— that is, there are economies of scale in social costs is-
Natural monopoly
No competitors is advantage of:
Monopoly
High prices / low output is disadvantage of:
Monopoly
A branch of economics that deals with the performance, structure, and behavior of a national or regional economy as a whole is:
Macroeconomics
The behavior and decision-making of entire economies is studied by:
Macroeconomics
The market value of all final goods and services made within the borders of a nation in a year is:
The gross domestic product (GDP)
GDP = C + I + G + (X − M) is:
Expenditure method
The value of sales of goods - purchase of intermediate goods to produce the goods sold is:
Value added approach
A person is available to work and seeking work but currently without work is:
Unemployment
Okun's law states that for: every 3% GDP falls relative to potential GDP, unemployment rises 1% (of the total workforce).
Ur=Uw/TLF is:
The unemployment rate
A rise in the general level of prices of goods and services in an economy over a period of time is:
The inflation rate
The conservation of money is:
Saving
GDP/population is:
GDP per capita
GDP2/GDP1 is:
GDP rate
The total market value of all final goods and services produced within a country in one year in current prices is:
Nominal GDP
A measure of %-tage in the average price of products in GDP over a certain base year is:
GDP deflator
The total market value of all final goods and services produced within a country in one year in base prices is:
Real GDP
Measures the average price paid for a market basket of goods and services by a typical consumer in comparison to the average paid for the same basket in an earlier base year is:
CPI
Development economics theory is belonged to:
Amartya Sen and Joseph Stiglitz
Growth Model is belonged to:
Solow-Swan
800-1300 AD is the time of:
the medieval technological revolution
To explain how economies work and how economic agents interact is:
Aim of economics
___________is applied throughout society, in business, finance and government, but also in crime, education,the family, health, law, politics, religion,social institutions, war, and science:
Economics analysis
_________is an economy based on the division of labor in which the prices of goods and services are determined in a free price system set by supply and demand:
Market economy
Any one of a variety of different systems, institutions, procedures, social relations and infrastructures whereby persons trade, and goods and services are exchanged, forming part of the economy is:
Market
The name for the global market for lending and borrowing is:
Money market
Markets where raw or primary products are exchanged are:
Commodity market
An economic system in which the state or workers' councils manage the economy is:
Planned economy
A few firms in the market, a result of two sorts of barriers to entry: economies of scale, government may limit number of firms in the market is:
Oligopoly
In order to be a medium of exchange, money must hold its value over time; that is, it must be:
a store of value
To facilitate transactions money serves as:
a medium of exchange
To provide a common measure of the value of goods and services being money serves as:
a unit of account
The relationship between tax rates and tax revenue depicts :
Laffer curve
Measure of how much the quantity demanded of a good responds to a change in the price of that good is :
Elasticity
Measure of how much buyers and sellers respond to changes in market conditions is :
Elasticity
Market value of the inputs a firm uses in production is:
Total Cost economic goal of the firm is:
Market where currency trading takes place is :
foreign exchange market
Market with a very large number of firms, each of which produces the same standardized product and takes the market price as given : Monopolistic Competition
There are just a few firms in the market, a result of two sorts of barriers to entry:
Oligopoly
Step in the scientific method that helps people decide between two or more competing explanations – or hypotheses:
Experiments
Simplified framework designed to illustrate complex processes, often but not always using mathematical techniques:
Materialistic dialectics
Every economic order grows to a state of maximum efficiency, while at the same time developing internal contradictions or weaknesses that contribute to its reasoning is:
Formal logics
The formal systematic study of the principles of valid inference and correct reasoning is:
Economic models
Give knowledge and to provide comprehensive coverage of the key elements of economic theory as a scientific discipline:
Purpose and Objectives
Methodology of economic theory study involves: 5
Economic model commonly used to illustrate basic economic concepts, including full employment, unemployment, opportunity cost, economic growth, and investment is:
the production possibilities curve
Efficiency describes how well a system generates desired output with a given set of inputs and available technology:
Economic efficiency
Welfares which available in the limited size are:
The economic welfares
Effectiveness of production activity on methods, rules and laws of rational usage of resources to create and distribute welfares is: Economics of enterprise
Body of theory later termed 'neoclassical economics' or 'marginalism' formed from about:
1870 to 1910
The influence of entrepreneurs on technological progress is belonged to:
Schumpeter
The theory of "comparative advantage" is belonged to:
David Ricardo
The foundation of the discipline of modern political economy is belonged to:
Adam Smith
The act of being an entrepreneur, which is a French word meaning "one who undertakes an endeavor" is:
Entrepreneurship
The Theory of Economic Development is belonged to:
Schumpeter
A global index measuring the level of innovation of a country is:
The Global Innovation Index
__________ran from about 100,000 BC to 3,500 BC:
Primitive society
An economy which is changing from a centrally planned economy to a free market is:
Transitional economy
A term that refers either to an economy of knowledge focused on the production and management of knowledge in the frame of economic constraints, or to a knowledge-based is :
Knowledge economy
In the 1990s how knowledge can drive economic growth and transformation is shown by:
Finland
A process by which regional economies, societies, and cultures have become integrated through a globe-spanning network of communication and trade is:
Globalization
Economic relations between agents of economic system is:
Subject of economic theory study
Economic system is:
Object of economic theory study
"The science which studies human behaviour as a relationship between ends and scarce means which have alternative uses” is said by:
Lionel Robbins