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Economic Concepts Quiz for Class 11

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Questions and Answers

Which of the following is a factor of production?

Money

Labor unions

Bank loans

Entrepreneurship (correct)

Which of the following is not an economic concept?

Gross Domestic Product (GDP)

Demand and supply

Opportunity cost

Gravity and magnetism (correct)

What is the main objective of macroeconomics?

Studying the behavior of individual consumers

Analyzing the overall performance of the economy (correct)

Determining the prices of specific goods

Maximizing profits for individual firms

What does microeconomics primarily analyze in the economy?

Individual agents and markets Signup and view all the answers

Which type of economics describes 'what ought to be'?

Normative economics Signup and view all the answers

In which areas can economic analysis be applied throughout society?

Business, finance, cybersecurity Signup and view all the answers

What type of economics focuses on the interaction of production, consumption, saving, and investment in the economy?

Macroeconomics Signup and view all the answers

Which economic concept distinguishes between 'what is' and 'what ought to be'?

Normative economics Signup and view all the answers

Economic Concepts Quiz for Class 11

Choose a study mode

Podcast

Questions and Answers

Which of the following is a factor of production?

Which of the following is not an economic concept?

What is the main objective of macroeconomics?

What does microeconomics primarily analyze in the economy?

Which type of economics describes 'what ought to be'?

In which areas can economic analysis be applied throughout society?

What type of economics focuses on the interaction of production, consumption, saving, and investment in the economy?

Which economic concept distinguishes between 'what is' and 'what ought to be'?

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