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Economics Basics Quiz

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Questions and Answers

Which of the following is NOT typically considered a factor of production in economics?

Labor

Land

Capital

Weather (correct)

What is the primary purpose of studying economics?

To understand resource allocation (correct)

To enhance communication skills

To promote entrepreneurship

To increase personal wealth

In terms of economic systems, which of the following describes a market economy?

Dependent on agricultural output

Driven by consumer preference (correct)

Controlled by the government

Hindered by foreign trade

Which of the following best describes 'economies of scale'?

Reduction in average cost as production scales up Signup and view all the answers

What is likely a result of inflation on the economy?

Decreased purchasing power Signup and view all the answers

What does labor intensive technology refer to?

Technology that requires a large number of workers to produce goods Signup and view all the answers

What is fiscal policy primarily concerned with?

Government spending and taxation decisions Signup and view all the answers

What is the primary relationship between consumption and income?

Higher income generally leads to higher consumption levels Signup and view all the answers

What directly reflects underdevelopment?

Low income levels and poor health care Signup and view all the answers

What are the two main problems faced by Indian agriculture?

Food wastage and low productivity Signup and view all the answers