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Economics Supply and Demand MCQs

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Questions and Answers

In a pure market economy, the goal is to meet the desires of which group?

Companies

Workers

Consumers (correct)

The government

Which of the following is an example of transfer payment?

Old-age pension (correct)

Employers’ contribution to social security

Retirement pension

Free meals in the company canteen

What differentiates microeconomics from macroeconomics?

Microeconomics deals with prices only

Microeconomics deals with economic behavior

Microeconomics deals with individual behavior (correct)

Microeconomics deals with the government’s decisions

Which of the following is true about a central bank?

Apex bank Signup and view all the answers

What does money primarily serve as in an economy?

Exchange medium Signup and view all the answers

If the price elasticity of demand is |0.5|, what type of commodity is it most likely?

Necessary Signup and view all the answers

What is the main economic problem faced by society?

Poverty Signup and view all the answers

What is the meaning of the supply of goods?

Stock available for sale Signup and view all the answers

What does 'Capitalism' refer to?

Private ownership of the means of production Signup and view all the answers

What is Gross Domestic Product (GDP)?

The total value of all transactions in a country Signup and view all the answers

What is the relation defined by the law of demand?

Price and quantity of a commodity Signup and view all the answers

What do you mean by a mixed economy?

Public and private sectors Signup and view all the answers