This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 19 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In normal distribution, the Mean, Median and Mode are? A) Different. B) Equal. C) Unequal. D) None of the above. Show Answer Correct Answer: B) Equal. 2. What is a trade-off? A) Giving up one alternative good or service for another. B) Getting all the goods and services. C) Not picking any of the options. D) None of the above. Show Answer Correct Answer: A) Giving up one alternative good or service for another. 3. Plants, fruits, and minerals are called A) Human resources. B) Capital resources. C) Natural resources. D) None of the above. Show Answer Correct Answer: C) Natural resources. 4. Which of the following is a function of statistics in business? A) Market analysis and demand forecasting. B) Data storage. C) Random guessing. D) None of the above. Show Answer Correct Answer: A) Market analysis and demand forecasting. 5. Each of the following is one of the three economic questions that must be answered by all nations except: A) What goods and services will be produced?. B) How will the goods and services be produced?. C) Who will receive the profits earned when goods and services are produced?. D) What needs and wants will be satisfied with the goods and services produced?. Show Answer Correct Answer: C) Who will receive the profits earned when goods and services are produced?. 6. Which economist is known as the "Father of modern economics" ? A) Alfred Marshall. B) Adam Smith. C) Samuelson. D) Karl Marx. Show Answer Correct Answer: B) Adam Smith. 7. The quantity of a good or service that consumers are willing and able to buy is called A) Supply. B) Economic Want. C) Demand. D) Economic Amount. Show Answer Correct Answer: C) Demand. 8. Division of the national income into wages, profits rents, and interest is called as- A) Distribution. B) Consumption. C) Investment. D) Exchange. Show Answer Correct Answer: A) Distribution. 9. All tools, equipment and machinery used to produce goods or provide services. A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: C) Capital. 10. Consumption is- A) Supply of goods and services. B) Use of goods and services to satisfy wants. C) Riding a car safely. D) Production of goods and services for human wants. Show Answer Correct Answer: B) Use of goods and services to satisfy wants. 11. "Economics is a social science as it systematically studies human behaviour." A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 12. ..... is the root of all economic problems A) Scarcity. B) Population. C) High demand. D) None of the above. Show Answer Correct Answer: A) Scarcity. 13. Economics is considered as a ..... A) Positive science. B) Normative science. C) Both. D) None of these. Show Answer Correct Answer: C) Both. 14. This resource is identified as people who make goods or provide services. A) Human resources. B) Capital resources. C) Natural resources. D) None of the above. Show Answer Correct Answer: A) Human resources. 15. The three basic questions in Economics are: A) What/how much to produce, how to produce and for whom to produce?. B) Why much to produce, how to produce and for whom to produce?. C) What to produce, how much to produce and for whom to produce?. D) What much to produce, how much to produce and why to produce?. Show Answer Correct Answer: A) What/how much to produce, how to produce and for whom to produce?. 16. The Economy adopted by India: A) Mixed Economy. B) Socialist Economy. C) Capitalist Economy. D) None of the above. Show Answer Correct Answer: A) Mixed Economy. 17. Identify the population:A survey of 500 adults in the U.S. found that 54% drink coffee daily. A) Collection of the 500 adults surveyed. B) Collection of all adults in the U.S. C) 54%. D) 500. Show Answer Correct Answer: B) Collection of all adults in the U.S. 18. Consumer A) A person who buys and uses goods and services. B) A person who sells products to retailers. C) A person who manufactures goods for sale. D) A person who provides services to others. Show Answer Correct Answer: A) A person who buys and uses goods and services. 19. What is the main purpose of a market? A) To provide a place for buyers to spend time. B) To allow for the exchange of products. C) To provide jobs for sellers. D) To provide a method to raise government taxes. Show Answer Correct Answer: B) To allow for the exchange of products. 20. Which of the following is an example of doing without something as a solution to scarcity? A) Buying more than needed. B) Using alternatives. C) Consuming excessively. D) Ignoring needs. Show Answer Correct Answer: B) Using alternatives. 21. Economic growth and political stability are deeply interconnected. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 22. When you employ somebody giving them a wage you are an ..... A) Producer. B) Consumer. C) Employer. D) Employee. Show Answer Correct Answer: C) Employer. 23. What are the factors of production? A) Land, Technology, Dirt, Resources. B) Land, Labor, Capital, Entrepreneurship. C) Land, Labor, Entrepreneurship. D) Resources used in the production of only services. Show Answer Correct Answer: B) Land, Labor, Capital, Entrepreneurship. 24. The statistical data in the original form before any statistical technique are used to refine, process or summarise is called A) Refined Data. B) Secondary Data. C) Raw Data. D) Information. Show Answer Correct Answer: C) Raw Data. 25. Products and money used in the production of goods and services are called Natural Resources A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. ← PreviousNext →Related QuizzesClass 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 1Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 2Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 3Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 4Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 5Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 6Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 7Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 8Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 9Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books