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Class 12 Economics (Macro Economics) Chapter 1 Introduction Quiz 3 (25 MCQs)

Quiz Instructions

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1. Steps for Decision Making after group members determine their needs and decide what they want to accomplish, they should write a general goal (or goals) for their project.
2. Considered as Economics applied to "Problem of Choice" .
3. Consumer is sovereign under:
4. In a centrally planned market economy, the economic problem of what goods should be produced and how it is distributed is usually solved by
5. The credit of developing Macro economic approach goes to .....
6. How do firms decide how much output to produce and what price to charge?
7. 2, How does a market economy solve central economic problems?
8. 'Ceteris paribus' means .....
9. Characteristics of Managerial Economics that concerned with what management should do under particular circumstances
10. PPC shows alternative production possibilities of two goods with:
11. The Opportunity Cost can best be described as
12. It helps in efficient employment of resources.
13. The opportunity cost of spending on the military are all of the following EXCEPT
14. The art of predicting demand for products or services at some future time
15. Every economy faces the economic problems like:
16. A financial strategy aimed at ensuring maximum efficiency in a company's cash flow.
17. A Point below PPC indicates .....
18. The field of economics that deals with the economic concepts and analysis of problems that are required to formulate rational managerial decisions
19. What determines the overall level of prices and the rate of inflation?
20. Focus on a Company's maximum Profit is the part of Microeconomy.
21. In a centrally planned economy the economic decision taken by.
22. In a pure market economy, Prices are determined bySelect one:
23. An economic system that decides what to produce, how to produce, and for whom to produce according to long-standing customs is?
24. Clearly defined and enforced property rights are elements of which type of economic system?
25. The exchange of goods and services where both parties mutually benefit and are better off afterward is known as .....
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