Which of the following resources has natural scarcity
Land
What are factors of production from the list below?
All answers are true
Inter substitution of factors of production is explained by:
Technological peculiarities of a product
Production is effective if there is:
Full usage of resources
An economy based on the division of labour in which the prices of goods and services are determined in a free price system set by supply and demand is:
Market economy
Any one of a variety of different systems, institutions, procedures, social relations and infrastructures whereby persons trade, and goods and services are exchanged, forming part of the economy is:
Exchange
Markets where raw or primary products are exchanged are:
Commodity market
An economic system in which the state or workers' councils manage the economy is:
Command economy
Distinguish advantages of economic planning:
Stability
Society ran from about 100,000 BC to 3,500 BC has name
Primitive
Society dominated from about 3,500 BC to 400 has name:
Slavery
The main type of society from about 400 to 1600 was:
Land-duty
Societies first emerged in the 1600s are:
Capitalist societies
Societies first emerged in 1917 are:
Socialist societies
The hunter-gatherer stage, the stage of early settlement with the discovery of agriculture and more importantly the culture of the still widespread belief and fear of demons are:
Primitive
A form of forced labor in which people are considered to be the property of others is:
Slavery
A decentralized socio-political structure in which a weak monarchy attempts to control the lands of the realm through reciprocal agreements with regional leaders is:
Land-duty
Common or direct worker ownership and administration of the means of production and allocation of resources, and a society characterized by equal access to resources for all individuals with a method of compensation based on the amount of labor expenditure is:
Socialist societies
A market structure in which a single firm makes up the entire market.
monopoly
Patents, prevent others from entering the market are:
Legal barriers
Entry is prevented by custom or tradition is:
Sociological barriers
The firm has a unique ability to produce what other firms cant duplicate is-
Natural barriers
The size of the market can support only one firm is:
Technological barriers
Economies of scale is one way how to sustain:
Monopoly
One firm can produce a desired output at a lower social cost than two or more firms that is, there are economies of scale in social costs is-
Natural monopoly
No competitors is advantage of:
Monopoly
High prices / low output is disadvantage of:
Monopoly
A branch of economics that deals with the performance, structure, and behavior of a national or regional economy as a whole is:
Macroeconomics
The behavior and decision-making of entire economies is studied by:
Macroeconomics
The market value of all final goods and services made within the borders of a nation in a year is:
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The gross domestic product (GDP)
GDP = C + I + G + (X − M) is:
Expenditure method
The value of sales of goods - purchase of intermediate goods to produce the goods sold is:
Value added approach
A person is available to work and seeking work but currently without work is:
Unemployment
Okun's law states that for: every 3% GDP falls relative to potential GDP, unemployment rises 1% (of the total workforce).
Ur=Uw/TLF is:
The unemployment rate
A rise in the general level of prices of goods and services in an economy over a period of time is:
The inflation rate
The conservation of money is:
Saving
GDP/population is:
GDP per capita
GDP2/GDP1 is:
GDP rate
The total market value of all final goods and services produced within a country in one year in current prices is:
Nominal GDP
A measure of %-tage in the average price of products in GDP over a certain base year is:
GDP deflator
The total market value of all final goods and services produced within a country in one year in base prices is:
Real GDP
Measures the average price paid for a market basket of goods and services by a typical consumer in comparison to the average paid for the same basket in an earlier base year is:
CPI
Development economics theory is belonged to:
Amartya Sen and Joseph Stiglitz
Growth Model is belonged to:
Solow-Swan
800-1300 AD is the time of:
the medieval technological revolution
To explain how economies work and how economic agents interact is:
Aim of economics
___________is applied throughout society, in business, finance and government, but also in crime, education,the family, health, law, politics, religion,social institutions, war, and science:
Economics analysis
_________is an economy based on the division of labor in which the prices of goods and services are determined in a free price system set by supply and demand:
Market economy
Any one of a variety of different systems, institutions, procedures, social relations and infrastructures whereby persons trade, and goods and services are exchanged, forming part of the economy is:
Market
The name for the global market for lending and borrowing is:
Money market
Markets where raw or primary products are exchanged are:
Commodity market
An economic system in which the state or workers' councils manage the economy is:
Planned economy
A few firms in the market, a result of two sorts of barriers to entry: economies of scale, government may limit number of firms in the market is:
Oligopoly
In order to be a medium of exchange, money must hold its value over time; that is, it must be:
a store of value
To facilitate transactions money serves as:
a medium of exchange
To provide a common measure of the value of goods and services being money serves as:
a unit of account
The relationship between tax rates and tax revenue depicts:
Laffer curve
Measure of how much the quantity demanded of a good responds to a change in the price of that good is:
Elasticity
Measure of how much buyers and sellers respond to changes in market conditions is:
Elasticity
Market value of the inputs a firm uses in production is:
Total Cost economic goal of the firm is:
Market where currency trading takes place is:
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foreign exchange market
Market with a very large number of firms, each of which produces the same standardized product and takes the market price as given: Monopolistic Competition
There are just a few firms in the market, a result of two sorts of barriers to entry:
Oligopoly
Step in the scientific method that helps people decide between two or more competing explanations or hypotheses:
Experiments
Simplified framework designed to illustrate complex processes, often but not always using mathematical techniques:
Materialistic dialectics
Every economic order grows to a state of maximum efficiency, while at the same time developing internal contradictions or weaknesses that contribute to its reasoning is:
Formal logics
The formal systematic study of the principles of valid inference and correct reasoning is:
Economic models
Give knowledge and to provide comprehensive coverage of the key elements of economic theory as a scientific discipline:
Purpose and Objectives
Methodology of economic theory study involves: 5
Economic model commonly used to illustrate basic economic concepts, including full employment, unemployment, opportunity cost, economic growth, and investment is:
the production possibilities curve
Efficiency describes how well a system generates desired output with a given set of inputs and available technology:
Economic efficiency
Welfares which available in the limited size are:
The economic welfares
Effectiveness of production activity on methods, rules and laws of rational usage of resources to create and distribute welfares is: Economics of enterprise
Body of theory later termed 'neoclassical economics' or 'marginalism' formed from about:
1870 to 1910
The influence of entrepreneurs on technological progress is belonged to:
Schumpeter
The theory of "comparative advantage" is belonged to:
David Ricardo
The foundation of the discipline of modern political economy is belonged to:
Adam Smith
The act of being an entrepreneur, which is a French word meaning "one who undertakes an endeavor" is:
Entrepreneurship
The Theory of Economic Development is belonged to:
Schumpeter
A global index measuring the level of innovation of a country is:
The Global Innovation Index
__________ran from about 100,000 BC to 3,500 BC:
Primitive society
An economy which is changing from a centrally planned economy to a free market is:
Transitional economy
A term that refers either to an economy of knowledge focused on the production and management of knowledge in the frame of economic constraints, or to a knowledge-based is:
Knowledge economy
In the 1990s how knowledge can drive economic growth and transformation is shown by:
Finland
A process by which regional economies, societies, and cultures have become integrated through a globe-spanning network of communication and trade is:
Globalization
Economic relations between agents of economic system is:
Subject of economic theory study
Economic system is:
Object of economic theory study
"The science which studies human behaviour as a relationship between ends and scarce means which have alternative uses is said by:
Lionel Robbins
