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Economics Quiz 2

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As I told you in my last quiz on this topic that economics is a part of our everyday lives and it encompasses so much that we do not even realize it. I am here to help you update yourself in most common economic theory that affects you practically so much that you would be amazed.

This is a general quiz to help increase awareness about the topic of ECONOMICS. Economics is used in our everyday life at each moment and as yet we are not aware of its implications in full. Here is a theoretical ready reckoner for you test you knowledge against:

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  • Question of

    Demand Curve for any good or service ________

    • Slopes upward from 0 axes right to left
    • Slopes downwards from Y axes to X axes
    • is parallel to X axes
    • is parallel to Y axes
  • Question of

    If price increases would you demand

    • Less quantity than earlier
    • More quantity than earlier
    • You are not decided
  • Question of

    If price increases and yet you either demand same quantity or increase it what does it show?

    • You have consumer surplus
    • Seller is threatening you
    • You are a drug junkie and cannot decide
    • You may be mad
  • Question of

    Your utility of a good or service is represented in economics by

    • Dollar
    • Utils
    • Bahts
    • Pounds
  • Question of

    On whom law of demand will not apply?

    • Actor
    • Miser
    • Businessman
    • Politician
  • Question of

    In duopoly market how many sellers are there in the market?

    • 6
    • 2
    • uncounted
    • 7
  • Question of

    When you buy things in super markets or malls does the law of demand apply?

    • Yes
    • No
  • Question of

    In a country with excessive inflation like Mexico had in past ,does the law of demand applies?

    • Yes
    • No
  • Question of

    Is there a demand curve for ‘money’?

    • Yes
    • No
  • Question of

    Is there a supply curve for ‘money’?

    • Yes
    • No

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Written by Glower4

Glower is a writer cum poet who is a commoner endowed with uncanny gift of extreme and deep abstract thought resulting in astonishing written word.

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