Basics of Economics MCQS With Answers 1 to 5

 

1. The economic problem arises since

A. wants are unlimited

B. resources are limited

C. resources are capable of alternative uses

D. all of the above

D. all of the above

2. Economic problem arises in

A. planned economies

B. free market economies

C. mixed economies

D. all of the above

D. all of the above

3. The resources are :

A. limited

B. unlimited

C. not only limited but are capable of alternative uses

D. none of the above

C. not only limited but are capable of alternative uses

4. ----- is not an example of free good

A. sunlight

B. car

C. petrol

D. computer

A. sunlight

5. The term production refers to:

A. producing things which are capable of satisfying human wants

B. creation or addition of utilities

C. transformation of inputs into output

D. all of the above

D. all of the above