ECON FUNDAMENTALS- WEEK 1
Ten Principles of Economics
Scarcity: the limited nature of societys resourcesincluding goods and services
Economics: how society manages its limited resources
Opportunity cost: whatever must be given up to obtain some
1. Suppose an airline flying on the Charlotte - Chicago route has estimated the demand curves for
three different types of customers: business (no advance purchase), leisure (7 day advance
purchase), and discount (14 day advance purchase) travelers. They
ECON 510: HW 2: Due Thursday April 7th
1. Squiggly Wiggly Corporation sells fishing worms in the wholesale market. The company has monthly fixed costs of $1960, and it sells worms
for $5 per gallon. Its AVC and MC is $2.20 per gallon of worms.
(a) How man
Economics is the study of
C)how society decides what, how, and for whom to produce
D)the best way to run society
A resource is scarce if supply exceeds demand at zero price
Multiple Choice Quiz on Economics
1 Economics is the study of
how society decides what, how, and for whom to produce
the best way to run society
2 A resource is scarce if supply exceeds demand at zer
1. The aim of which Five Year Plan was to correct the disequilibrium in the economy?
a) First Five year plan
b) Second Five year plan
c) Third Five year plan
d) Fourth five year plan
2. Which of the following is the Central bank of India?
Economics MCQ CHAPTER 7
1. The Securities and Exchange Board of India (SEBI) was established in
2. Which Five-year Plan is being implemented at present?
3. Which of the following is n
ECONOMICS: MCQ CHAPTER 6
1. Which is the largest commercial bank in India?
a) Reserve Bank of India
b) State Bank of India
c) ICICI Bank
d) Bank of India
2. Bank of Hindustan is the oldest bank in India. When did it start functioning?
1. What happens to marginal cost when average cost increases
a) Marginal cost is below average cost
b) Marginal cost is above average cost
c) Marginal cost is equal to average variable cost
d) Marginal cost is equal to average cost
1. Which of the following taxes is a progressive tax?
a) income tax
b) custom tax
c) sales tax
d) excise duty
2. In which year was the policy of population planning adopted by the government
3. Which of
1. Which one of the following was launched with the objective of helping the poor in
rural areas to become self employed?
2. In Indian economy, the principal means of transportation is
1. In terms of geographical area India occupies what position in the world?
2. India does not share its boundary with which of the following countries?
3. Agriculture employs
1. Who was the first administrator-statesman to attempt planning as a
means for economic development?
a) Sir CP Ramaswami Aiyyar
b) M Viswesvarayya
c) VT Krishnamachari
d) C Rajagopalachari
2. An economy is at the take off stage on its path to d
Economics Questions and Answers
1. An Enquiry into the Nature and Causes of Wealth of Nations is the book of economist
(A) Adam Smith (B) Marshall
(C) Robbins (D) None of above
Ans : (A)
2. Economics is the Science of Wealth who gave this definition ?
Problem Set 1
Due 9/11/2014 in class.
Instructions: You may work with other people in the class. However, the
people you work with must be identied. The handouts on ANGEL on Exchange
Economies and Ricardian Models will help guide you th