Economic Concepts

Price Determination in Different Markets CA Foundation MCQ Economics Chapter 5 1. In Economics, the term ‘market’ refers to a:(a) place where buyer and seller bargain a product or service for a price(b) place where buyer does not bargain(c) place where seller does not bargain(d) none of the aboveAnswer:(a) place where buyer and seller bargain […]

Theory of Production and Cost CA Foundation MCQ Economics Chapter 3 1. What is Production is Economics:(a) Creating/Addition of Utility(b) Production of food grains(c) Creation of services(d) Manufacturing of goodsAnswer:(a) Creating/Addition of Utility   2. Which of the following is considered as production in economics?(a) Helping a blind person in crossing the road(b) Group dance […]

Theory of Demand and Supply CA Foundation MCQ Economics Chapter 2 1. Demand for a commodity refers to:(a) Desire backed by ability to pay for the commodity.(b) Need for the commodity and willingness to pay for it.(c) The quantity demanded of that commodity at a certain price.(d) The quantity of the commodity demanded at a […]

Nature and Scope of Business Economics CA Foundation MCQ Economics Chapter 1 1. The term ‘Economics’ owes its origin to the Greek word.(a) Aikonomia(b) Wikonornia(c) Oikonomia(d) None of the aboveAnswer:(c) Oikonomia 2. Adam Smith published his master piece “An enquiry into the nature and causes of wealth of nations” in the year __________.(a) 1776(b) 1786 […]