The branch of economics at the level of individual consumers groups of consumers or firms is known as:
(a) Macroeconomics
(b) Econometrics
(c) Microeconomics-✔️
(d) Keynesian Economics
The economic situation in which only a single seller or producer supplies a commodity or a service is called:
(a) Monopoly-✔️
(b) Possession
(c) Cartel
(d) Trust
The legal instrument that pledges a house or other real estate as security for repayment of a loan is called:
(a) Mortgage-✔️
(b) Bond
(c) Foreclosure
(d) Lien
The international trade and exchange between more than two countries without discrimination between those involved is called:
(a) Unilateralism
(b) Bilateralism
(c) Multilateralism-✔️
(d) None of the above
An industry in which technical factors preclude the efficient existence of more than one producer. This situation is called:
(a) Natural Monopoly-✔️
(b) Monopoly
(c) Engineered Monopoly
(d) Duopoly
Commodities or assets with some economic value which exist without any effort of mankind, are called:
(a) Minerals
(b) Natural resources-✔️
(c) By-products
(d) Consumer resources
1994 Nobel Prize for Economics was awarded to a American mathematician for his most important concept of equilibrium as applied to game theory. His name was
(a) John Nash-✔️
(b) Reinhard Selten
(c) John Harsanyi
(d) All of the above
The reduction in the useful life of a capital good or consumer good through economic or technological change as distinct from physical deterioration in use is termed as:
(a) Depreciation
(b) Devaluation
(c) Obsolesience-✔️
(d) All of the above
A market that is dominated by a few large suppliers is known as:
(a) Oligopoly-✔️
(b) Monopoly
(c) Duopoly
(d) None of the above
A loan facility on the customer’s current account at a bank permitting him to withdraw up to a certain agreed limit for an agreed period, is referred to as:
(a) Personal Loan
(b) Mortgage
(c) Overdraft-✔️
(d) Credit
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