71. Goods which are produced in order to produce other goods are known as
(A) capital
(B) final goods
(C) resources
(D) investment

72. Increase in supply usually _____ the price and _____ the quantity demanded.
(A) lowers, lowers
(B) raises, raises
(C) lowers, raises
(D) raises, lowers

73. Employees of a factory are likely to receive increment in wages when _____ is/are increasing.
(A) imports
(B) output
(C) labor supply
(D) unemployment

74. The fundamental concept of Economics about resources is that the resources are
(A) equally distributed
(B) unequally distributed
(C) scarce
(D) unlimited

75. Consider a world without scarcity of resources. Then what would be the consequences?
(A) All prices would be zero
(B) Markets would be unnecessary
(C) Economics would no longer be a useful subject
(D) All of the above

76. Who is considered the founder of Microeconomics?
(A) Adam Smith
(B) John Keynes
(C) Friedrich Hayek
(D) Milton Friedman

77. Who is considered the founder of modern Macroeconomics?
(A) Adam Smith
(B) John Keynes
(C) Friedrich Hayek
(D) Milton Friedman

78. When analyzing the impact of a variable on the economic system, the other things

(A) must be kept constant
(B) must also be analyzed
(C) must not be taken into consideration
(D) none of these

79. Inputs are combined with technology to produce outputs. The fundamental inputs (also called factors of production) are
(A) land and capital
(B) land and labor
(C) land, labor, and capital
(D) land, labor, capital, and investment

80. Goods produced to produce yet other goods is called
(A) final goods
(B) capital
(C) investment
(D) resources

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