PU COM 2026 Basic Economic Concepts Free Quiz 1

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PU COM 2026 Basic Economic Concepts Free Quiz 1

PU COM Quiz

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General 10 MCQs

1. What are wants in economics?

A. Basic necessities of life B. Desires for goods and services C. Goods people need D. Services people need

2. What is utility in economics?

A. Satisfaction from consumption B. Price of a good C. Quality of a good D. Cost of production

3. What is wealth in economics?

A. Income earned in a year B. Money in a bank account C. Value of home D. Accumulation of assets and resources

4. What is income in economics?

A. Value of assets B. Total wealth C. Flow of money over time D. All possessions

5. What type of economy combines elements of market and command economies?

A. Pure market economy B. Mixed economy C. Pure command economy D. Traditional economy

6. What characterizes a command economy?

A. Central government planning B. Private ownership C. Consumer sovereignty D. Free market competition

7. What characterizes a market economy?

A. Government control B. Central planning C. Public ownership D. Private ownership and free markets

8. What does the production possibility curve show?

A. Actual output of a country B. Desired output of a country C. Maximum possible output combinations D. Minimum possible output combinations

9. What does a point inside the production possibility curve indicate?

A. Efficient production B. Underutilization of resources C. Overutilization of resources D. Maximum production

10. What are resources in economics also called?

A. Factors of production B. Goods and services C. Money and wealth D. Income and expenditure

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Quantitative Reasoning: 20 MCQs

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