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Match the Following MCQ Quiz

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Chapter 8 - Building Blocks in Economics: The Problem of Choice | 5 questions

Timed test. Answer every question before time runs out. Correct answers and solutions appear after submission.
Time remaining 480
Question 1 of 5
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Question 1 of 5
Match the following items given in Column A with those in Column B, and choose the correct option:

Column A
(i) Need
(ii) Want
(iii) Preference
(iv) Problem of choice

Column B
(a) What a person chooses to have
(b) Deciding how to allocate limited resources
(c) Essential for survival
(d) Not essential, but improves quality of life
Select one option. Answers are shown after the test.
Question 2 of 5
Match the following items given in Column A with those in Column B, and choose the correct option:

Column A
(i) Cost of capital
(ii) Level of technology
(iii) Nature of the product
(iv) Cost of labour

Column B
(a) Cheap and easy-to-get labour favours labour-intensive methods
(b) Customised goods need skilled labour, mass-produced goods suit machines
(c) Expensive machines push the firm towards labour
(d) Advanced technology encourages machine use
Select one option. Answers are shown after the test.
Question 3 of 5
Match the following items given in Column A with those in Column B, and choose the correct option:

Column A
(i) School shoes
(ii) Office-wear shoes
(iii) Sports shoes
(iv) Casual shoes

Column B
(a) Special rubber soles, lightweight, give grip and support
(b) Comfortable yet affordable, for daily use
(c) Simple in design, durable and affordable, for students
(d) Comfortable, formal, often leather, for professionals
Select one option. Answers are shown after the test.
Question 4 of 5
Match the following items given in Column A with those in Column B, and choose the correct option:

Column A
(i) Former Soviet Union, North Korea, Cuba
(ii) USA, Japan, Hong Kong
(iii) India after 1991, Germany, Sweden
(iv) Air India

Column B
(a) Handed over to the Tata Group in 2022 after government-run losses
(b) Examples of mixed economies
(c) Examples of market economies
(d) Examples of planned economies
Select one option. Answers are shown after the test.
Question 5 of 5
Match the following items given in Column A with those in Column B, and choose the correct option:

Column A
(i) Consumer
(ii) Producer
(iii) Government
(iv) Financial institution

Column B
(a) Collects taxes and spends on the country
(b) Keeps people's savings and gives loans
(c) Makes goods and services
(d) Buys and uses goods and services
Select one option. Answers are shown after the test.