In economics, the pleasure, happiness, or satisfaction received from a product is called ______?

Related Mcqs:

1. Which economics doctrine opposes government regulation or interference in commerce beyond the minimum necessary for a free enterprise system to operate according to its own economics laws and non-interference in affairs of others ?

   A. Free market economy
   B. Laissez faire also Laisser faire
   C. Open market economy
   D. Liberal market economy

2. A company is in the ________ stage of the new product development process when the company develops the product concept into a physical product in order to assure that the product idea can be turned into a workable product ?

   A. product development
   B. commercialization
   C. marketing strategy
   D. business analysis

3. If the total product of two workers is 80 and the total product of 3 workers is 90 then the average product of the third worker is ________ and the marginal product of the third worker is _________?

   A. 160; 270
   B. 10; 30
   C. 10; 3.33
   D. 30; 10

4. Development economics focuses primarily on the poorest ______ of the worlds?

   A. population
   B. two thirds
   C. one third
   D. 28 percent
   E. 5 percent

5. Who is called the father of Economics?

   A. J.P Kense
   B. David Ricordo
   C. Adam Smith
   D. Mankew

   Submitted by: M Faheem Jan

6. When supply exceeds demand, sellers must lower prices to stimulate sales, when demand exceeds supply, prices increase as buyers compete to buy goods. What this theory is called in economics?

   A. Cost push theory
   B. Supply and Demand theory
   C. Fundamental theory
   D. Ricardo’s theory

7. Who is called Father of Economics ?

   A. Adam smith
   B. David Ricardo
   C. David smith
   D. Adam Ricardo

8. R&D and engineering first produce the product concept into a physical product during which of the following stages of the new product development process ?

   A. Concept development and testing
   B. Marketing strategy
   C. Business analysis
   D. Product development

9. Data are important in economics because _________ and ____________?

   A. they suggest relationships for explanation, allow testing of hypotheses
   B. they can be used for tables, they can be graphed
   C. they can be used in computers governments use them
   D. they provide interesting information can be summarized

10. Rostow’s economics stages are ?

    A. The preconditions for takeoff, the takeoff, the drive to maturity and the age of creative destruction
    B. The traditional society the preconditions for takeoff, the takeoff, the drive to maturity and the age of high mass consumption
    C. the preconditions for consumption the replication the drive to maturity and the age of high mass consumption
    D. the learning curve the age of high mass consumption post takeoff, and the drive to maturity