Basic Economics

Quiz Bee

• 1. Under normal circumstances, when the price of a commodity falls, the quantity demanded will _______________

• decrease• increase• remain unchanged• nobody knows

• 2. Initially, when you consume more and more of a commodity continuously, your TOTAL satisfaction level will increase.

• True• False

• 3. What usually constitutes the main source of a government's income?

• Loans• Taxes and levies• Profits from business undertakings• Grants from World Bank

• 4. When the economic activity in an economy is on the decline, then it is called a _______ ?

• boom• recession • deflation• depression

• 5. What is the single most important factor that makes the markets work?

• kapital• Markets don't work• Raw materials• Money

• 6. Monopoly is when there is a single _______?

• game• buyer• seller• market

• 7. A business firm tries to maximize its ________ ?

• profits• revenue• sales• job retrenchment

•8. For anything to be used as money, it must be what?

• fixed in value• legal tender• in fixed supply• readily acceptable

• 9. Which of the following is NOT a factor of production?

• A farm• A printing machine• A shopkeeper• A $10 note

• 10. Which company operates in the primary sector?

• First Bangkok City Bank: a medium-sized commercial Thai Bank

• Century City: Hong Kong holding company with property and hotel interests

• Delta Gold: a rapidly expanding Australian gold and platinum mining company

• Compass East Industries: a Thai ceiling fan manufacturer

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