Froggy Jumps Basics concept of economics QuizOnline version Test your knowledge of fundamental economic concepts! by Komal gujar 1 1. What is a service? a A product you can touch b Work done for others c Something free 2 Which of the following is an example of a good? a Online class b Haircut c Ice cream 3 What does ‘utility’ mean in economics? a Usefulness or satisfaction b Price of the product c A machine 4 Which one shows welfare? a Watching TV b Getting free health care c Buying toys 5 Capital is used for...? a Buying food b Personal fun c Producing other goods 6 Labor means...? a Machines b Only hard work c Human effort in production 7 What is the role of the entrepreneur? a Saves money b Manages production c Sells goods 8 Which of these is NOT a factor of production? a Land b Capital c Electricity 9 Which is a traditional market? a Amazon b Mobile App c Kirana (local grocery) shop 10 What is saving? a Spending more money b Keeping money aside for future c Wasting money 11 Consumption means...? a Producing more goods b Selling items c Using goods/services to satisfy wants 12 A mother buys a toy for her son. Who is the consumer? a Mother b Shopkeeper c Son 13 A consumer always pays for the product. (True/False) a True b False c 14 Which is an example of a service? a Pen b Chair c Doctor visit 15 Which action shows saving? a Buying snacks b Going to a movie c Putting money in a piggy bank 16 Which one is a want, not a need? a Clean water b Fancy shoes c Basic food 17 Land in economics refers to...? a Soil only b Any natural resource c Garden only 18 A shopkeeper buys biscuits to sell. Who is the consumer? a Shopkeeper b Buyer of biscuits c Supplier 19 Market is...? a A playground b A place where buying and selling happens c A bank 20 Which is an example of capital? a Laptop used in office b Phone for personal use c Lunch box
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