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BK013 Principles of Economics 1

Quiz – July 2017/2018

1. An exceptional demand curve is one that moves _______.
A. vertically
B. horizontally
C. upward to the right
D. downward to the right

2. Economics is what it ought to be. This statement refers to _______.

A. Normative economics
B. Positive economics
C. Monetary economics
D. Fiscal economics

3. In economics, the terms ‘Utility’ and ‘Usefulness’ have ________.

A. same meaning
B. different meaning
C. opposite meaning
D. None of the above.

4. The Malaysian economy can be most appropriately described as a ___________.

A. Mixed economy
B. Socialist economy
C. Traditional economy
D. Capitalist economy

5. Economic development depends on ___________.

A. Natural resources
B. Capital formation
C. Size of the market
D. All of the above

6. Production function explains the relationship between ________.

A. initial inputs and ultimate output
B. inputs and ultimate consumption
C. output and consumption
D. output and exports

BK013 Principles of Economics 1
Quiz – July 2017/2018
1. A situation where we have people whose level of income is not sufficient to meet the
minimum consumption expenditure is considered as _______
A. absolute poverty
B. relative poverty
C. urban poverty
D. rural poverty

2. Which of the following influences people’s purchasing plans and varies moving along a
demand curve?
A. Income
B. Preferences
C. The price of the good
D. The price of related goods

3. The excess of price a person is to pay rather than forego the consumption of the commodity
is called _______.
A. price
B. profit
C. producer surplus
D. consumer surplus

4. Development expenditure of the Central government DOES NOT include ________.

A. defense expenditure
B. expenditure on economic
C. expenditure on social and community services
D. grant to states

Round 3
1. Which of the following statement is NOT CORRECT about Goods and Services Tax?
A. GST implemented on 1st April 2015.
B. It will unify the tax structure in Malaysia.
C. GST will abolish all the direct tax levied in Malaysia.
D. GST is like a last point retail tax. GST is going to be collected at point of sale.

2. Which one among the following is NOT a clause of World Trade Organization?
A. Most favored nation treatment.
B. Lowering trade barriers with negotiations.
C. Providing financial support to the countries having deficit balance of payments.
D. Discouraging unfair trade practices such as anti-dumping and export subsidies.