Economics Practice Quiz 101

Q1.What happens if there are defects or delays in delivery to foreign buyers?

A. The exporter is rewarded B. The exporter is not affected C. Any defects or delay in delivery is dealt with strictly D. The exporter is given a warning

Q2.Where does the Erode merchant supply the cotton cloth produced by the weavers?

A. To a garment exporting factory near Mumbai B. To a garment exporting factory near Delhi C. To a garment exporting factory near Chennai D. To a garment exporting factory near Bangalore

Q3.What is the main reason for the huge profit made by the businessperson in the market?

A. The businessperson spends a lot on advertising B. The businessperson has a large market share C. The businessperson has a low cost of production D. The businessperson has a high demand for the product

Q4.Who are the people that did not gain as much in the market?

A. The garment exporter and the businessperson B. The workers at the garment export factory and the small cotton farmer C. The merchants and the weavers D. The buyers at the supermarket

Q5.What is the relationship between democracy and fair wages in the market?

A. Democracy has no relation to fair wages in the market B. Democracy is about getting a fair wage in the market C. Democracy is about equal distribution of wealth D. Democracy is about freedom of speech

Q6.What is the role of the market in providing opportunities for work and selling products?

A. The market provides opportunities for work and selling products only for the rich and powerful B. The market provides opportunities for work and selling products for everyone C. The market provides opportunities for work but not for selling products D. The market provides opportunities for selling products but not for work

Q7.Who are the gainers in the market?

A. The workers at the garment export factory and the small cotton farmer B. The garment exporter and the businessperson C. The merchants and the weavers D. The buyers at the supermarket

Q8.What is the cost of running the office for the garment exporter per shirt?

A. Rs 10 per shirt B. Rs 25 per shirt C. Rs 50 per shirt D. Rs 100 per shirt

Q9.How much does the businessperson spend on advertising per shirt?

A. Rs 100 per shirt B. Rs 200 per shirt C. Rs 300 per shirt D. Rs 400 per shirt

Q10.What is the relationship between the earnings of the workers at the garment export factory and their day-to-day needs?

A. The earnings of the workers are more than enough to cover their day-to-day needs B. The earnings of the workers are barely enough to cover their day-to-day needs C. The earnings of the workers are less than enough to cover their day-to-day needs D. The earnings of the workers have no relation to their day-to-day needs

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Economics Practice Quiz 101