| 1 |
Economics is a science which studies. |
- A. Distribution of income
- B. Optimum use of scarce resources.
- C. Production of wealth only
- D. Exchange of wealth only
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| 2 |
Select the correct statement |
- A. Economics affects politics
- B. Economics affects history
- C. Geography affects economics
- D. all of the above are true
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| 3 |
Economics laws are: |
- A. Statements of tendencies in economic behaviour
- B. Unrealistic to deal with real economic problems.
- C. Absolute and certain like the laws of physical science
- D. Used to forecast the growth rate of an economy.
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| 4 |
All non materials products which can satisfy human wants are called. |
- A. Economic goods
- B. Services
- C. Non-economics goods
- D. Services
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| 5 |
One or more persons living together and having a common budget is called |
- A. union
- B. organisation
- C. household
- D. house members
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| 6 |
Wealth of Nations was written by |
- A. Adam Smith
- B. Malthus
- C. Marshall
- D. Newton
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| 7 |
Ceteris paribus means |
- A. other things equal
- B. all variable are independent
- C. all relationships are inverse
- D. that no other assumptions are made
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| 8 |
Macro economics deals with |
- A. how to buy groceries
- B. aggregate economics activity
- C. establishment of a new firm
- D. industrial activity
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| 9 |
Prof. Marshall thinks |
- A. Economics studies national welfare
- B. Economics studies personal welfare
- C. Economics studies total welfare
- D. Economics studies material welfare
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| 10 |
All materials goods which can satisfy humans wants are called. |
- A. Non economic goods
- B. Economic goods
- C. Capital goods
- D. Services
|